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Furniture Market Share, Growth Analysis, Segments And Forecast 2024-2033
Furniture Market Share
As per the report, the furniture market size has grown strongly in recent years. It will grow from $752.22 billion in 2023 to $805.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The furniture market size is expected to see strong growth in the next few years. It will grow to $1040.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
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Booming Real Estate Sector Anticipated To Fuel Furniture Market Growth
The increasing real estate industry is expected to propel the growth of the furniture market going forward. The real estate sector encompasses various facets related to properties, including their construction, renting, valuation, promotion, and administration, spanning across commercial, residential, agricultural, and industrial properties. In the commercial real estate sector, businesses require furniture for offices, hotels, restaurants, retail stores, and other commercial spaces. As new commercial properties are developed or existing ones are renovated, there is a continuous demand for commercial furniture, including office desks, chairs, and restaurant seating. For instance, in September 2022, according to Trade Arabia, a Bahrain-based online business news and information portal, the nation outlined its intentions to construct in excess of 555,000 residential units, around 275,000 hotel rooms, over 4.3 million square meters of retail area, and more than 6.1 million square meters of fresh office space, all anticipated to be completed by 2030. Therefore, the increasing real estate industry will fuel furniture market growth.
Furniture Industry Leaders Embrace Sustainability With Innovative Transition Range Products
Major companies operating in the furniture market are focused on developing innovative products, such as transition ranges, to increase their profitability in the market. Transition range products are aimed at encouraging households to be more sustainable with their purchases by choosing longer-lasting items that can be used repeatedly. For instance, in September 2023, Inter IKEA Systems B.V., a Netherlands-based manufacturer and provider of wood-based furniture, launched three new collections as part of its Transitions range, which include Vivid Wonderland, Glorious Green, and Simple Serenity. The collections include items that create a feeling of tranquility and introduce elements of nature into the living space, such as gentle and natural fabrics, green decorative accents, and indoor plants.
The furniture market covered in this report is segmented -
1) By Type: Institutional And Office Furniture, Household Furniture And Kitchen Cabinet, Mattresses, Blinds And Shades
2) By Type of Material: Metal, Wood, Other Materials
3) By Distribution Channel: Exclusive Showrooms, Online, Hypermarkets, Other Distribution Channels
Subsegments Covered: Institutional Furniture, Office Furniture, Household Furniture, Kitchen Cabinet, Mattresses, Blind And Shade
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Major companies operating in the furniture market report are Inter IKEA Group, Steinhoff International Holdings NV, Masco Corporation, Kohler Co., Leggett & Platt Incorporated, Tempur Sealy International Inc, Ashley Furniture Industries Inc., Hunter Douglas N.V., Man Wah holdings, Steelcase Inc., Herman Miller Inc., La-Z-Boy Inc., Okamura Corporation, HNI Corporation, JASON FURNITURE (HANGZHOU) CO.LTD, Sleep Number company, Haworth Inc, American Woodmark Corporation, Heritage Home Group LLC, Hooker Furniture Corporation, Flexsteel Industries Inc., Bassett Furniture Industries Inc., Stickley Furniture Inc., L. & J. G. Stickley Inc., Global Furniture Group, Bernhardt Furniture Company, Kimball International Inc., Durham Furniture Inc., Vaughan-Bassett Furniture Company, LACQUER CRAFT MFG. CO. LTD.
Contents of the report:
1. Executive Summary
2. Furniture Market Report Structure
3. Furniture Market Trends And Strategies
4. Furniture Market - Macro Economic Scenario
5. Furniture Market Size And Growth
…..
27. Furniture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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