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The global furniture market size was valued at USD 516.66 billion in 2022 and is projected to grow from USD 541.52 billion in 2023 to USD 780.43 billion by 2030, exhibiting a CAGR of 5.36% during the forecast period.
Stylish house furnishings effectively enhance the beauty of the living space. Growing home decoration and renovation trends among the global population are primarily driving the demand for such products. Consumers mainly prefer to buy highly engineered items such as sofas, stools, chairs, and others to make their hall and dining rooms aesthetic. Also, people can flexibly conduct meetings and discussions through the usage of sectional sofas in their offices. Rising demand for chairs and stools of different sculptural shapes, such as a pyramid, curves, and others, among households is likely to provide newer opportunities for the market's growth.
Shutting Down of Upholstery Shops Due to COVID-19 Lockdown Restrictions to Limit Market Growth
The uncertain occurrence of the COVID-19 lockdown restrictions is resulting in the shutting down of upholstery shops worldwide. Hence, upholstery shops are witnessing a decline in sales due to such a restriction. Additionally, to avoid coronavirus infection incidences, people limit themselves to shop furnishing items from these stores. Such factors are posing challenges to the overall industry growth during the pandemic period. For instance, in March 2020, the U.S. Department of Commerce reported a 26.8% drop in U.S. furniture stores’ sales over the previous month.
However, shifting corporate professionals’ trends towards the remote working style primarily fuels the demand for work tables & chairs among households during the pandemic. Additionally, shifting consumer behavior towards shopping for house furnishing items from online stores further skyrockets the need for such products during the pandemic. For instance, in the 12 months ending August 2020, Inter IKEA Systems B.V., a prominent upholstery retailer, reported a 43% jump in its online sales from furnishing items worldwide.
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Rising Need for Sustainably-Made Furniture is a Prominent Trend
Nowadays, due to the excessive use of formaldehyde-based items, people are tend to distress from breathing problems and skin irritation. Hence, to avoid such skin related issues people’s inclination towards formaldehyde-free chairs and sofa sets made from sustainable materials such as rattan, bamboos, recycled textiles, and others. an American e-commerce corporation, in the year 2020, recorded a rise of 171% in its searches of search engine for the keyword as ‘sustainable furniture’ over 2019 in the U.K. such a rise in the searches related to sustainable items will provide comfort to the growth of the market during the forecast period.
Additionally, the increasing implementation of interior designs such as anchoring points, cubicles, and others between corporate infrastructural settings will comfort the need for the innovative style of such settings. Growing interest of people towards activities such as planting and gardening will provide new exposure for patio tables and garden chairs among various consumers. Moreover, rising PC & laptop gaming trends amongst individuals are likely to ease the consumer need for ergonomically designed gaming tables and chairs globally.
Regular Introduction of the Innovative & Luxurious Furniture Items to Drive Market Growth
Consistent implementation of the companies’ luxurious home conveniences will fascinate people to purchase them, hence propelling the need for such luxurious products. For instance, in February 2020, BAXTER, an Italian home fixture items company with its Indian supplier, Sources Unlimited, launched luxurious, innovative and highly crafted fixture products in India.
Moreover, companies are more concerned towards providing customers the restimated products to increase the demand of the product and grow the market by implementing such techniques. This is expected to comfort the product image of the connected companies, thereby subsidiary the house furnishings growth of the market. For instance, in August 2019, Natuzzi S.p.A., an Italian fixture products manufacturer, introduced an increased store as a part of its New York city’s Madison Avenue showroom to deliver a virtual reality shopping experience to showroom visitors. Users can wear Microsoft Corporation’s virtual reality headset HoloLens 2 to virtual setup fixture items of various colors & designs as per their home décor demand.
Recent Introduction of Marketing Campaigns by Industry Retailers to Skyrocket Market Growth
Nowadays, prominent retailers associated with supplying fixtures and home décor items, such as Inter IKEA Systems B.V., Global Furniture USA, and others, regularly introduce promotional campaigns to offer discounts and coupons on various items to their customers. This will surge the product’s revenues from these retail stores. For instance, in October 2020, Inter IKEA Systems B.V. launched its regular black Friday sale campaign ‘buy-back’ across its retail stores in 27 countries to uplift its products’ sales.
