Furniture Market Size, Share, Growth Report 2032

Furniture Market Size & Industry Trends

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

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Furniture Market: Overview

Furniture includes myriad categories, including dining, sitting, sleeping, etc. The furniture forms an impressive layout for the interior design and decoration of offices & residential spaces. However, furniture plays a crucial role in commercial spaces. Furniture is available in different designs in a wide range of materials. Fancy house furnishings upscale the beauty of the living space. However, furniture is used in different spaces, including bedrooms, camping, restaurants, cleaning rooms, offices, parks, laboratories, libraries, spas, stores, and others. Furniture is movable items like cupboards, beds, chairs, tables, shelves, etc.

COVID-19 Impact:

The outbreak of the Covid-19 pandemic resulted in the shutdown of upholstery shops all around the globe. The global furniture market witnessed a steep decline in sales due to the ban on movement. Also, to contain the risk of a fast-spreading virus, people restricted themselves to their living premises and stopped shopping for furnishing items. Therefore, the global pandemic has negatively impacted the growth trajectory of the global market.

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Furniture  Market Growth Drivers

Transformation in buying behavior of consumers due to the change in living styles will drive market growth.

The increasing development of new residential spaces is thriving the growth of the global furniture market. Additionally, people became very choosy regarding the interiors and furnishing of their living spaces. The ongoing development of smart cities and significant spike in the growth of the construction sector is also projected to create substantial demand for furnishing solutions in the forthcoming years.

Fast-growing marketing campaigns with readymade furniture for commercial and residential building accommodations are likely to entice customers. Additionally, better deals and enhanced service are further propelling the market expansion. Increasing government investments to boost the domestic furniture market will also support the growth of the global market. Developments in technology in this space of furnishing and decoration will also escalate the market growth.

Furniture Market: Restraints

High costs and the need for supply chain optimization will hamper the market growth.

The cost of the final product is quite expensive, which limits consumers from buying premium and high-end products. Additionally, there are many disruptions in the supply chain logistics which further restrain the growth of the global market.

Opportunities

Increasing replacement of aging infrastructure is likely to open new avenues in the global market.

There is a growing trend of renovation and replacement of aging infrastructure, which is likely to create several new lucrative growth opportunities in the global market. The growing government initiatives to revamp the public infrastructure will further expand the scope of the global market.

Challenges

The unavailability of skilled labor to meet the soaring demands is a huge challenge in the global market.

Nowadays, people are demanding premium products that require skilled labor. However, the lack of skilled expertise in this area is a huge challenge in the global market. Also, the unavailability of advanced technology in many developing and underdeveloped regions will also affect the growth of the global market.

Market Segmentation

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

By type, the market can be segmented into commercial, residential, and RTA.

By distribution channel, the market can be segmented into e-commerce, specialist stores, supermarkets & hypermarkets, and others.

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Furniture Market Report Scope:

Recent Developments

• 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.
• Herman Miller, in October 2020, proliferated its gaming series with Sayl Chair, a Special Gaming Edition which is ergonomically designed for optimal performance and comfort with six new color palette options.

Furniture Market: Regional Landscape

Asia Pacific to swipe the largest share in the global market.

Asia Pacific accounts for the largest share of the global furniture market due to the growing expansion of the real estate and hospitality sector in the region. Furthermore, the growing disposable income of people along with rapid urbanization will further contribute to the regional market growth. However, the fast spurring of commercial spaces, particularly in India, is likely to further expedite the market growth manifolds in the forthcoming years.

North America is expected to be the fastest-growing region in the global market due to the growing demand for multi-functional furniture in the region. Furthermore, the presence of global market leaders in the region will further encourage the growth of the regional market in the forthcoming years.

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Furniture Market: Competitive Landscape

Some of the significant players in the global furniture market include 

• 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
• Ashley Furniture Industries.

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