The furniture market is anticipated to grow from $752.22 billion in 2023 to $805.54 billion in 2024, reflecting a CAGR of 7.1%. This growth is driven by globalization and the demand for eco-friendly options. By 2028, the market is expected to reach $1,040.36 billion, with a CAGR of 6.6%, influenced by trends in multifunctional designs and wellness-oriented furniture.
Major Driver In The Furniture Market
The furniture market is poised for growth, propelled by the burgeoning real estate industry. The real estate sector, covering construction, renting, valuation, promotion, and administration of various property types, including commercial, residential, agricultural, and industrial properties, is a key driver. In the commercial real estate sector, the demand for furniture in offices, hotels, restaurants, retail stores, and other commercial spaces remains continuous as new properties are developed or existing ones undergo renovation. In September 2022, Trade Arabia reported Bahrain's plans to construct over 555,000 residential units, around 275,000 hotel rooms, over 4.3 million square meters of retail space, and more than 6.1 million square meters of office space by 2030, indicating a substantial boost to the furniture market driven by the growing real estate industry.
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Furniture Market Competitive Landscape
Inter IKEA Group, Steinhoff International Holdings NV, Masco Corporation, Kohler Co., Leggett & Platt Incorporated, Tempur Sealy International Inc, Ashley Furniture Industries Inc., Hunter Douglas N.V., 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, American Woodmark Corporation, Heritage Home Group LLC, Hooker Furniture Corporation, Flexsteel Industries Inc., Bassett Furniture Industries Inc., Stickley Furniture Inc., L. & J. G. Stickley Inc., Global Furniture Group, Bernhardt Furniture Company, Kimball International Inc., Durham Furniture Inc., Vaughan-Bassett Furniture Company, LACQUER CRAFT MFG. CO. LTD.
Key Furniture Market Trend
Innovation in product development is a focus in the furniture market, particularly with transition ranges that promote sustainable purchasing. For example, in September 2023, Inter IKEA Systems B.V., a Netherlands-based wood furniture manufacturer, launched three new collections under its Transitions range: Vivid Wonderland, Glorious Green, and Simple Serenity. These collections feature items that create a serene environment with natural fabrics, green accents, and indoor plants.
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Furniture Market Segmentation
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, Hypermarkets, Other Distribution Channels
Subsegments Covered: Institutional Furniture, Office Furniture, Household Furniture, Kitchen Cabinet, Mattresses, Blind And Shade
By Geography:The regions covered in the furniture market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the furniture market in 2023.
The Furniture Global Market Report 2024 furnishes information about the global furniture market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