Growing Demand for the Second-hand Products to Restrain Market Growth.
Currently, the middle-class population desires to buy used home furnishing items and cost-effective over luxurious products. This is projected to hamper the market growth. Additionally, vast competition from disorganized key players in various countries across the globe is limiting major companies' business growth. Changing raw material prices and varying customs & import duties on the fixture items in many countries globally are projected to position obstacles to the throughout industry growth.
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Wood Segment to Hold a Major Market Share Owing to its Cost Effectiveness over Other Types
The wood segment holds a significant market share due to the cost-effectiveness of such kinds of items over other types. Additionally, the associated companies' regular provision of highly engineered wooden chairs and sofa sets is further likely to ease such products' demand in residential settings. For instance, in August 2020, Ashley HomeStore Corporation introduced wood-based, highly engineered home decor items such as Fair Ridge Accent Cabinet and Ridge Accent tables for Indian households.
The metal segment is expected to grow considerably due to the higher durability and robustness of such products over other types. Moreover, metal-based products are commonly used in commercial gardens and playground settings. Therefore, rising playground and garden infrastructural settings are further driving the demand for such products. For instance, in October 2018, the Government of Australia introduced ‘The Monish Playground and Playspace Strategy 2020’, an action plan to develop garden parks and reserves in Monish, Australia.
The plastic segment is primarily driven by the rising adoption of plastic chairs and tables of different colors & shapes across the global market. Additionally, growing consumer preference towards the usage of chairs made up of recycled plastic material among residential consumers further drives segmental growth. Other segment include items made up of various materials such as glass, leather, bamboo, etc. The others segment is primarily driven by the shifting consumer trends towards the usage of sustainably made home décor items worldwide.
Indoor Segment to Dominate owing to Rising Consumer Demand for Aesthetic Interiors
On the basis of category, the market is segmented into indoor and outdoor. The large demand for the different kinds of kitchen, living room, and hall furniture items among people for their regular indoor seating needs primarily results in larger revenues from the indoor segment. According to the data presented by the Kitchen Cabinet Manufacturers Association, in 2018, U.S. kitchen cabinet sales reached USD 7.3 billion, 2% up from 2017. Moreover, growing home decoration and renovation trends among the global population are further driving segmental growth.
People require a set of chairs and an auditorium stage to conduct a festival event in their balconies and gardens. Therefore, growing festival celebration trends among the global population are driving the outdoor segment’s growth. Moreover, increasing awareness regarding the availability of the water-resistant garden deck & patio bars is further fueling the demand for such products.
Daily Seating Needs Among Households Makes Residential Segment to Hold Major Market Share
According to the end-user, market is categorized into residential, office, hotel, and others. The residential segment holds a major share of the market owing to the large necessities of sofa sets and chairs among residential consumers for their home & backyard seating needs. Additionally, the growing urbanization rate and the rising number of nuclear families in many countries worldwide are further driving segmental growth.
The office segment holds a considerable market share due to the wide availability of computer desks of different sizes and shapes globally, resulting in significant revenues from such a segment. Additionally, the growing popularity of the remote working style among corporate professionals will likely to comfort the need for ergonomically designed office chairs for their remote work setup, fueling further segmental growth.
Premier hotels & restaurants worldwide largely prefer to use high-quality and luxurious home décor items in their hotel facilities to offer a luxurious living experience to their customers. This will fuel the demand for premium-quality furnishing items among such settings, driving the hotel segment's growth. Additionally, the growing number of hotel and restaurant chains worldwide is skyrocketing the product revenues from such a segment. For instance, in April 2019, Marriott International, a prominent hotel group, planned to add its 50 restaurants in India by 2023. This will ease the demand for luxury home décor items among such a hotel group for its restaurants.
