What Is The Scope Of The Global E-Commerce Furniture Market?
E-commerce furniture refers to the buying and selling of furniture products online through electronic platforms such as websites, mobile apps, and online marketplaces. This allows customers to browse various furniture items, make purchases, and have them delivered to their doorsteps without visiting physical stores. E-commerce platforms often offer various benefits, such as convenience, a more comprehensive selection of products, competitive pricing, and the ability to compare prices and features quickly.
E-Commerce Furniture Global Market Report 2024 provides data on the global e-commerce furniture market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The E-Commerce Furniture market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global E-Commerce Furniture Sector?
The e-commerce furniture market size has grown strongly in recent years. It will grow from $32.21 billion in 2023 to $34.60 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to a shift toward online shopping, changes in regulations, fluctuations in disposable income, aging populations, and changing household structures. The e-commerce furniture market size is expected to see strong growth in the next few years. It will grow to $46.80 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to mobile commerce growth, growing consumer awareness regarding eco-friendly materials, personalization trends, globalization of supply chains, and partnerships. Major trends in the forecast period include sustainable and eco-friendly furniture, expansion of e-commerce platforms, omnichannel retailing, augmented reality (AR) and virtual reality (VR).
Which Factors Are Boosting Growth In The E-Commerce Furniture Market?
The widespread use of smartphones is expected to drive the growth of the e-commerce furniture market. Smartphones, portable electronic devices designed for communication and internet access, have become increasingly prevalent due to their convenience and accessibility to internet services. E-commerce furniture retailers have optimized their websites and developed mobile apps to enhance browsing and purchasing experiences on smartphones and tablets. For instance, according to the Department of Telecommunications in Vietnam, smartphone subscribers reached 93.5 million by March 2022, covering 73.5% of the adult population, showcasing the extensive smartphone usage driving the e-commerce furniture market.
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What Key Areas Define The Segmentation Of The Global E-Commerce Furniture Market?
The e-commerce furniture market covered in this report is segmented –
1) By Type: Ready-To-Assemble (RTA), Assembled
2) By Product Type: Beds And Mattresses, Sofas And ArmChairs, Entertainment Units, Storage Units, Tables And Desks, Other E-Commerce Furniture
3) By Material Type: Wooden E-Commerce Furniture, Metal E-Commerce Furniture, Plastic E-Commerce Furniture, Leather E-Commerce Furniture, Glass E-Commerce Furniture
4) By End Use: Residential, Commercial, Industrial
How Are Emerging Trends Reshaping The Dynamics Of The E-Commerce Furniture Market?
Major companies in the e-commerce furniture market are incorporating AI-powered interactive design experiences to enhance online shopping and gain a competitive advantage. AI-powered interactive design experiences revolutionize online furniture shopping by allowing customers to visualize furniture in their spaces. For instance, in June 2022, IKEA, a Netherlands-based furniture company, launched IKEA Kreativ, an AI-powered interactive design tool available on its website and app. This feature uses spatial computing, machine learning, and 3D mixed-reality technologies to create accurate interior design simulations, enabling users to design and visualize their living spaces.
Which Region Has The Fastest Expansion In The E-Commerce Furniture Market?
North America was the largest region in the e-commerce furniture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the e-commerce furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
