Global Furniture Market Size By Product (Metal, Plastic), By Type (Hardwood, Softwood), By Application (RTA, Residential), By Distribution Channel (Supermarkets And Hypermarkets, Convenience Stores), By Geographic Scope And Forecast

Furniture Market Size And Forecast

Furniture Market size was valued at USD 594.08 Billion in 2022 and is projected to reach USD 899.31 Billion by 2030, growing at a CAGR of 5.4% from 2023 to 2030.

The Furniture Market is growing at a substantial pace globally due to rise in the construction activities. The rise in the construction of new residential and commercial buildings is creating more demand for furniture for home or office space. The Global Furniture Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Furniture Market Definition

Furniture refers to movable objects designed to support various human activities. These are the movable assets used for storing people or objects or decorative furniture. It mainly includes beds, bookshelves, chairs, suitcases, tables, dressers, tables, pianos, console televisions, and sofas. Furniture is an important part of our homes, offices, and outdoor spaces. It can be the focal point of a room or help to create a more functional space. There are different types of furniture and they can be classified by purpose, material, style, and design.

These portable items are necessary to convert a room or building (such as a home or office) into a suitable place for personal use. Different indoor and outdoor furniture are available. Indoor furniture is the furniture used inside the room whereas outdoor furniture is any type of furniture that is intended for use outside, such as on a patio, deck, or garden. Furniture is often made of wood, metal, plastic, marble, glass, textile, or similar materials. They all have their pros and cons – both in terms of functionality and style. There is a wide range of beautiful styles in furniture design for the interior design of living spaces.

Global Furniture Market Overview

The Furniture Market is growing at a substantial pace globally due to rise in the construction activities. The rise in the construction of new residential and commercial buildings is creating more demand for furniture for home or office space. The rise in construction spending is contributing to new construction, thereby driving the furniture demand. As per the United States Census Bureau statistics, the total construction spending in May 2023 represented a hike of 2.4% compared to that of May 2022. Growing construction activities in Indonesia, Malaysia, Thailand, Vietnam, India, and several other Asian countries are creating opportunities for the market. New manufacturing technology, sustainable materials, and designs possess an opportunity for the Furniture Market. Furniture manufacturing has evolved a lot, with new designs appearing every day.

Lack of space is one of the biggest problems globally when buying a home and one of the main reasons furniture manufacturers look to innovative ideas and concepts to help their customers. Examples of space-saving furniture include extendable or hidden four-seat coffee tables, invisible or pull-out beds, pull-out products, wall-mounted desks, natural desks, adjustable tables, multi-purpose chairs and tables, adjustable motorized desks, motorized furniture, and anti-social chairs.  The emergence of online/e-commerce websites for furniture shopping is expected to bring many opportunities to the Furniture Market during the forecast period The existence of online furniture shopping sites has allowed the Global Furniture Market to maintain its position during the critical period of the COVID-19 pandemic. Also, the ongoing trend of renting furniture to save on cost is creating a new model of business thereby catering to the population looking for stylish yet affordable furniture.

Global Furniture Market Segmentation Analysis

The Global Furniture Market is Segmented on the basis of Product, Type, Application, Distribution Channel, and Geography.

Furniture Market, By Product

• Metal
• Plastic
• Wood
• Cane and Bamboo
• Glass
• Others

Based on Product, the market is segmented into Metal, Plastic, Wood, Cane and Bamboo, Glass, and Others. Wooden furniture dominated the product segment by accounting for the largest market share in 2022. These days, there are many different furniture materials such as steel, stone, iron, and plastic are available, but wood furniture is still at the top of the list for most buyers. Wood has always been the material of choice for furniture due to its benefits such as excellent strength and durability, ease of maintenance, versatility & modifiable, suitability for all areas, and is more valuable than other materials used in furniture manufacturing.

Furniture Market, By Type

• Hardwood
• Softwood

Based on Type, the market is segmented into Hardwood and Softwood. Hardwood accounted for the largest segment by type in 2022 as it is used in the manufacturing of high-quality furnishings, decks, flooring, and other materials. Because they have a larger density than softwoods, hardwoods are particularly sturdy. Because of its solidity, hardwood is used more frequently to build homes and furnishings. Advantages of hardwood such as good shear and tensile strength, better durability, low maintenance, and higher resistance to fire pushing its adoption in Flooring, fencing, Outdoor decking, and high-quality furniture

Furniture Market, By Application

• RTA
• Residential
• Commercial
• Offices
• Hotels
• Others

Based on Application, the market is segmented into RTA, residential, and commercial. offices, Hotels, and others. Residential accounted for the largest segment in 2022 due to a rise in the demand for furniture in homes. The increasing construction of residential apartments is creating more demand for new furniture. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, the number of housing unit completed in June 2023 were up by 5.5% compared to that of June 2022.

Growing population base, increased disposable income, growing nuclear families, and upgradation of living standards with soaring demand for owning personal homes in Asian countries are some of the socio-economic factors pushing the demand for furniture in residential projects. As per the data by square yards, the number of new housing projects in India rose by 68% in Q1 2022 compared to Q1 2021 with the highest in six citiesMumbai Metropolitan Region, Hyderabad, Bengaluru, Noida, Gurugram, and Pune.

Furniture Market, By Distribution Channel

• Supermarkets & Hypermarkets
• Convenience Stores
• Specialty Stores
• E-commerce
• Others

Based on Distribution Channel, the market is segmented into supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, E-commerce, and Others. E-commerce is expected to show promising growth in the forecast owing to the increasing demand for convenience by the population while purchasing furniture. E-commerce benefits for the furniture industry include a wide selection of furniture pieces that cater to various tastes and styles. access to special offers and discounts, an Easy and practical purchasing process, the ability to compare the features and prices of various furniture pieces, flexible payment options, and door-to-door delivery service.

Furniture Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Furniture Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia-Pacific accounts for the largest market share in 2022 and is projected to continue its dominance till 2030. Growing construction spending in Asian countries as there is a rise in disposable income, a growing trend of nuclear families, higher living standards, and increased focus on room aesthetics are driving demand for furniture. Favorable investment by the government to boost construction is acting as a growth avenue for the Asia Furniture Market. For instance, in 2023, the Indonesian government is focusing on investment in infrastructure development by increasing the Government Revenue and Expenditure Budget (RAPBN) than in FY2022. Similarly, the Indian government aims to direct invest more than USD 12 billion in the construction of residential and non-residential projects through budget 2023.

 Key Players

The “Global Furniture Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are 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 and Steelcase Inc.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In Julu 2023, Sheela Foam, a company based in Delhi, aims to increase its online selection and get into the expanding branded furniture industry with the purchase of Furlenco.
• In June 2022, IKEA India opens its first Bengaluru Store at Nagasandra, Bengaluru to offer home furnishing solution

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Furniture Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Furniture Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Furniture Market Report Scope

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