Other segment include various end-user areas such as educational institutes, public gardens, theaters, and so on. The others segment is primarily driven by the rising adoption of classroom interior items such as benches, podiums, and others made up of sustainable materials such as wood, bamboo, and others among educational institutes worldwide.
Asia Pacific Furniture Market Size, 2022 (USD Billion)
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Asia Pacific region is projected to grow at the fastest CAGR of 6.19% over the forecast period. The largest market part is held by Asia Pacific region in the furniture market share which is attributed to many wood furniture manufacturers in the countries such as China and India. This will support such products' consumption rate among the population in these countries, thereby driving the region's market growth. According to the data presented by the U.S. Department of Agriculture, as of 2020, there were 4,100 wood house furnishing products manufacturers in Guangdong, China.
Additionally, the growing adoption of premium quality home décor items among the population in the countries such as India and Australia further drives the furniture market growth in the region.
North America holds a considerable share of the market because of the large consumption of such products among the U.S. and Canadian population, resulting in the larger product revenues from such a region. According to the data presented by the U.S. Census Bureau, in January 2021, total sales of furnishing product stores in the U.S. reached USD 10.1 billion, 9.3% up over the previous month.
Additionally, the growing online presence of the prominent e-commerce companies associated with the provision of fixture items, such as Pepperfry.com, Alibaba.com, and others, is further driving the region's product revenues. For instance, in February 2018, Alibaba.com, a Chinese e-commerce giant, invested USD 2.88 billion in furniture retailer EasyHome, a Canadian retailer business, to expand its fixture products business in Canada.
Considerable growth of the European region is attributed to the growing consumption of wood-based furnishing items among the population in countries like the U.K. and Germany. This will provide ease in the product revenues from the European region. According to the statistical data presented by the International Tropical Timber Organization, in 2019, wooden furnishings consumption in Europe reached USD 45.3 billion, 0.6% up from 2018. Moreover, rising kitchen decoration trends among the household population further drive the market growth in the region.
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Products consumption rate in the Middle East & Africa region is primarily driven by the growing import volume of the fixture items among South Africa and Saudi Arabia. This is likely to support the region's market growth. According to the data presented by the Government of South Africa, Department of Trade, Industry, and Competition, South Africa imported nearly USD 0.49 billion value of fixture items in 2019. Additionally, improving the standard of living & income of the population in the countries such as Argentina and Brazil are driving market growth in the South American region.
Business Expansion and Product Innovation Strategies Help Prominent Companies to Sustain Global Competition
Companies mainly focus on regularly introducing different kinds of luxurious fixture items to attract people towards buying such products. This helps companies in the revenue generation from such products. Additionally, they focus on expanding their business in the international markets to cope with the global competition. For instance, in October 2020, Charter Furniture, a Florida, U.S.-based home décor products company, expanded its business by introducing its 260,000 sq. ft. newer plant in California, U.S.
An Infographic Representation of Furniture Market
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The market research report provides a detailed analysis of the market and focuses on key aspects such as competitive landscape, material, category, and end-user areas. Besides this, it offers insights into the various market trends and highlights key industry developments. In addition to these mentioned factors, it encompasses several other factors that have contributed to the growth of the market in recent years.
CAGR of 5.36% from 2023 to 2030
Value (USD Billion)
By Raw Material
Fortune Business Insights says that the worldwide market size was USD 516.66 billion in 2022 and is anticipated to reach USD 780.43 billion by 2030.
In 2022, the Asia Pacific market value stood at USD 247.49 billion.
Ascending at a CAGR of 5.36%, the global market will exhibit steady growth over the forecast period (2023-2030).
Based on raw materials, a wood segment is set to lead the market.
Regular introduction of luxurious and innovative items by the associated companies is crucial for the markets growth.
Herman Millar Inc., Steelcase Inc., and Ashley Furniture Industries Inc. are global market players.
Asia Pacific dominated the market in terms of share in 2022.
Growing demand for sustainably made items is likely to drive the adoption of these products.
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