According to a new report published by Allied Market Research, titled, “global furniture market by type, distribution channel, and region: global opportunity analysis and industry forecast, 2020–2031,” the global furniture market size was valued at $ 5,56,367.80 million in 2020, and is projected to reach $ 8,77,438.20 million by 2031, registering a CAGR of 3.8% from 2022 to 2031. Furniture are objects used to support various human activities such as seating, eating, and sleeping. Furniture are also used to hold and position an object at certain required height either to store things or for aesthetic appeal. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. Furniture manufacturing involves highly skilled and creative professionals.
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global demand for furniture is expected to increase, owing to rapid urbanization and high purchasing power of millennial generation. The residential segment dominates the market, owing to growing phase of infrastructure and the real estate market. Moreover, advance technology of manufacturing has lowered the cost and time for manufacturing. However, manufacturers believe that rise in raw material prices would have a long-term impact on the market and hamper growth of market during the forecast period
The state-of-the-art research on Furniture Market, which is a detailed analysis of business space inclusive of the current market trends, competitive background, and size of the market. Encircling one or more parameters among analysis of the product, application potential, and global and regional growth strategies.
Speaking about this research report in particular, it includes:
- Five Types of Segmentations (by Product Type, Power, Application, Distribution Channel, Region)
- Five Major Regions (North America, Europe, Asia Pacific, Middle East & Africa, South & Central America)
- Key Industry Dynamics including factors that are Driving the Market, Prevailing Deterrent, Potential Opportunities as Well as Future Trends.
- Ten Company Profiles (these are not just Major Players but a Mix of Leading, Emerging Players, Market Disruptors, Niche Market Players, etc.)
- Industry Landscape Analysis
- Analysis of COVID-19 Impact on this market at Global and Regional Level.
The key players profiled in this study includes:–
Haworth, Inc.
Inter IKEA Systems BV
Steelcase Inc.
Masco Corporation
HNI Corporation
L. & J.G. STICKLEY, INC.,
Kimball International, Inc.
Okamura Corporation
Heritage Home Group LLC
Durham Furniture Inc.
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The furniture market is driven by emerging new species of wood tree for furniture manufacturing and marketing through internet are some of the factors that are expected boost the market growth. Furthermore, the furniture market is driven by various factors such as rise in disposable income, growth of real estate and hospitality industries, and demand for luxury and premium furniture from certain consumer sections. In addition, increase in government investments in infrastructural development boosts demand for the furniture products in the residential and commercial sector in the future.
Integration of internet of things into furniture products is projected to further escalate the furniture market growth. Moreover, development of automated manufacturing system is anticipated to have a significant impact on the industry during the forecast period. Furthermore, demand for versatile and multi-functional products that offer portability and can easily be accommodated in small spaces also drives the market growth.
Key findings of the study
- By type, the residential segment accounted for the highest furniture market share in 2020, growing at a CAGR of 3.6% from 2022 to 2031.
- By distribution, the specialty stores segment accounted for about 48.8% share of the furniture market share in 2020, and is expected to experience growth at CAGR of 3.5%.
- Region wise, North America accounted for about 37.1% of the furniture market size in 2020, and is expected to grow at a CAGR of 3.6%.
- By type, the commercial segment accounted for 29.3% market share in 2020, growing at a CAGR of 4.1% from 2022 to 2031.
- Region wise, Asia-Pacific market and is expected to grow at the highest CAGR of 4.6%.
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