Product Code: GVR-2-68038-647-9
Furniture Market Growth & Trends:
The global furniture market size is expected to reach USD 1,070.87 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 5.7% from 2022 to 2030. The rising demand for branded home furniture coupled with rising consumer spending capacity on home decor products is driving the furniture industry. Additionally, government supported initiative to provide housing for all is also expected to positively impact the growth.
Furniture is a movable product intended to support various activities performed by humans such as seating, sleeping, and eating, among others. It has now become a vital part of human life since non-nomadic culture. Nowadays, it can also be designed and used as a decorative object. Furthermore, the purchase and consumption of furniture have become easier due to the availability of online platforms. For instance, Pepper-fry, Fab-Furnish, and Urban-Ladder are some of the online furniture-buying platforms popular in India.
In terms of value, the wood material segment dominated the industry and is expected to account for the largest market share over the forecast period. This growth is expected to accelerate due to long-lasting and robust material, offering longevity to the furniture wood is highly preferred by consumers. Moreover, Wood is available in various colors and enhances the aesthetic appeal of the interiors; furthermore, it is usable in any setting owing to its design versatility.
The residential segment accounted for the largest market share owing to an increase in the number of home remodeling projects likely favoring the adoption of wooded furniture at home. Moreover, increase in the number of consumers becoming conscious of the environment and sustainability, a shift toward eco-friendly materials is being witnessed; the same has been reflected in home remodeling and renovation activities, and is expected to propel the market growth.
Asia Pacific held the largest market share in 2021, owing to the increasing real estate sector in developing countries, such as China and India, which upsurges the consumers' need to invest in furnishing activities and add an aesthetic look to the bedroom environment as a cause of remodeling. Furthermore, a rising share of millennials in the market is bound to invest in various modern bedroom furniture products owing to customization and space-saving features are anticipated to accelerate the industry growth over the forecast period.
Companies in the market are focusing on strategies such as mergers and acquisitions to gain market share and increase their service footprint. In May 2022, Steelcase Inc. announced that the company has signed a definitive agreement to acquire HALCON, a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. This acquisition enabled the company to increase and broaden its current portfolio, offering uncompromising design and master craftsmanship to A+D professionals and customers.
Furniture Market Report Highlights:
- The beds segment was valued at USD 162.23 billion in 2021 and is expected to reach USD 257.74 billion by 2030. The rising attention towards gaining trending bedroom styles has influenced major bedroom renovation projects, this is favoring the growth
- The commercial application segment is expected to witness a substantial CAGR of 6.1% from 2022 to 2030. Increasing demand for office space and expanding the hospitality sector across the globe, are the key factors driving the segment's growth
- Europe was valued a USD 167.81 billion in 2021 and is expected to register a CAGR of over 5% over the forecast period. The growth is majorly attributed to the rising tourism industry is driving the growth of the hospitality sector, which is eventually creating demand for luxury furniture
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Product Outlook
- 2.3. Material Outlook
- 2.4. Regional Outlook
Chapter 3. Furniture Market Variables, Trends & Scope
- 3.1. Market Introduction
- 3.2. Penetration & Growth Prospect Mapping
- 3.3. Impact of COVID-19 on the Furniture Market
- 3.4. Industry Value Chain Analysis
- 3.4.1. Sales/Retail Channel Analysis
- 3.4.2. Profit Margin Analysis
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Industry Challenges
- 3.5.4. Industry Opportunities
- 3.6. Business Environment Analysis
- 3.6.1. Industry Analysis - Porter's Five Forces
- 3.6.1.1. Supplier Power
- 3.6.1.2. Buyer Power
- 3.6.1.3. Substitution Threat
- 3.6.1.4. Threat from New Entrant
- 3.6.1.5. Competitive Rivalry
- 3.7. Roadmap of Furniture Market
- 3.8. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
- 4.1. Demographic Analysis
- 4.2. Consumer Trends and Preferences
- 4.3. Factors Affecting Buying Decision
- 4.4. Consumer Product Adoption
- 4.5. Observations & Recommendations
Chapter 5. Furniture Market: Product Estimates & Trend Analysis
- 5.1. Product Movement Analysis & Market Share, 2021 & 2030
- 5.2. Beds
- 5.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 5.3. Tables & Desks
- 5.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 5.4. Sofa & Couch
- 5.4.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 5.5. Chairs & Stools
- 5.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 5.6. Cabinets & Shelves
- 5.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 5.7. Others
- 5.7.1. Market estimates and forecast, 2017 - 2030 (USD Million)
Chapter 6. Furniture Market: Material Estimates & Trend Analysis
- 6.1. Product Movement Analysis & Market Share, 2021 & 2030
- 6.2. Metal
- 6.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 6.3. Wood
- 6.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 6.4. Plastic
- 6.4.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 6.5. Glass
- 6.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 6.6. Others
- 6.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
Chapter 7. Furniture Market: Application Estimates & Trend Analysis
- 7.1. Material Movement Analysis & Market Share, 2021 & 2030
- 7.2. Residential
- 7.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 7.3. Commercial
- 7.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
Chapter 8. Furniture Market: Regional Estimates & Trend Analysis
- 8.1. Regional Movement Analysis & Market Share, 2021 & 2030
- 8.2. North America
- 8.2.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.2.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.2.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.2.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.2.5. The U.S.
- 8.2.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.2.5.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.2.5.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.2.5.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.2.6. Canada
- 8.2.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.2.6.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.2.6.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.2.6.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.3.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.3.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.3.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.3.5. The U.K.
- 8.3.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.3.5.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.3.5.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.3.5.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.3.6. Germany
- 8.3.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.3.6.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.3.6.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.3.6.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.3.7. France
- 8.3.7.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.3.7.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.3.7.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.3.7.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.4.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.4.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.4.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.4.5. China
- 8.4.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.4.5.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.4.5.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.4.5.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.4.6. Japan
- 8.4.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.4.6.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.4.6.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.4.6.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.4.7. India
- 8.4.7.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.4.7.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.4.7.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.4.7.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.5. Central & South America
- 8.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.5.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.5.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.5.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.5.5. Brazil
- 8.5.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.5.5.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.5.5.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.5.5.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.6. Middles East & Africa
- 8.6.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.6.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.6.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.6.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
- 8.6.5. South Africa
- 8.6.5.1. Market estimates and forecast, 2017 - 2030 (USD Million)
- 8.6.5.2. Market estimates and forecast, by product, 2017 - 2030 (USD Million)
- 8.6.5.3. Market estimates and forecast, by material, 2017 - 2030 (USD Million)
- 8.6.5.4. Market estimates and forecast, by application, 2017 - 2030 (USD Million)
Chapter 9. Competitive Analysis
- 9.1. Key global players, recent developments & their impact on the industry
- 9.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
- 9.3. Vendor Landscape
- 9.3.1. Key company market share analysis, 2021
Chapter 10. Company Profiles
- 10.1. IKEA
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Strategic Initiatives
- 10.2. Ashley Furniture Industries Inc.
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Strategic Initiatives
- 10.3. RH (Restoration Hardware)
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Strategic Initiatives
- 10.4. Williams-Sonoma, Inc.
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Strategic Initiatives
- 10.5. La-Z-Boy Inc.
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Strategic Initiatives
- 10.6. Raymour & Flanigan
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Strategic Initiatives
- 10.7. American Signature
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Strategic Initiatives
- 10.8. Oppein Home Group Inc.
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Strategic Initiatives
- 10.9. Jason Furniture (Hangzhou) Co., Ltd
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Strategic Initiatives
- 10.10. Steelcase Inc.
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Strategic Initiatives