Furniture Market Size, Sales Revenue, Industry Growth, Forecast 2024-2032

IMARC Group, a leading market research company, has recently releases report titled "Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global furniture market size reached US$ 660.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 701.7 Billion by 2032.

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Factors Affecting the Growth of the Furniture Industry:

Rapid Urbanization:

Urban areas are leading to smaller living spaces, especially in densely populated cities where real estate is expensive. As a result, people living in urban environments require furniture that is compact, versatile, and optimized for small spaces. Additionally, people are seeking to personalize and optimize their living spaces, which increases the demand for stylish and contemporary furniture pieces that reflect their tastes and preferences. This demand for trendy and aesthetically pleasing furniture is driving innovations and competition among furniture key players, leading to a wider range of design options for buyers.

Technological Advancements:

Innovations in technology are leading to the development of new materials and manufacturing processes that improve the quality, durability, and sustainability of furniture. Furthermore, advancements in upholstery fabrics, coatings, and finishes are enhancing the aesthetics and performance of furniture, making it more resistant to wear, stains, and environmental factors. Moreover, 3D printing technology is revolutionizing furniture design and manufacturing processes. It allows for the creation of intricate and customized furniture pieces. It also enables rapid prototyping and iteration, reducing time-to-market for new furniture designs and facilitating experimentation with novel materials and forms.

Expansion of E-Commerce Platforms:

These platforms provide a convenient and accessible marketplace for buyers and sellers of furniture. This convenience eliminates the need for physical store visits, which is beneficial for those with busy schedules or limited access to traditional retail outlets. Online furniture retailers offer a vast array of furniture styles, designs, colors, and sizes, catering to diverse tastes and preferences. Additionally, the ability to browse and compare multiple products simultaneously, read reviews, and access detailed product information empowers buyers to make informed purchasing decisions from the comfort of their homes.

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Top Companies Operating in Global Furniture Industry:

● Durham Furniture Inc.
● Haworth Inc. (Haworth International Ltd.)
● HNI Corporation
● Inter IKEA Systems B.V. (Interogo Foundation)
● Kimball International Inc.
● Kohler Co.
● Masco Corporation
● Okamura Corporation
● Steelcase Inc.
● Stickley Furniture Inc.

Furniture Market Report Segmentation:

By Material:

● Metal
● Wood
● Plastic
● Glass
● Others

On the basis of the material, the market has been classified into metal, wood, plastic, glass, and others.

By Distribution Channel:

● Supermarkets and Hypermarkets 
● Specialty Stores 
● Online Stores
● Others

Specialty stores represent the largest market share owing to their personalized customer service and expert advice, helping individuals make informed purchasing decisions to suit their needs and preferences.

By End User:

● Residential
● Commercial

Residential accounts for the majority of the market as these spaces serve as the primary living area for individuals and families, requiring a wide range of furniture to fulfill various functional and aesthetic needs.

Regional Insights:

● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, ● Russia, Others)
● Latin America (Brazil, Mexico, Others)
Middle East and Africa

North America enjoys the leading position in the furniture market on account of its robust economy with high levels of disposable income, enabling people to invest in quality furniture for their homes, offices, and commercial spaces.

Global Furniture Market Trends:

The rising integration of technology, such as built-in universal serial bus (USB) charging ports, wireless charging pads, Bluetooth connectivity for audio systems, and adjustable settings controlled via smartphone apps, into furniture, enhances its functionality and convenience, appealing to people seeking modern, high-tech solutions for their homes and offices.

Furthermore, the growing emphasis on sustainability and eco-consciousness is catalyzing the demand for furniture made from sustainable materials like reclaimed wood, bamboo, and recycled plastics. Additionally, the rising focus on reducing waste and energy consumption throughout the manufacturing process, with many companies adopting eco-friendly production methods, is propelling the market growth. 

Other Key Points Covered in the Report:

● Porters Five Forces Analysis
● Value Chain Analysis
● Strategic Recommendations

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This release was published on openPR.