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Furniture Market Size, Share & COVID-19 Impact Analysis, By Material (Wood, Metal, Plastic, and Others), Category (Indoor and Outdoor), End-User (Residential, Office, Hotel, and Others), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI106357

 

KEY MARKET INSIGHTS

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The global furniture market size was USD 475.4 billion in 2020. The market is projected to grow from USD 493.6 billion in 2021 to USD 720.2 billion by 2028 at a CAGR of 5.5% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of -10.00% in 2020. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


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 by 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 the 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 period. Additionally, shifting consumer behavior towards shopping house furnishing items from online stores further skyrockets the need for such products during the pandemic. For instance, in 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.


LATEST TRENDS


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Growing Demand for Sustainably-Made Furniture is a Prominent Trend


Nowadays, people mainly suffer from skin irritation and breathing problems due to formaldehyde-based items. Therefore, to avoid such situations, consumers are shifting towards using formaldehyde-free sofa sets and chairs made up of sustainable materials such as recycled textiles, bamboos, rattan, and others. For instance, in 2020, eBay Inc., an American e-commerce corporation, reported a surge of 171% in its search engine’s searches for the keyword ‘sustainable furniture’ over 2019 in the U.K. such a surge in the searches related to sustainable items will ease the market growth in future.


Additionally, the rising adoption of interior designs such as cubicles, anchoring points, and others among corporate infrastructural settings is likely to ease the demand for the newer style of office furnishing items in such settings. Increasing consumer leisure activities such as gardening and planting will provide newer opportunities for garden chairs & patio tables among such consumers. Moreover, growing PC & laptop gaming trends among people are likely to ease the consumer demand for ergonomically designed chairs and gaming tables worldwide.


DRIVING FACTORS


Regular Introduction of the Innovative & Luxurious Furniture Items to Drive Market Growth


Regular introduction of the companies' luxurious home amenities is likely to attract people to buy them, thereby driving the demand for such products. For instance, in February 2020, BAXTER, an Italian home fixture products company with its Indian supplier, Sources Unlimited, launched innovative, luxurious, and highly crafted fixture items in India.


Nowadays, companies focus on providing a customized product buying experience to their store visitors to effectively offer products based on their home design needs. This is likely to ease the brand image of the associated companies thereby, supporting the house furnishings market growth. For instance, in August 2019, Natuzzi S.p.A., an Italian fixture products manufacturer, launched an augmented store as a part of its New York city’s Madison Avenue showroom to offer a virtual reality shopping experience to the showroom visitors. Users can wear Microsoft Corporation’s virtual reality headset HoloLens 2 to virtual setup fixture products of different colors & designs as per their home décor needs.


Recent Introduction of Marketing Campaigns by Industry Retailers to Skyrocket Market Growth


Nowadays, prominent retailers associated with supplying fixture 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 furniture products’ sales.


RESTRAINING FACTORS


Rising Demand for the Second-hand Furniture Items to Restrain Market Growth.


Nowadays, the middle-income group of the population mainly prefers to buy cost-effective, second-hand home furnishing items over luxurious items. This is expected to limit the growth of the market. Additionally, huge competition from the unorganized industry players in many countries across the globe is restraining the prominent companies' business growth. Fluctuating raw material prices and changing import & customs duties on fixture items in many countries worldwide is anticipated to pose challenges to the overall industry growth.


SEGMENTATION


By Material Analysis


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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 the segmental growth. Other segments include furniture 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.


By Category Analysis


Indoor Segment to Dominate owing to Rising Consumer Demand for Aesthetic Interiors


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 the 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 essentially 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.


By End-User Analysis


Daily Seating Needs Among Households Makes Residential Segment to Hold Major Market Share


The residential segment holds a major share of the market owing to the large necessity 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 the 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 is likely to ease the demand 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 in such settings, thereby 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 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 segments 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.


REGIONAL INSIGHTS


Asia Pacific Furniture Market Size, 2020 (USD Billion)

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Asia Pacific market was valued at USD 223.87 billion in 2020. The largest share of the Asia Pacific region 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 Canada population, resulting in larger product revenues from such a region. According to the data presented by the U.S. Census Bureau, in January 2021, total sales of the 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 in 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 the market growth in the South American region.


KEY INDUSTRY PLAYERS


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.  


LIST OF KEY COMPANIES PROFILED:



  • Harman Miller Inc. (Michigan, U.S.)

  • Steelcase Inc. (Michigan, U.S.)

  • HNI Corporation (Lowa, U.S.)

  • Ashley Furniture Industries Inc. (Wisconsin, U.S.)

  • Duff & Phelps, LLC. (New York, U.S.)

  • Global Furniture USA (New Jersey, U.S.)

  • ZouYou (Shenzhen, China)

  • P & C ArteMobili SA (Nova Prata, Brazil)

  • Saudi Modern Factory Co. (Riyadh, Saudi Arabia)

  • DEDON GmbH (Luneburg, Germany)

  • Dare Studio (Worthing, England)


KEY INDUSTRY DEVELOPMENTS:



  • May 2020 – Theodore Alexander USA, Inc., a console table and chair products manufacturer, partnered with Ralph Lauren Corporation, U.S. based fashion products company, to expand its business through the partner’s fashion stores in the U.S.

  • September 2019 – Ashley HomeStore Corporation, an American upholstery products company, expanded its business by launching its new manufacturing plant in Davie County, California, U.S. Such a plant can produce more than 500 stock-keeping units (SKU’s), including bedrooms and home furnishings.


REPORT COVERAGE


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 furniture industry 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.


Report Scope & Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



 



By Material



  • Wood

  • Metal

  • Plastic

  • Others



 



By Category



  • Indoor

  • Outdoor



 



By End-User



  • Residential

  • Office

  • Hotel

  • Others



Segmentation




  • North America (By Material, Category, End-User, and by Country)

    • U.S. (By Material)

    • Canada (By Material)

    • Mexico (By Material)



  • Europe (By Material, Category, End-User, and by Country)

    • Germany (By Material)

    • France (By Material)

    • Italy (By Material)

    • Spain (By Material)

    • U.K. (By Material)

    • Rest of Europe (By Material)



  • Asia Pacific (By Material, Category, End-User, and by Country)

    • China (By Material)

    • India (By Material)

    • Japan (By Material)

    • Australia (By Material)

    • Rest of Asia Pacific (By Material)



  • South America (By Material, Category, End-User, and by Country)

    • Brazil (By Material)

    • Argentina (By Material)

    • Rest of South America (By Material)



  • Middle East and Africa (By Material, Category, End-User, and by Country)

    • South Africa (By Material)

    • UAE (By Material)

    • Saudi Arabia (By Material)

    • Rest of the Middle East and Africa (By Material)





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 475.4 billion in 2020 and is projected to reach USD 720.2 billion by 2028.

In 2020, the Asia Pacific market value stood at USD 223.87 billion.

Registering a CAGR of 5.5%, the market will exhibit steady growth during the forecast period (2021-2028).

Based on material, a wood segment is set to lead the market.

Regular introduction of luxurious and innovative items by the associated companies is crucial for the market's 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 2020.

Growing demand for sustainably made items is likely to drive the adoption of these products.

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