Pune, India, April 10, 2023 (GLOBE NEWSWIRE) -- The global furniture market size was valued at USD 475.4 billion in 2020. The market is projected to grow from USD 493.6 billion in 2021 to USD 720.2 billion by 2028, exhibiting a CAGR of 5.05% during the forecast period.
Elegant home decor successfully accentuates the beauty of the living area. The market for such products is primarily driven by expanding home remodeling and decoration trends among the global population. Customers primarily like to purchase intricately engineered furniture for their dining and living rooms, such as sofas, stools, and chairs. Also, employees can hold meetings and conversations in their offices with greater flexibility by using sectional sofas. Households’ growing need for chairs and stools in various sculptural forms, such as a pyramid, curves, and others, is anticipated to open up new prospects for market expansion. The COVID-19 pandemic’s effects have been unprecedented and overwhelming on the world, with the market experiencing a positive demand shock in every region. Fortune Business Insights presents this information in their report titled "Global Furniture Market, 2021-2028."
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Furniture Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.05% |
| 2028 Value Projection | USD 720.2 Billion |
| Base Year | 2020 |
| Furniture Market Size in 2020 | USD 475.4 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Segments Covered | By Material, By Category, By End-User, By Region |
| Furniture Market Growth Drivers | Regular Introduction of the Innovative & Luxurious Furniture Items to Drive Market Growth |
| Recent Introduction of Marketing Campaigns by Industry Retailers to Skyrocket Market Growth |
Fortune Business Insights™ lists out all the furniture market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Harman Miller Inc. (Michigan, U.S.)
- Steelcase Inc. (Michigan U.S.)
- HNI Corporation (Iowa U.S.)
- Ashley Furniture Industries Inc. (Wisconsin U.S.)
- Duff & Phelps, LLC (New York (U.S.)
- Global Furniture USA (New Jersey, U.S.)
- ZouYou (Shenzhen, China)
- P & C ArteMobili SA (Nova Prata, Brazil)
- Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
- DEDON GmbH (Luneberg, Germany)
- Dare Studio (Worthing, England)
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
New Product Launches of Lavish Furniture Items to Propel Market
The market for these items will definitely increase as the companies’ opulent home comforts are regularly introduced and draw customers. For instance, in February 2020, the Italian manufacturer of home fixtures BAXTER and its Indian supplier Sources Unlimited introduced a line of luxury, well-produced, and creative fixtures in India. In order to efficiently offer customers products based on their demands for home design, businesses now concentrate on offering a personalized product buying experience to shop visitors. This is probably going to improve the affiliated companies’ brand perception, which will assist the expansion of the home furnishings sector and increase the global furniture market share.
On the contrary, massive competition from unorganized industries and the middle-income population preferring second-hand furniture over new furniture will impede the global furniture market.
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Segments:
Affordability of Wood over other Materials will push the Segment
Based on material the market is divided into wood, metal, plastic, and others.
The wood segment dominates the market as it is affordable compared to other materials. Furthermore, the frequency distribution of highly constructed wooden sofa sets and chairs by the affiliated businesses is anticipated to reduce the demand for such goods in domestic settings. For Indian households, the Ashley Homestore Corporation, for example, produced highly constructed, wood-based home décors items like the Fair Ridge Accent Cabinet and Ridge Accent tables in August 2020.
Growing Consumer Demand for Aesthetically Pleasing Interiors will lead the Indoor Segment
Based on category, the market is divided into indoor and outdoor.
The greater sales from the interior category are mostly caused by the high demand for various types of kitchens, living rooms, and hall furniture among consumers for their regular indoor seating demands. The Kitchen Cabinet Manufacturers Association said that, in 2018, U.S. kitchen cabinet sales totaled USD 7.3 billion, an increase of 2% from 2017. Also, rising global population patterns for house remodeling and décor are fostering segmental expansion.
Everyday Household Seating Requirements Cause Residential Segment to Hold Significant Share
By End-User the market is classified into residential, office, hotel, and others.
Due to the significant demand for couch sets and chairs among residential consumers for their home and backyard sitting needs, the residential segment accounts for a significant portion of the market. The segmental increase is also being fueled by the increasing urbanization rate and the rise in nuclear households in various nations throughout the world.
COVID-19 Impact:
Upholstery Shops all Across the World are Closing due to COVID-19
Upholstery shops all over the world witnessed a decline in sales due to restrictions imposed by the lockdown. Also, consumers only buy furniture from these retailers in order to reduce the risk of coronavirus infections. These elements are providing obstacles to the expansion of the sector as a whole during the pandemic. For instance, the U.S. Department of Commerce reported that sales at American furniture stores fell by 26.8% in March 2020 compared to the same month of the previous year. The need for work tables and chairs in homes during the pandemic period is, mostly driven by shifting corporate professionals’ trends toward the remote working style. The shift in customer behavior towards purchasing home furnishings from internet retailers has further increased the demand for these products throughout the pandemic. For instance, the well-known upholstery retailer Inter IKEA Systems B.V. reported a 43% increase in its global online sales of furniture in the 12 months ending in August 2020.
Regional Insights
Asia Pacific Dominates the Market due to High Wood Producing Nations
In 2020, the Asia Pacific market was worth USD 223.87 billion. A substantial portion of the Asia Pacific region’s market is ascribed to the numerous wood furniture producers in nations like China and India. This will encourage the populace in these nations to consume more of these products, which will fuel market expansion in the region. The U.S. Department of Agriculture estimates that 4,100 makers of wood house furnishings existed in Guandong, China, as of the year 2020. The growing popularity of high-end home décor among the populace in nations like Australia and India also contributes to the expansion of the furniture market in the region.
Competitive Landscape
Product Innovation can Help Industry Players to Maintain Global Competition
Businesses mostly concentrate on developing various types of opulent, beautiful things on a regular basis to entice consumers to buy such products. This aids businesses in generating income from these products. In order to compete with the global market, they also concentrate on growing their business abroad. For instance, Charter Furniture, a home décor products firm with headquarters in Florida U.S., extended its operations in October 2020 by opening a 260,000 square foot plant in California U.S.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Furniture Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material (Value)
- Wood
- Metal
- Plastic
- Others
- By Category (Value)
- Indoor
- Outdoor
- By End-User(Value)
- Residential
- Office
- Hotel
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Material (Value)
TOC Continued…!
Key Industry Development:
- March 2020: Theodore Alexander USA, Inc., a console table and chair products manufacturer, partnered with Ralph Lauren Corporation, U.S. based fashion products company, to expand its business through the partner’s fashion stores in the U.S.
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