Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Furniture Market, Encompassing Items Like Tables, Chairs, Sofas, Beds, Desks, Dressers, Bookcases, Wardrobes, And Cabinets, Is Projected To Grow Due To Increased Urbanization, The Rise of Residential and Commercial Buildings, And the Demand for Lightweight, Adaptable, Portable Items With Ample Storage. Factors Such As the Increase in Nuclear Families, The Need for Ergonomically Designed Items Due To Postural Dysfunction, And the Ease of Purchasing Innovative Products Like Couches Online are Also Contributing To Market Expansion. The Market is Segmented by Application and Distribution Channel, With Online Sales Seeing A Significant Increase, Particularly in the Asia-Pacific Region. Major Players Include Ashley Furniture Industries, Inc., Inter IKEA Group, Herman Miller, Inc., Hni Corp., And Steelcase, Inc.

Furniture Market Size

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Furniture Market Summary
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Study Period 2020 - 2029
Market Size (2024) USD 637.5 Billion
Market Size (2029) USD 823.75 Billion
CAGR (2024 - 2029) 5.25 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Furniture Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Furniture Market Analysis

The Furniture Market size is estimated at USD 637.5 billion in 2024, and is expected to reach USD 823.75 billion by 2029, growing at a CAGR of 5.25% during the forecast period (2024-2029).

The furniture market has experienced steady growth in recent years, driven by urbanization, population growth, rising disposable incomes, and changing lifestyle preferences globally. As urbanization continues to increase worldwide, particularly in emerging economies, demand for furniture products for residential and commercial spaces such as apartments, offices, hotels, and restaurants is expected to grow. Moreover, the expansion of the real estate sector, coupled with a growing trend toward home renovation and interior decoration, further contributes to the demand for furniture products.

The increasing focus on eco-friendliness and sustainability is one key trend changing the global furniture sector. Growing consumer knowledge of environmental issues and concerns about the effects of furniture manufacturing on the environment has increased demand for eco-friendly production methods and furniture made of sustainable materials like bamboo, recycled, and reclaimed wood.

Moreover, the furniture sector is progressively using technology innovations like 3D printing, augmented reality (AR), and virtual reality (VR). With the help of these technologies, furniture producers and merchants can produce unique designs and personalized items and give customers engaging shopping experiences.

Furniture Market Trends

Rising E-commerce Penetration is Boosting the Market Growth

The role of e-commerce in the furniture market has become increasingly significant, reshaping how consumers shop for furniture and transforming the industry dynamics. E-commerce platforms provide consumers access to diverse furniture products from various brands, styles, designs, and price points. This extensive product catalog offers consumers greater choice and flexibility to find furniture that suits their preferences and budgetary constraints. Many e-commerce platforms for furniture offer personalized shopping experiences and customization options. Consumers can use virtual room planners, 3D product visualization tools, and customization features to tailor furniture products to their individual needs, preferences, and design aesthetics.

Furthermore, e-commerce facilitates cost-effective distribution channels, enabling furniture manufacturers and retailers to reach a broader global audience and streamline logistics. Advances in logistics and delivery infrastructure have made it easier for e-commerce retailers to offer fast and reliable shipping options for furniture products. Many e-commerce platforms provide white-glove delivery services, including assembly and installation, which enhance the overall customer experience and satisfaction.

Furniture Market: Market Size of Online Furniture Sales, In USD Billion, Global, 2021-2023

Asia-Pacific is the Fastest-Growing Region in the Market

Asia-Pacific is one of the largest and fastest-growing furniture markets globally. The market is fueled by economic development and urbanization rates in countries across the region. The residential furniture segment is a significant contributor to the Asia-Pacific furniture market. Demand for residential furniture is driven by factors such as new housing construction, renovation activities, and changing consumer preferences for stylish and functional furniture designs. Key product categories include living room furniture, bedroom furniture, dining room furniture, and kitchen furniture.

China, India, and Japan are among APAC's most significant furniture marketplaces. The distinct market dynamics, consumer tastes, and regulatory framework of each nation influence the demand and sales of furniture. There is an increasing focus on sustainability and environmentally friendly practices in the Asia-Pacific furniture market. Manufacturers are adopting sustainable materials, production processes, and recycling initiatives to meet consumer demand for eco-friendly furniture options.

Growth Rate of Furniture Market by Region, In %, By Region, Global, 2023

Furniture Industry Overview

The furniture market is highly competitive and fragmented, with numerous manufacturers, retailers, and distributors operating across regions. The furniture market is characterized by a mix of large multinational corporations, mid-sized companies, and smaller manufacturers and retailers. Some of the key players in the industry include IKEA, Ashley Furniture Industries, Steelcase Inc., Herman Miller Inc., and Haworth Inc.

Furniture Market Leaders

  1. Ashley Furniture Industries, Inc.

  2. Inter IKEA Group

  3. Herman Miller, Inc.

  4. HNI Corp.

  5. Steelcase Inc.

*Disclaimer: Major Players sorted in no particular order

Furniture Market Concentration
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Furniture Market News

  • In February 2023, Inter IKEA Group introduced three collections to encourage households to make more sustainable purchases as part of its new transitional range: Vivid Wonderland, Glorious Green, and Simple Serenity.
  • In September 2022, Durham Furniture Inc. partnered with Intiaro, a 3D tech company, with an emphasis on 3D strategy and visualization tools to improve the new online and shop experience.

