The global furniture market size is expected to reach USD 1,070.87 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 5.9% from 2023 to 2030. The rising demand for branded home furniture coupled with rising consumer spending capacity on home décor products is driving the furniture industry. Additionally, government supported initiative to provide housing for all is also expected to positively impact the growth.
Furniture is a movable product intended to support various activities performed by humans such as seating, sleeping, and eating, among others. It has now become a vital part of human life since non-nomadic culture. Nowadays, it can also be designed and used as a decorative object. Furthermore, the purchase and consumption of furniture have become easier due to the availability of online platforms. For instance, Pepper-fry, Fab-Furnish, and Urban-Ladder are some of the online furniture-buying platforms popular in India.
Furniture Market Report Highlights
- The beds segment was valued at USD 168.76 billion in 2022 and is expected to reach USD 257.74 billion by 2030. The rising attention towards gaining trending bedroom styles has influenced major bedroom renovation projects, this is favoring the growth
- The commercial application segment is expected to witness a substantial CAGR of 6.2% from 2023 to 2030. Increasing demand for office space and expanding the hospitality sector across the globe, are the key factors driving the segment’s growth
- Europe was valued at USD 174.93 billion in 2022 and is expected to register a CAGR of over 5.7% over the forecast period. The growth is majorly attributed to the rising tourism industry is driving the growth of the hospitality sector, which is eventually creating demand for luxury furniture
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In terms of value, the wood material segment dominated the industry and is expected to account for the largest market share over the forecast period. This growth is expected to accelerate due to long-lasting and robust material, offering longevity to the furniture wood is highly preferred by consumers. Moreover, Wood is available in various colors and enhances the aesthetic appeal of the interiors; furthermore, it is usable in any setting owing to its design versatility.
The residential segment accounted for the largest market share owing to an increase in the number of home remodeling projects likely favoring the adoption of wooded furniture at home. Moreover, increase in the number of consumers becoming conscious of the environment and sustainability, a shift toward eco-friendly materials is being witnessed; the same has been reflected in home remodeling and renovation activities, and is expected to propel the market growth.
Asia Pacific held the largest market share in 2021, owing to the increasing real estate sector in developing countries, such as China and India, which upsurges the consumers’ need to invest in furnishing activities and add an aesthetic look to the bedroom environment as a cause of remodeling. Furthermore, a rising share of millennials in the market is bound to invest in various modern bedroom furniture products owing to customization and space-saving features are anticipated to accelerate the industry growth over the forecast period.
Companies in the market are focusing on strategies such as mergers and acquisitions to gain market share and increase their service footprint. In May 2022, Steelcase Inc. announced that the company has signed a definitive agreement to acquire HALCON, a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. This acquisition enabled the company to increase and broaden its current portfolio, offering uncompromising design and master craftsmanship to A+D professionals and customers.
List of Key Players in the Furniture Market
- IKEA
- Ashley Furniture Industries Inc.
- RH (Restoration Hardware)
- Williams-Sonoma, Inc.
- La-Z-Boy Inc.
- Raymour & Flanigan
- American Signature
- Oppein Home Group Inc.
- Jason Furniture (HangZhou) Co., Ltd
- Steelcase Inc.
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We have segmented the global furniture market based on product, material, application, and region:
Furniture Product Outlook (USD Million; 2017 - 2030)
- Beds
- Tables & Desks
- Sofa & Couch
- Chairs & Stools
- Cabinets & Shelves
- Others
Furniture Material Outlook (USD Million; 2017 - 2030)
- Metal
- Wood
- Plastic
- Glass
- Others
Furniture Application Outlook (USD Million; 2017 - 2030)
- Residential
- Commercial
Furniture Regional Outlook (Revenue, USD Million; 2017 - 2030)
- North America
- S.
- Canada
- Mexico
- Europe
- K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Central & South America
- Brazil
- Middle East & Africa (MEA)
- South Africa
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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