Furniture Market to Reach USD 780.43 Billion by 2030 with a CAGR of 5.36%; Growing Demand for Residential and Luxurious Furniture Items to Foster Growth

The global furniture market size was valued at USD 516.66 billion in 2022. The market is projected to grow from USD 541.52 billion in 2023 to 780.43 billion by 2030, exhibiting a CAGR of 5.36% during the forecast period. Fortune Business Insights™ presents this information in its report titled, “Furniture Market Size, Share & COVID-19 Impact Analysis, By Raw Material (Wood, Metal, Plastic, and Others), Category (Indoor and Outdoor), End-User (Residential, Office, Hotel, and Others), and Regional Forecast, 2023-2030.” During the forecast period, the growing demand for furniture for the purpose of renovation and decoration styles among the global population is initially motivating the demand for such products. Consumer’s mostly inclined towards the most innovative and engineered items, such as stools, sofas, chairs, and various other things to make their living and dining rooms look more aesthetic.

Shutdown of Furniture Shops due to Lockdown to Hinder Market Growth

The outbreak of the COVID-19 lockdown restrictions is resulting in the shutting down of furniture shops globally. Furniture shops are witnessing a decrease in sales due to such conditions. Moreover, to avoid the spread of the coronavirus pandemic, people made limited moves to shops and buy furniture, which led to a decline in the furniture market growth. Additionally, to incline customers to focus towards furniture and shops, online stores uplifted the market growth that skyrocketed the demand for the products during the pandemic.

Loves Furniture Inc. Completed The Acquisition Of US Asset Inc.

Loves Furniture Inc. completed the acquisition of US Asset Inc.’s to magnify the brand presence of Art Van, Levin, and Wolf furniture across 27 stores. The stores are located in the U.S. locations are Michigan, Pennsylvania, Ohio, Illinois, Virginia, and Maryland. Love Furniture was started in 2020 and is located in Michigan.

Rising Launching and Introduction of New Furniture Items to Drive the Market Growth

Unique and innovative home amenities are estimated to interest people to buy them, driving the growth of such products. Company’s effort to offer customized products to their store visitors to effectively offer products per their needs. It is anticipated that it will foster market growth.

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

Nowadays, retailers are linked with supplying home décor and fixture items such as Global Furniture USA, Inter IKEA Systems B.V., and others regularly introduce promotional campaigns to provide coupons and discounts to the customers to mark their sales. This is expected to increase the returns from the retail stores.

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Competitive Landscape:

Innovative Launch Operations by Key Players to Boost Market Growth

Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.

Notable Industry Development:

• December 2021: Kogan.com Limited acquired the management of Brosa, one of Australia’s largest online retailers of luxury furniture. The acquisition is estimated to restart and survives stronger than ever, with the support of the Kogan Group.

LIST OF KEY COMPANIES PROFILED:

• Harman Miller Inc. (U.S.)
• Steelcase Inc. (U.S.)
• HNI Corporation (U.S.)
• Ashley Furniture Industries Inc. (U.S.)
• Duff & Phelps, LLC. (U.S.)
• Global Furniture USA (U.S.)
• ZouYou (China)
• P & C ArteMobili SA (Brazil)
• Saudi Modern Factory Co. (Saudi Arabia)
• DEDON GmbH (Germany)
• Dare Studio (England)

Further Report Findings:

• Asia Pacific region is estimated to grow at the highest CAGR of 6.19% during the forecast period. The largest part in the furniture market share is held by the Asia Pacific region is credited to many wood furniture manufacturers in the countries such as India and China.
• North America is expected to hold a subsequent market share due to the huge consumption of such products amongst the Canadian and U.S. population, resulting in larger product returns from such regions.
• The European region is attributed to the rising consumption of wood-based furnishing items among the population in countries such as Germany and the U.K.

Table of Segmentation: