Online Furniture Market: Growth Fueled by COVID-19 and Technology-empowered Solutions Including AR and VR - ReAnIn Analysis

HYDERABAD, India, May 19, 2022 /PRNewswire/ -- 

Market Overview

According to a report published by ReAnIn, the global online furniture market was valued at USD 96.4 billion in the year 2021 and is projected to reach USD 261.8 billion by the year 2028, registering a CAGR of 15.3% during the forecast period. Increasing penetration of internet networks, increasing disposable income, particularly in developing economies such as India and China, and social media-based marketing are some of the leading drivers for the online furniture market. Moreover, people preferred to purchase through online mode during COVID-19 as they were not allowed to move freely. Also, COVID-induced work-from-home necessitated extra furniture at home to perform office work effectively and separate household work from office work. However, concerns regarding product quality and difficulty in returning objects purchased through online mode are limiting the growth of the online furniture market. 

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Technology-empowered Solutions Such as Augmented Reality (AR) and Virtual Reality (VR) are Playing an Important Role in this Switch from Traditional Brick-and-Mortar Stores to the Online Space

One of the key restraining factors for online sales of furniture is the lack of clarity among consumers about how would this product will fit in their house. To address this issue, leading brands such as IKEA have come up with an AR-based solution, namely IKEA Place. This app allows the customer to visualize how things might look in real life and hence, reducing any uncertainties regarding colour and size.

In addition to technologically advanced solutions, e-commerce companies are focusing on offering personalized solutions, consumer engagement, and value-added services. The e-commerce companies analyse the consumer's buying preferences in the past and suggest products accordingly. Also, artificial intelligence and data analytics tools are being used to improve consumer engagement and procurement.

Key Highlights of the Report:

• Wood-based furniture accounted for the majority of the furniture sold through the online channel in 2021 and it is expected to grow at a significant CAGR throughout the forecast period (2021-2028).
• The COVID-19 pandemic had a drastic impact on consumer behavior including mode of purchase. As governments across the globe restricted people's movement, the majority of the consumers moved to the online channel which in turn led to significant growth in the online furniture market.
• Residential segment accounted for the majority of the market share in 2021 and the COVID-induced work-from-home is expected to further drive the demand for furniture in the residential sector.
• North America represents a majority of the market share (about 40%) in the global online furniture market, while the Asia Pacific is expected to witness the highest CAGR in the near future owing to increasing disposable income and access to global brands.

Access the report description on: Global Online Furniture Market

Market Segmentation:

ReAnIn has segmented the global online furniture market by:

• Material Type
• Wood
• Metal
• Plastics
• Application
• Residential
• Commercial
• Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Competitive Landscape

Key players operating in the global online furniture market include Amazon, Ashley Furniture Industries, Ekornes, Inc., FabFurnish, Floyd Home, Goodee, Herman Miller, Inc., IKEA, Kartell, Lulu and Georgia, Pepperfry, Serena & Lily, Steelcase, StitchWood, Urban Ladder, Wayfair, and Walmart.

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About ReAnIn

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Source: ReAnIn 

SOURCE Reanin Research & Consulting Private Limited