New York, US, March 14, 2023 (GLOBE NEWSWIRE) — Furniture Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Furniture Market Research Report Information By Furniture Type, Category, Material, End User and By Region – Forecast Till 2030. The furniture market industry is projected to grow from 690.21 billion in 2022 to USD 886.68 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period (2022 – 2030).
Furniture has been regarded as an important component for home décor in addition to supporting and enabling basic daily activities like sleeping and eating. The production and distribution of furniture for offices, hotels, residences, schools, and enterprises are all included in the furniture sector. Also, the advent of online platforms has made it simpler to buy furniture.
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|Market Size in 2030||USD 886.68 billion|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Furniture Type, Category, Material, End User and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Growth in the hospitality and real estate sectors|
|Growth of the organized retail sector in Asia Pacific|
Key Companies in the Furniture market include
- IKEA Group
- HNI Corporation
- Ashely Furniture Industries Inc
- Herman Miller, Inc
- Dorel Industries Inc.
- Godrej & Boyce Mfg. Co. Ltd.
- Steelcase Inc.
- Sauder Woodworking Co
- Dunn’s Furniture
- Kimball International, Inc.
The hospitality industry, which includes restaurants, hotels, and other commercial areas with a high mobility of people for enjoyment, is one of the key end users of furniture. These rooms are furnished with a variety of items, such as couches, dining tables, coffee tables, chairs, cabinets, and entertainment cabinets. The American Hotel & Lodging Association predicts that the demand for hotel rooms in the US will increase dramatically, reaching pre-pandemic levels. The government has budgeted around Euro 19 million for marketing campaigns in addition to investments in cultural development, which are expected to boost the tourism sector and, in turn, fuel the hospitality sector, with the goal of increasing the high-tourist population in towns and cities in the UK. Similar trends were observed in a number of popular tourist destinations worldwide.
The main drivers of the expansion in the real estate industries are the rising urbanization and rising disposable income among millennials and Gen Z in high population economies like China and India. Additionally, it is projected that government initiatives like India’s Pradhan Mantri Awas Yojana, which aims to provide housing for everyone by 2024, will increase demand for all sorts of furniture, including living room furniture and bedroom furniture. Throughout the projection period, it is anticipated that rising investment in the hospitality and real estate industries will increase demand for furniture and related items like furniture covers, furniture cleaners, furniture polish, etc.
Browse In-depth Market Research Report (366 Pages) on Furniture:
The middle-income segment of the population these days mostly favors purchasing affordable, used home furnishings over pricey items. The market’s expansion is predicted to be constrained by this. Also, fierce competition from unorganized industry participants in numerous nations throughout the world is stifling the expansion of the leading organizations’ businesses. Changing import & customs charges on fixture products and fluctuating raw material prices are expected to present difficulties for the industry’s overall growth.
The abrupt COVID-19 pandemic that struck the planet in the first days of 2020 has significantly altered the furniture industry’s appearance. The supply chain disruptions and the temporary suspension of international trade have had a significant impact on the nations that rely heavily on imports to meet their furniture needs. Due to the pandemic’s forced move to a lengthier stay-at-home protocol, 58% of the world’s population, customers were encouraged to optimize their houses and furniture for the extended amount of time spent at home. Also, COVID-19 highlighted how crucial it is to increase industry automation and digitalization while minimizing dependency on imports.
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In 2021, the couch category commanded the lion’s share of the industry, accounting for over USD 172.14 billion in revenue from the furniture market. Sofas are pieces of furniture with seats that are often made to seat two to four people at once. Also, it is anticipated that product innovation in the sofas segment would be fueled by the younger generation’s shifting lifestyles and inclination for high-tech items for convenience. The market CAGR for the couch sector is projected to be 3.9%.
In 2021, the Non-RTA segment had the largest market share, accounting for between 50 and 60 percent of total furniture market revenue. This is mostly attributable to the non-RTA furniture’s high quality and longevity, which shortens the time required for assembly and other DIY tasks. Also, the availability of several solutions with a variety of color and style possibilities is promoting the segment’s expansion.
In 2021, the wood segment had the highest segment share. In addition to the simplicity of manufacturing, its high durability is one of the primary reasons for its widespread usage in furniture. Wood is more environmentally friendly than plastic from a construction standpoint because it can be recycled for subsequent projects and has a lower carbon footprint. Throughout the anticipated period, the CAGR for the wood segment is expected to be 3.4%.
Due to changing customer preferences for high-end home décor and luxury furniture as well as an increase in middle-class populations in important nations, the residential category will hold the biggest market share in 2021. Also, more product introductions intended to benefit from the hybrid workplace contributed to an increase in sales of home office furniture sets. Residential is therefore anticipated to experience the greatest CAGR of 3.6% during the anticipated period.
With a market share of USD 301.38 billion in 2021, the furniture market in Asia-Pacific holds the greatest market share. This is brought on by rising per capita disposable income, the expansion of middle-class groups in important economies like China, India, etc., and rising foreign brand investment in these nations. One of the biggest producers, exporters, and users of furniture worldwide is China. The rising urbanization and evolving customer taste toward home décor are the main factors affecting its market share. The second-largest furniture industry in the Asia-Pacific region, the Indian market is anticipated to expand further as a result of government initiatives like the “Made in India” program and the Production Linked Incentive (PLI) program, among others. Due to the growing working population, increased disposable income of middle-income groups, and migration to urban and semi-urban areas, it is also the most preferred location for multinational companies.
The UK, France, Italy, Spain, Germany, and the rest of Europe make up the Europe furniture market, which in 2021 had the second-largest market share. One of the key market-driving elements over the past few years has been the region’s furniture makers’ use of new technology. Due to the increased demand for items in hotels, clubs, and restaurants, the sales of luxury furniture have been growing quickly in European nations. Due to the growing popularity of “furniture as a service,” the German furniture market has the greatest market share in all of Europe. For instance, Pabio, a company offering furniture rental services, plans to take advantage of millennials’ shifting preferences for luxurious home furnishings by expanding to Germany in December 2021.
The furniture market in North America is expected to increase at the fastest rate. The article goes on to explain that even though the percentage share of DIY spending as a component of household expenses has been showing a decreasing trend from 2009 to 2019, the overall home improvement market is anticipated to grow significantly in the upcoming years, which is anticipated to increase the overall spending on DIY activities. The RTA furniture category benefits from the rising investment in DIY projects. The greatest market for furniture in North America is found in the US. The growing real estate industries and the significant penetration of e-commerce retail furniture are two significant drivers boosting the market for furniture in Canada. The region’s high disposable income and rising investments in home furnishings and home décor are anticipated to fuel growth at a CAGR of 3.9% over the projection period.
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