In 2023, the size of the worldwide furniture market was estimated to be USD 541.52 billion. By 2030, the market is expected to reach a valuation of 780.43 billion, growing at a compound annual growth rate (CAGR) of 5.36%.
Tasteful home furnishings effectively enhance the grandeur of the living area. The original driving force behind the need for these products is the growing trend of renovation and décor among people worldwide. In order to add visual appeal to their living and dining rooms, consumers tend to go towards furniture like stools, couches, chairs, and other pieces. Growing home demand for stools and chairs with different sculpture shapes, such curves, pyramids, and others, is anticipated to create new growth prospects for the industry.
Fortune Business Insights provide this information in its report titled “Furniture Market, 2024-2030.”
Information Source: https://www.fortunebusinessinsights.com/furniture-market-106357
Top Key Players Covered in the Furniture Market
- Harman Miller Inc. (U.S.)
- Steelcase Inc. (U.S.)
- HNI Corporation (U.S.)
- Ashley Furniture Industries Inc. (U.S.)
- Duff & Phelps, LLC. (U.S.)
- Global Furniture USA (U.S.)
- ZouYou (China)
- P & C ArteMobili SA (Brazil)
- Saudi Modern Factory Co. (Saudi Arabia)
- DEDON GmbH (Germany)
- Dare Studio (England)
Segmentation:
Wood holds the Largest Share due to its Cost-Effectiveness
On the basis of raw material, the wood segment holds a subsequent market share due to its low cost compared to items over other types. Moreover, the linked companies and their regular provisions to make such products with more innovative engineered skills are estimated to drive the market skills.
Increasing Demand for the Aesthetic Interiors to Dominate the Market Growth
Based on category, the market is segmented into indoor and outdoor. Increasing demand for the various kinds of living room, kitchen, and half furniture items amongst people for their regular indoor seating needs initially results in large returns from the indoor segment.
Daily Needs for Households Makes Housing Segment to Drive the Market
According to end-user analysis, the market is categorized into residential, office, hotel, and others. Residential segment is expected to hold a major market share due to the large necessity of sofa sets and chairs among residential consumers for their backyard seating arrangements and home.
Report Coverage:
This report covers the synopsis of this market that provides the analysis of the market, knock of COVID-19, segmentation, drivers, regional insights, competitive landscape, new growth and presence of achievers in the market. Changes in the market are subjected to changes in demand in the forecast period.
Drivers and restraints:
Growing Introduction and Launching of New Furniture Items to Propel Market Growth
Innovative and luxurious home amenities are anticipated to attract people to buy them, boosting the demand for such products. Companies focus on offering customized products to their store visitors to efficiently offer products per their needs. This is likely to escalate the demand for furniture and hence drive the furniture market growth.
However, growing demand for second-hand products is expected to restrain market growth.
Regional Insights:
Asia Pacific is Set to Lead Market Share With Presence of Furniture Manufacturers
Asia Pacific region is estimated to grow at the fastest CAGR of 6.19% during the forecast period. The biggest share of the Asia Pacific region is credited to many wood furniture manufacturers in the countries such as China and India. This will help such product consumption rate among the population, hence fueling the region’s market growth.
North America holds a substantial share of the market. Due to the large consumption of such products among the Canadian and U.S. populations, giving larger product revenues from such regions. Moreover, the increasing online presence of the companies linked with providing fixture items, such as Alibaba.com, Pepperfry.com, and others, is further driving the region’s product revenues.
Substantial growth in the European market is credited to the growing consumption of wood-based furnishing items amongst the population in countries such as Germany and the U.K. this will offer simplicity in the product returns from the European region.
Competitive Landscape:
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
Key Industry Development:
- July 2022: Harman Miller Inc., in partnership with G2 Esports, to supply gaming desks, chairs, and monitor arms. This partnership will benefit the company by increasing sales revenue and gross profit.