Furniture Market size is set to grow by USD 136.6 billion from 2024-2028, evolving consumer demographics in emerging economies to boost the market growth, Technavio

NEW YORK, June 18, 2024 /PRNewswire/ -- The global furniture market size is estimated to grow by USD 136.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.15%  during the forecast period.  Evolving consumer demographics in emerging economies is driving market growth, with a trend towards increasing number of strategic alliances and partnerships. However, high exposure to global economic factors poses a challenge. Key market players include Ashley Global Retail LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., Okamura Corp., Roomstogo.com Inc., Steinhoff International Holdings NV, The Home Depot Inc., Wayfair Inc., and Williams Sonoma Inc.

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Key Market Trends Fueling Growth

The global furniture market is experiencing a rise in strategic alliances and partnerships among vendors. These collaborations aim to enhance operational efficiency and expand service offerings, including home delivery and end-to-end solutions. Notable alliances include Ethen Allen Interiors Inc.'s acquisition of Dimension Wood Products, Inc. And HNI Corp.'s complete acquisition of Kimball International. These acquisitions are anticipated to fuel market growth during the forecast period. 

The furniture market is currently witnessing various trends. Home offices are in high demand due to the increase in remote work. Comfortable and functional chairs, desks, and storage solutions are popular choices. Customers are also looking for modern and stylish designs, such as minimalist and industrial styles. Sustainable and eco-friendly materials, like wood and recycled plastic, are gaining popularity. Additionally, multifunctional pieces, like convertible sofas and storage ottomans, are becoming increasingly desirable. Customers are also interested in customizable options, allowing them to personalize their furniture to fit their specific needs and preferences. Overall, the furniture market is seeing a shift towards practicality, style, and sustainability. 

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Market Challenges

• The global furniture market faces significant challenges due to economic factors and geopolitical uncertainties. A downturn in economic growth or employment rates can decrease consumer spending capacity and construction activity, leading to reduced demand for furniture. International diplomacy and trade relations also impact the market, with conflicts and sanctions affecting pricing strategies and raw material sourcing. Crucial events like BREXIT can cause geopolitical uncertainty and negatively impact the furniture market.
• The furniture market faces several challenges in today's business environment. One significant issue is the increasing competition from online stores. Customers prefer the convenience of shopping from home, leading to a decrease in foot traffic for physical stores. Another challenge is the rising cost of raw materials, such as wood and metal, which affects the pricing strategy of furniture companies. Additionally, the trend towards sustainable and eco-friendly products is growing, requiring businesses to adapt and offer green alternatives. Furthermore, the global supply chain disruptions due to the pandemic have caused delays and increased costs. Lastly, the need to provide excellent customer service and personalized experiences is crucial to retain customers and stay competitive.

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Segment Overview 

This furniture market report extensively covers market segmentation by

1. Product 
• 1.1 Home
• 1.2 Office
• 1.3 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Home-  In the Furniture Market, we offer a wide selection of high-quality products for both residential and commercial spaces. Our inventory includes various styles and materials to cater to diverse customer preferences. We prioritize customer satisfaction by ensuring timely delivery and excellent after-sales service. Our competitive pricing and flexible payment options make US an ideal partner for furniture needs. We continuously source new designs and trends to keep our offerings fresh and appealing.

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Research Analysis

The furniture market is experiencing significant growth due to the increasing global population and infrastructure expansion. This demand is driven by the need for both household and commercial furniture, including bedroom sets, kitchen cabinets, and hospital furniture. Portability and multifunctionality are key trends, with an emphasis on foldable and modular designs. Physical and mental wellness are also important considerations, leading to the popularity of ergonomic mattresses and adjustable workstations. Customization features are also in demand, allowing consumers to tailor their furniture to their specific needs. Metal furniture is a popular choice due to its durability and strength, while infrastructure development and construction projects continue to provide opportunities for furniture manufacturers to expand their offerings.

Market Research Overview

The Furniture Market encompasses a wide range of products, including chairs, tables, cabinets, and more. These items are designed to enhance the aesthetic value and functionality of various living spaces. The market witnesses continuous growth due to increasing consumer awareness and preferences for ergonomic and stylish furniture. Materials used in furniture production vary, with popular choices being wood, metal, and plastic. Sustainability is a significant trend in the market, with many manufacturers focusing on eco-friendly production methods and materials. The market caters to both residential and commercial sectors, with businesses and individuals seeking to create comfortable and inviting environments. The Furniture Market offers a vast array of choices, ensuring that every budget and preference is catered to.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Home
• Office
• Others
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio