Global Furniture Market To Grow At A CAGR Value of 5.6% By 2028

Global Furniture Market Size To Generate A Revenue Of USD 722 Billion By 2028

The global furniture market size was valued at $595 in 2021 and is likely to exceed $722 by the end of 2028. The market is likely to grow with a considerable CAGR of 5.6% during the forecast period. The report is an in-depth study of leading growth factors, restraints, opportunities, and challenges in the global market.

Furniture is the most important component of any space occupied by humans. Use of furniture ranges from home decor, office requirements, restaurants, and meeting places to name a few. In current times, furniture is an absolute necessity in every living space where human interactions take place.

The global furniture market is huge owing to the need for different furniture in different spaces. The global market is fueled by the constant innovation in the types of raw materials used for manufacturing and the addition of newer technology in the manufacturing process.

Covid-19 had a negative impact on the growing global market growth because of declining demand for new furniture, delays in the supply of raw materials, and issues arising because of Covid-19 restrictions.

However, the global market is showing signs of impressive growth during the forecast period.

The increasing modernization of cities and rural areas across the globe is expected to propel the global furniture market growth during the forecast period. There has been a growing trend of creating aesthetics matching the personality of the house owner causing rising demand for exclusively made furniture. This is anticipated to contribute to the growth of the global market. An increasing number of interior designing schools which train newer talents every year is expected to propel the growth market since the students bring new perspectives to the global market.

The growing impact of the fashion industry throughout the world is expected to assist in global market growth since fashion and excellent ambiance go hand in hand. Changing customer preference for more traditionally influenced furniture products is expected to push the global market growth. An increase in the number of market players who offer bulk furniture at reasonable prices like Walmart, Ikea, Lorde, etc. is expected to increase the global market share. However, the high cost of raw materials and disruptions in the supply chain of finished goods is expected to hamper the global market growth during the forecast period.

The global furniture market is segmented into type, distribution channel, and region.

Based on type, the market is segmented into commercial, residential, and RTA.

Based on distribution channels, the market is segmented into e-commerce, specialist stores, supermarkets, hypermarkets, and others.

North America and the Middle East are expected to contribute heavily to the global furniture market during the forecast period owing to the growing standard of living and high spending capacity of the general population. Increases in the number of commercial buildings for the rising number of offices are also anticipated for the growth of the global furniture market.

Asia-Pacific is expected to register a high CAGR during the forecast period because of increasing real-estate development in regions like China and South Korea. Rising demand for furniture made by local artisans from countries like India and Pakistan is expected to assist in the global market growth. Europe is expected to register a significant market share during the forecast period because of its balanced inclination towards modern and traditional furniture for office or residential spaces.

Key market players in the global furniture market are HNI Corporation, Kohler CO.,  Urban Office Interiors, Godrej & Boyce Manufacturing Co., Ltd., La-Z-Boy, Inc., Home Depot, Inc., Herman Miller, Inc., Okamura Corporation, Steelcase, Inter IKEA Group, and Ashley Furniture Industries.

Recent Development:

• IKEA collaborated with the Republic of Gamers (ROG) in September 2020 to innovate a new range of affordable gaming furniture and accessories to come up with an advanced gaming experience at home.

Browse the full “Furniture Market By Type (RTA, Residential, And Commercial), By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, And E-Commerce), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/furniture-market

The global furniture market is segmented as follows:

By Type

• RTA
• Residential
• Commercial

By Distribution Channel

• Supermarkets & Hypermarkets
• Specialty Stores
• E-Commerce

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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