Online Furniture Market size is set to grow by USD 218.8 billion from 2024-2028, Increasing online spending and smartphone penetration boost the market, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global online furniture market size is estimated to grow by USD 218.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  21.94%  during the forecast period. 

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Market Driver

In the online furniture market, the rise in mobile commerce is significant. Consumers purchasing new phones expand shopping opportunities through mobile commerce platforms. Major retailers like Amazon, Flipkart, and Alibaba Group have launched mobile applications, complementing their websites. Sales of furniture via smartphones are increasing, primarily for consumer goods. Retailers, including Amazon and eBay, have introduced mobile-friendly shopping portals, accessible on iOS, Windows, Android, and Blackberry systems. The growing comfort with electronic payments is driving the use of mobile wallets, a key trend in the forecast period. 

In today's digital age, the furniture market has seen a significant shift towards online platforms. Consumers now prefer browsing and purchasing furniture items online due to convenience and a wider selection of choices. The trend of customizable furniture has gained popularity, with companies offering various options for size, color, and material. The use of technology, such as 3D visualization tools, has made it easier for customers to visualize how furniture pieces would look in their homes. Additionally, discounts and promotions are common online, making it an attractive option for budget-conscious shoppers. Overall, the online furniture market is thriving, offering a seamless shopping experience for modern consumers. 

Market Challenges

• The interior design trends influence furniture purchases, as consumers prioritize long-term investments in durable, high-quality furniture. Factors such as delayed homeownership and rising rental populations negatively impact the furniture market's growth. These trends increase the need for furniture rental services and hinder the demand for new furniture purchases. Consequently, the furniture market faces challenges during the forecast period.
• In the online furniture market, several challenges exist for both consumers and retailers. One major challenge is ensuring accurate and timely delivery of orders. With numerous suppliers and shipping methods, coordinating and tracking orders can be complex. Additionally, consumers often face difficulties in making informed decisions due to the vast selection available. Deciding on the right style, material, and price point can be overwhelming. Retailers, on the other hand, face competition from various sources, including other online retailers and brick-and-mortar stores.
• To stay competitive, they must offer competitive pricing, excellent customer service, and a user-friendly website. Another challenge is ensuring product quality and authenticity, as there are many counterfeit or low-quality items available online. Overall, the online furniture market presents both opportunities and challenges, requiring innovative solutions to meet the evolving needs of consumers and retailers.

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Segment Overview 

1. Application 
• 1.1 Online residential furniture
• 1.2 Online commercial furniture
2. Product 
• 2.1 Living room furniture
• 2.2 Bedroom furniture
• 2.3 Office furniture
• 2.4 Kitchen furniture and others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Online residential furniture-  The online residential furniture market is expected to grow significantly. Key trends include customization, 3D visualization tools, and sustainable materials like bamboo and recycled textiles. Consumers are drawn to stylish and eco-friendly furnishings, especially for remote work setups. In 2018, the market was valued at USD 42.80 billion.

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Research Analysis

In the dynamic world of e-commerce, the Online Furniture Market has emerged as a significant sector, catering to the needs of ecommerce store owners and consumers alike. This marketplace offers a wide array of products, from stylish house furnishings and home decoration items to sustainable furniture made from rattan, bamboo, and recycled textiles. Customization and personalization have become essential trends, with augmented reality and 3D visualization tools enabling customers to envision their purchases in their homes before making a purchase.

Digital marketing strategies, including promotional campaigns, discounts, and coupons, are employed to attract customers. The market also accommodates luxurious products, such as formaldehyde-free items and gaming tables for PC gaming enthusiasts, reflecting the diverse demands of the modern consumer base. Sustainability remains a key focus, with an increasing preference for eco-friendly and sustainable materials in furniture production.

Market Research Overview

The Online Furniture Market is a thriving industry that offers convenience and a wide range of choices for consumers seeking to decorate their homes. With technology advancements, shopping for furniture has become easier than ever before. This market caters to various styles, materials, and budgets, allowing customers to make informed decisions from the comfort of their own homes. Shipping and delivery options are also flexible, ensuring a seamless experience.

The market is filled with numerous types of furniture, including sofas, chairs, tables, cabinets, and more. Consumers can explore different designs, colors, and sizes to find the perfect fit for their spaces. Additionally, many online retailers offer customization options, enabling customers to create unique pieces that reflect their personal style. Overall, the Online Furniture Market is a dynamic and innovative space that continues to evolve, providing endless possibilities for home decor enthusiasts.

Table of Contents:

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

• Application
• Online Residential Furniture
• Online Commercial Furniture
• Product
• Living Room Furniture
• Bedroom Furniture
• Office Furniture
• Kitchen Furniture And Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio