How Has The Computer Vision in Furniture Market Size Evolved In Recent Years?
The furniture market has seen considerable growth due to a variety of factors.
• The scale of the furniture market has seen substantial expansion in the past few years. It is set to escalate from $768.36 billion in 2024 to $822.53 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%.
The growth trajectory in the precedent period can be associated with the internationalization of furniture production, economic prosperity and housing growth, the adoption of sustainable and environmentally-friendly practices, shifts in demographic patterns, and the emergence of do-it-yourself (DIY) culture.
What Can Be Expected from the Furniture Market in the Coming Years?
The furniture market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the furniture market is projected to experience robust growth, reaching $1043.76 billion by 2029, with a CAGR of 6.1%.
The anticipated growth during the forecast period is due to the popularity of flexible and multifunctional furniture designs, sustainable and circular furniture practices, wellness-themed furniture, as well as rental and used furniture markets, with a focus on luxury and high-end pieces. Key trends forecasted for this period include the integration of smart technologies in furniture, modular and customizable pieces, the resurgence of retro and vintage styles, biophilic design elements, and space-saving multifunctional designs.
What Are the Critical Driver Fuelling the Furniture Market's Growth?
The growth of the furniture market is anticipated to be fueled by the expanding real estate industry. The real estate sector encompasses a wide range of services related to properties, including construction, renting, appreciation, marketing, and management across commercial, residential, agricultural, and industrial domains. Commercial real estate, in particular, necessitates furniture for various outlets such as offices, hotels, restaurants, retail shops, and other commercial premises. The ongoing development of new commercial properties or renovation of existing ones generates a recurrent need for commercial furniture such as office desks, chairs, and restaurant seating. For instance, as reported by Trade Arabia, an online business news and information platform based in Bahrain, in September 2022, the country announced plans to build over 555,000 residential units, approximately 275,000 hotel rooms, more than 4.3 million square meters of retail space, and over 6.1 million square meters of new office space, all expected to be completed by 2030. Therefore, the progression of the real estate industry is expected to drive the growth of the furniture market.
How Is the Furniture Market segmented?
The furniture market covered in this report is segmented –
1) By Type: Institutional And Office Furniture, Household Furniture And Kitchen Cabinet, Mattresses, Blinds And Shades
2) By Type Of Material: Metal, Wood, Other Materials
3) By Distribution Channel: Exclusive Showrooms, Online, Hyper markets, Other Distribution Channels
Subsegments:
1) By Institutional And Office Furniture: Office Desks, Office Chairs, Conference Tables, Reception Furniture, Filing Cabinets, Breakroom Furniture
2) By Household Furniture And Kitchen Cabinets: Living Room Furniture, Bedroom Furniture, Dining Room Furniture, Kitchen Cabinets, Storage Units
3) By Mattresses: Innerspring Mattresses: Memory Foam Mattresses, Latex Mattresses, Adjustable Mattresses, Hybrid Mattresses
4) By Blinds And Shades: Roller Blinds, Venetian Blinds, Roman Shades, Cellular Shades, Plantation Shutters
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What New Trends Are Influencing the Furniture Market?
Prominent businesses in the furniture market are concentrating on the production of pioneering products like transition ranges in an attempt to maximize their market profits. The goal of transition range merchandise is to foster a more sustainable approach to consumption among households, by promoting the selection of durable, reusable items. For instance, in September 2023, Inter IKEA Systems B.V., a Dutch business specializing in wooden furniture production and supply, unveiled three fresh collections under its Transitions umbrella - Vivid Wonderland, Glorious Green, and Simple Serenity. These collections offer items that induce a sense of peace and incorporate natural elements into home interiors, including soft, eco-friendly fabrics, green statement pieces, and indoor vegetation.
Who Are the Key Players in the Furniture Market?
Major companies operating in the furniture market include:
• Inter IKEA Group
• Steinhoff International Holdings NV
• Leggett & Platt Incorporated
• Tempur Sealy International Inc
• Ashley Furniture Industries Inc.
• Man Wah holdings
• Steelcase Inc.
• Herman Miller Inc.
• La-Z-Boy Inc.
• Okamura Corporation
• HNI Corporation
• JASON FURNITURE (HANGZHOU) CO.LTD
• Sleep Number company
• Haworth Inc
• Hooker Furniture Corporation
• Flexsteel Industries Inc.
• Bassett Furniture Industries Inc.
• Stickley Furniture Inc.
• Global Furniture Group
• Bernhardt Furniture Company
• Kimball International Inc.
• Durham Furniture Inc.
• Vaughan-Bassett Furniture Company
• LACQUER CRAFT MFG. CO. LTD.
What Is The Most Dominant Region In The Furniture Market?
Asia-Pacific was the largest region in the furniture market in 2024. Western Europe was the second largest region in the furniture market. The regions covered in the furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
