Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Furniture Stores Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global furniture stores industry has witnessed a substantial expansion, with significant growth forecasted in the forthcoming years. A comprehensive analysis of the market is now available, revealing key trends, market size, regional shares, and competitive dynamics integral to the sector's future.
The furniture stores market has demonstrated a solid increase from $267.67 billion in 2023 to an anticipated $288.83 billion in 2024, marked by a strong compound annual growth rate (CAGR) of 7.9%. This remarkable surge paves the way for continued ascent to a projected $385.72 billion in 2028, advancing at a steady CAGR of 7.5%. These trends underscore a vibrant industry set for expansion, led by technological advances and increased consumer spending power.
Key Growth Drivers
- Escalating disposable income among consumers has spurred spending on home décor and furniture, fostering market growth.
- Innovations like AI-powered room design tools are changing the shopping experience, with industry leaders investing in technology to enhance customer engagement.
- The rise of multifunctional furniture, driven by urbanization and the need to maximize small living spaces, continues to propel the market forward.
- E-commerce platforms and online retail trends are expanding, offering consumers unparalleled convenience and choice.
- Sustainability initiatives are gaining momentum, with eco-friendly furniture production methods becoming a key focus for manufacturers and consumers alike.
Strategic Industry Movements
The furniture stores market is characterized by strategic actions by industry players, such as acquisitions and partnerships, to widen market presence and capacity. These movements are indicative of an industry in robust health, with companies continually seeking opportunities for growth and innovation.
Supported by technology and increased consumer purchasing power, the market has seen a variety of trends emerge. Industry leaders are making headway with augmented reality shopping experiences and direct-to-consumer approaches. The emphasis on health and wellness in furniture design also reflects changing consumer values.
Market Composition
The Asia-Pacific region surfaced as the market leader in 2023, with predictions to continue on the fastest growth trajectory during the forecast period. The market comprises leading companies across various furniture sectors, catering to residential, office, hotel, and other commercial spaces. A diverse range of products is distributed via multiple channels, meeting the requirements of a broad customer base.
Furniture, a staple of everyday life and luxury, is witnessing renewed vigor, with demand spanning global markets. The industry's progressive journey is marked by resilience and innovation, adapting to accommodate consumer preferences and macroeconomic factors that steer the market landscape.
Global Market Insight
The newly released furniture stores market research provides an incisive look at the current state and future prospects of the industry. The report presents crucial information necessary for understanding market dynamics, consumer trends, and strategic developments influencing the industry's trajectory.
For industry professionals, stakeholders, and those vested in the furniture market's future, this comprehensive report offers the detailed insights needed to make informed decisions and capitalize on emerging opportunities within this flourishing sector.
A selection of companies mentioned in this report includes
- Steelcase Inc.
- HNI Corporation
- Ashley Furniture Industries Inc.
- Inter IKEA Systems B.V.
- Herman Miller Inc.
- Global Furniture USA
- Heritage Home Group LLC
- Restoration Hardware Inc.
- Williams-Sonoma Inc.
- La-Z-Boy Inc.
- Raymour and Flanigan Furniture and Mattresses
- American Signature Inc.
- Kimball International Inc.
- Okamura Corporation
- Durham Furniture Inc.
- Urban Office Interiors Ltd.
- Furniture Services Inc.
- Renaissance Furniture Manufacturing
- Berkshire Hathaway Inc.
- Rooms To Go Inc.
- Ethan Allen Interiors Inc.
- Havertys Furniture Companies Inc.
- Bassett Furniture Industries Inc.
- Bob's Discount Furniture LLC
- Value City Furniture Inc.
- W.S. Badcock Corporation
- Jordan's Furniture Inc.
- Berkshire Hathaway Company
- Art Van Furniture Inc.
- City Furniture Inc.
- El Dorado Furniture Inc.
- Kane's Furniture Inc.
- Baer's Furniture Inc.
- Slumberland Furniture Inc.
- The Dump Furniture Outlet
- Furniture Marketing Group Inc.
For more information about this report visit https://www.researchandmarkets.com/r/lloc14
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