Furniture Market to grow by USD 130.4 billion from 2022 to 2027 | Evolving consumer demographics in emerging economies to boost the market growth- Technavio

NEW YORK, Sept. 11, 2023 /PRNewswire/ -- The furniture market size is expected to grow by USD 130.4 billion from 2022 to 2027, progressing at a CAGR of 4.11% as per the latest Technavio market research report. The report has been segmented by product (Home, Office, and Others), distribution channel (Offline and Online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The evolving consumer demographics in emerging economies are notably driving market growth. The process of rapid urbanization has yielded a steady increase in wages and income levels globally, notably prominent in nations like China and India. Based on data from The World Bank Group, China's gross national income (GNI) per capita surged from USD 2,510 million in 2007 to USD 10,390 million in 2019. Governments in countries such as India are actively directing efforts toward the development of skyscrapers and affordable housing, expected to be a driving force behind the expansion of the global furniture market over the forecast period. The growth of double-income households in emerging economies is another pivotal factor shaping consumer demographics. This evolution in consumer demographics within emerging economies stands as a crucial stimulus to propelling the market's growth during the projected forecast period. Discover insights on market size before buying full report- Download sample report

Furniture Market: Segment Overview

This market research report segments the furniture market by product (Home, Office, and Others), distribution channel (Offline and Online), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The furniture market share growth in the home segment will be significant during the forecast period. The migration of individuals to urban centers in developing economies like China and India is correlating with a higher propensity to procure furniture and furnishings for their residences. This trend is substantiating the upsurge in new product sales within the market. Furthermore, escalating governmental endeavors targeted at urban housing expansion, exemplified by initiatives like India's Sardar Patel National Urban Housing Mission, are anticipated to accentuate the demand for home furniture during the forecast period.

Geography Overview:

APAC is estimated to account for 48% of the global market growth during the forecast period. China and Japan stand as pivotal markets for the furniture industry in the APAC region. Anticipated market expansion within this region is poised to surpass that of other global markets. The advent of urbanization, coupled with rising disposable incomes within emerging economies, will be driving the growth of the furniture market in APAC throughout the forecast period. This comprehensive market research report furnishes intricate insights into competitive intelligence and identifies marketing gaps, and regional opportunities awaiting vendors. These insights will prove instrumental in formulating effective and strategic business plans.

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Recent trends influencing the market

The increasing number of strategic alliances and partnerships between vendors across the world is an emerging market trend. Prominent industry players like Herman Miller have been notably involved in merger and acquisition (M&A) activities over the past decade, effectively acquiring multiple other companies since the late 2000s. In alignment with this trend, vendors are directing their efforts toward optimizing operational efficiency. This strategic move serves a dual purpose: expanding its service spectrum to encompass comprehensive offerings, including home delivery, while concurrently establishing itself as an all-encompassing global lifestyle brand. A notable instance exemplifying this trend transpired in September 2018, when Steelcase orchestrated the acquisition of Orangebox Group Limited. This UK-based entity specializes in crafting furniture for workplaces. Such factors fuel the market growth during the forecast period.

Major challenges hindering the market growth

The high exposure to global economic factors is a significant challenge hindering market growth. Economic factors encompass a range of variables, including consumer spending capabilities, income levels, white-collar employment rates, business confidence, investments, trade volumes, corporate expenditures, and the expansion of global businesses. A decline in global economic growth, particularly in significant regions like APAC, North America, or Europe, would have an adverse impact on the worldwide furniture market. Economic slowdowns are typically accompanied by reductions in both commercial and residential construction activities. Consequently, the demand for new residential and office furniture would be constrained, directly affecting the sales of products offered by vendors. Such a factor is expected to pose a substantial obstacle to market growth throughout the forecast period.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find more insights from a sample report!

What are the key data covered in the Furniture Market reports:

• Historic Market size
• Company landscape and analysis including Ashley Furniture Industries 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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Related Reports:

The online furniture market size is estimated to grow at a CAGR of 17.73% between 2022 and 2027. The market size is forecast to increase by USD 139.97 billion.

The Global Home Furniture Market size is estimated to grow by USD 105.01 million between 2022 and 2027 accelerating at a CAGR of 5.34%.

Furniture Market Scope

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Technavio

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