Furniture Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Disposable Income

      2. 4.2.2 Growth of E-commerce Platforms

    3. 4.3 Market Restraints

      1. 4.3.1 High Competition in the Market

      2. 4.3.2 Fluctuating Raw Material Prices

    4. 4.4 Market Opportunities

      1. 4.4.1 Introduction of Smart Furniture

      2. 4.4.2 Rise in Demand for Eco-friendly Furniture

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness: Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Insights into Technological Advancements in the Industry

    8. 4.8 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Beds

      2. 5.1.2 Tables

      3. 5.1.3 Sofas

      4. 5.1.4 Chairs and Stools

      5. 5.1.5 Others (Wardrobes, Shelves, and Cabinets)

    2. 5.2 By Material

      1. 5.2.1 Metal

      2. 5.2.2 Wood

      3. 5.2.3 Plastic

      4. 5.2.4 Glass

    3. 5.3 By Application

      1. 5.3.1 Residential

      2. 5.3.2 Commercial

    4. 5.4 By Distribution Channel

      1. 5.4.1 Home Centers

      2. 5.4.2 Specialty Stores

      3. 5.4.3 Online Stores

    5. 5.5 By Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

        4. 5.5.1.4 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 United Kingdom

        2. 5.5.2.2 Germany

        3. 5.5.2.3 France

        4. 5.5.2.4 Russia

        5. 5.5.2.5 Italy

        6. 5.5.2.6 Spain

        7. 5.5.2.7 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 India

        2. 5.5.3.2 China

        3. 5.5.3.3 Japan

        4. 5.5.3.4 Australia

        5. 5.5.3.5 Rest of Asia-Pacific

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle East and Africa

        1. 5.5.5.1 United Arab Emirates

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Ashley Furniture Industries Inc.

      2. 6.2.2 Inter IKEA Group

      3. 6.2.3 Herman Miller Inc.

      4. 6.2.4 HNI Corp.

      5. 6.2.5 Steelcase Inc.

      6. 6.2.6 La-Z-Boy

      7. 6.2.7 Okamura Corporation

      8. 6.2.8 Global Furniture Group

      9. 6.2.9 Durham Furniture Inc.

      10. 6.2.10 Stanley Furniture*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNTIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Furniture Industry Segmentation

The furniture market involves designing, manufacturing, distributing, and selling various products. The furniture market is segmented by product type (beds, tables, sofas, chairs, and stools, and others (wardrobes, shelves, and cabinets)), material (metal, wood, plastic, and glass), application (residential and commercial), distribution channel (home centers, specialty stores, and online stores), and geography (North America (United States, Canada, Mexico, and Rest of North America), Europe (United Kingdom, Germany, France, Russia, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Australia), South America (Brazil, Argentina, and Rest of South America), and Middle East and Africa (United Arab Emirates, South Africa, and Rest of Middle East and Africa)). The report offers market size and forecasts for the furniture market in value (USD) for all the above segments.

By Product Type
Beds
Tables
Sofas
Chairs and Stools
Others (Wardrobes, Shelves, and Cabinets)
By Material
Metal
Wood
Plastic
Glass
By Application
Residential
Commercial
By Distribution Channel
Home Centers
Specialty Stores
Online Stores
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
United Arab Emirates
South Africa
Rest of Middle East and Africa
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Furniture Market Research FAQs

The Furniture Market size is expected to reach USD 637.5 billion in 2024 and grow at a CAGR of 5.25% to reach USD 823.75 billion by 2029.

In 2024, the Furniture Market size is expected to reach USD 637.5 billion.

Ashley Furniture Industries, Inc., Inter IKEA Group, Herman Miller, Inc., HNI Corp. and Steelcase Inc. are the major companies operating in the Furniture Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Furniture Market.

In 2023, the Furniture Market size was estimated at USD 604.03 billion. The report covers the Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The changing consumer preferences in the Furniture Market are a) Growing demand for multifunctional and space-saving furniture b) Increased interest in sustainable furniture made from recycled materials or with eco-friendly practices c) Rising popularity of ergonomic furniture and Growing preference for online furniture shopping

Furniture Industry Report

Furniture industry analysis reveals a dynamic market segmented by end-user needs, with the residential sector leading due to the essential daily seating requirements and the rise in nuclear families. The office furniture segment follows closely, propelled by the increasing demand for ergonomic solutions that cater to diverse work environments. Additionally, the hospitality industry is capitalizing on high-quality and luxurious furniture to elevate customer experiences, significantly contributing to the market's expansion. This growth is underpinned by a commitment to innovation, sustainability, and the aim to fulfill the evolving preferences of consumers across the residential, office, and hospitality sectors. International furniture companies are at the forefront of these trends, continuously adapting and innovating to meet market demands. Complementing this, statistics from Mordor Intelligenceā„¢ Industry Reports offer insights into the furniture market's share, size, and revenue growth, alongside a detailed kitchenware analysis. These reports provide a forecast outlook and a historical overview, essential for understanding market dynamics. For a comprehensive view of these trends and data, a free report PDF download is available, offering a sample of this in-depth industry analysis. This synthesis of market segmentation and statistical data underscores the furniture industry's vibrant landscape, marked by strategic innovation and consumer-centric approaches.

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Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)