Furniture Industry Overview
The global furniture market size was valued at USD 677.09 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030.
The growth is driven by various factors such as increasing disposable incomes, growth of hospitality and housing sectors, developments in the commercial construction industry, and growing demand for premium and luxury furniture across the world. Moreover, the increasing capital investments in office infrastructure, primarily driven by the development of regional hubs in various countries, are expected to generate the need for office furniture during the forecast period. In 2020, according to the Economic Impact Study commissioned by the Building Owners and Managers Association of the U.S. (BOMA), the establishment of business offices in the U.S. is increasing.
Gather more insights about the market drivers, restrains and growth of the Furniture Market
However, the COVID-19 pandemic had a significant impact on consumer behavior as well as manufacturing trends in the furniture market. Owing to financial constraints that arose, consumers were reluctant to spend on non-essential items, including home interiors, and hence, the residential demand for furniture slumped. In the wake of the COVID-19 pandemic, there has been a slow but sure resurgence of housing projects and consumers are open to spending on household items once again, which is boosting the demand for furniture over the forecast period.
Moreover, various governments in the Middle East, especially Saudi Arabia’s government focus on the development of the real estate industry through various residential and commercial projects that will ultimately help to boost their economy. According to Saudi Arabia’s National Transformation Plan, the country has planned to build more than 555,000 residential units, approximately 275,000 hotel keys, over 4.3 million sq. meters of retail space, and over 6.1 million sq. meters of new office space expected by 2030.
Furniture not only supports and enables basic everyday functions such as sleeping and eating but has also been considered an essential element for home décor. Furthermore, purchasing furniture has become easier due to the availability of online platforms. FabFurnish, Pepperfry, and Urban Ladder are some of the popular e-commerce platforms for buying furniture in India. The rising demand for multi-functional and versatile products that provide portability and can easily be accommodated in small spaces is also accelerating industry growth. The increasing number of nuclear families has resulted in demand for portable and space-saving furniture products around the globe. This factor is anticipated to drive the demand for furniture.
Browse through Grand View Research's Homecare Decor Industry Research Reports.
- The global luxury furniture market was valued at USD 21,389.5 million in 2014 and is expected to reach USD 28,600.7 million in 2022, growing at a CAGR of 3.7% over the forecast period.
- The global real estate market size was valued at USD 3.69 trillion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030.
Furniture Market Segmentation
Grand View Research has segmented the global furniture market based on product, material, application, and region:
Furniture Product Outlook (USD Million; 2017 - 2030)
- Beds
- Tables Desks
- Sofa Couch
- Chairs Stools
- Cabinets Shelves
- Others
Furniture Material Outlook (USD Million; 2017 - 2030)
- Metal
- Wood
- Plastic
- Glass
- Others
Furniture Application Outlook (USD Million; 2017 - 2030)
- Residential
- Commercial
Furniture Regional Outlook (Revenue, USD Million; 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Central South America
- Brazil
- Middle East Africa (MEA)
- South Africa
Key Companies profiled:
- IKEA
- Ashley Furniture Industries Inc.
- RH (Restoration Hardware)
- Williams-Sonoma, Inc.
- La-Z-Boy Inc.
- Raymour Flanigan
- American Signature
- Oppein Home Group Inc.
- Jason Furniture (HangZhou) Co., Ltd
- Steelcase Inc.
Key Furniture Company Insights
The market is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus towards growing trend of furniture. Players in the market are diversifying the service offering in order to maintain market share.
- For instance, in March 2020, La-Z-Boy Incorporated announced that the company had acquired the business that operates six independently owned La-Z-Boy Furniture Galleries stores, with approximately USD 30 million in annual retail volume, and one warehouse in the Seattle, Washington
- For instance, in December 2021, Empire Office, Inc. announced that the company entered into an agreement to acquire DeKalb Office Environments, Inc., establishing its local presence in Atlanta and Birmingham
Order a free sample PDF of the Furniture Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
