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.

Think of furniture as those must-have, portable items that turn any space – your home or office, for instance – into a truly usable place. You've got your indoor and outdoor options. Indoor furniture? That's everything meant for inside. And outdoor furniture? Well, that's anything perfect for your patio, deck, or garden. Wood, metal, plastic, marble, glass, even textiles – furniture comes in all sorts of materials. Each has its own unique advantages and disadvantages, both in how it works and how it looks. And let's be honest, there's a whole world of gorgeous furniture designs out there to make your living space look amazing!

Global Furniture Market Overview

The Furniture Market is really taking off worldwide, mainly because there's just so much building happening! All these new homes and offices being built mean people need furniture to fill them. Think about it – more construction spending equals more furniture needed. For example, according to the United States Census Bureau, construction spending in May 2023 was up a whopping 2.4% compared to May 2022. And it's not just the US; countries like Indonesia, Malaysia, Thailand, Vietnam, and India are booming, creating even more opportunities for the furniture market. What's exciting is that new manufacturing technology, sustainable materials, and fresh designs are constantly popping up, offering even more possibilities. Furniture manufacturing has really changed, with cool new designs appearing all the time!

Buying a home? Space is a huge issue for everyone these days, which is why furniture companies are getting super creative with designs! Think extendable coffee tables that seat four, beds that magically disappear (or pull out from nowhere!), and all sorts of pull-out products. You've also got wall-mounted desks, natural desks that blend in, adjustable tables for every need, and multi-purpose chairs and tables. And for the tech-savvy, there are even adjustable motorized desks and other motorized furniture options. (Though, maybe steer clear of those anti-social chairs, unless you really want some alone time!) Speaking of convenient, the rise of online furniture stores is a total game-changer, offering tons of options and keeping the furniture market going strong, even during tough times like the COVID-19 pandemic. Plus, more and more people are renting furniture these days, which is a smart way to get stylish pieces without breaking the bank. It's a win-win!

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

When we're talking about Product type, the furniture market is broken down into categories like Metal, Plastic, Wood, Cane and Bamboo, Glass, and even an "Others" category. But guess what? Wooden furniture was the star of the show in 2022, grabbing the biggest slice of the market pie! You know, even though you can find furniture made of all sorts of materials now – like steel, stone, iron, and plastic – wood is still king for many of us. It’s always been a favorite, probably because it's super strong, lasts forever, is easy to keep clean, can be used anywhere, is versatile & modifiable, and feels a little more special than other materials.

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

When we look at the Global Furniture Market through the lens of Geography, we see it divided into North America, Europe, Asia Pacific, and the Rest of the world. Right now, Asia-Pacific is the big player, grabbing the largest piece of the market in 2022, and it's expected to stay on top all the way to 2030. Why? Well, there's a boom in construction happening in Asian countries, fueled by people having more money to spend, more smaller families, better living situations, and everyone wanting their homes to look amazing! Plus, governments are investing in construction, which really helps the furniture market grow in Asia. Take Indonesia, for example – in 2023, they're putting a lot more money into building infrastructure than they did the year before. And in India, the government is planning to pour over USD 12 billion into building homes and other buildings in 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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