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Furniture - Global Strategic Business Report

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    Report

  • 1896 Pages
  • October 2023
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338776

Quick Summary:

As we navigate an ever-evolving global economy, understanding the subtleties of growth sectors such as the global furniture market is essential. The Global Furniture Market research report serves as a comprehensive roadmap, projecting growth to $872.5 Billion by 2030. It not only sheds light on the current market landscape but provides valuable insights into future trends and growth drivers, empowering business leaders with strategic knowledge to maximize opportunities within this robust sector.

Beyond a broad overview, the report offers a granular analysis of key segments including the rapidly growing 'Wood' segment, projected to yield a significant $335.5 Billion by 2030. Furthermore, it underpins factual market data with the exploration of exciting markets such as the U.S., China, and Asia-Pacific region. For those seeking to build a global presence, gain competitive intelligence, or understand market dynamics, purchasing this research report will undoubtedly provide an indispensable tool for decision-making underpinned by robust, timely, and reliable data.

Global Furniture Market to Reach $872.5 Billion by 2030

The global market for Furniture estimated at US$545.9 Billion in the year 2022, is projected to reach a revised size of US$872.5 Billion by 2030, growing at a CAGR of 6% over the analysis period 2022-2030. Wood, one of the segments analyzed in the report, is projected to record 7% CAGR and reach US$335.5 Billion by the end of the analysis period. Growth in the Metal segment is estimated at 6.3% CAGR for the next 8-year period.

The U.S. Market is Estimated at $119.7 Billion, While China is Forecast to Grow at 8.2% CAGR

The Furniture market in the U.S. is estimated at US$119.7 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$159.3 Billion by the year 2030 trailing a CAGR of 8.2% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

Select Competitors (Total 1080 Featured)

  • Ace Hardware Corporation
  • Ac Pacific Corporation
  • A.R.T. Furniture, Inc.
  • AAA State of Play
  • Abbyson Living
  • Adams Manufacturing
  • Agio International Co., Ltd.
  • Alfa Dinettes, Inc.
  • Alfresco Home LLC
  • Allagash Wood Products, Inc.
  • American Chair & Seating Corporation
  • American Holtzkraft, Inc.
  • ACTIU Berbegal y Formas S.A.
  • Ak-47 S.R.L.
  • 13CASA.COM Srl

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • As COVID-19 Pandemic Affects the World, Non-Essential Furniture Sales Take a Hit
  • Trend towards WFM Model Impacts Sales of Office Furniture
  • Companies Make a Shift Towards Remote Working Mandated by COVID-19 Outbreak, Affecting Sales of Office Furniture: WFM Employees as a % of the Total Workforce 2019, 2020 and 2021
  • While Store Sales Decline, Online Furniture Sales Report Growth
  • Furniture Industry Views COVID-19 as an Opportunity for Coming up with Innovative Strategies for Increasing Sales
  • Post Pandemic Strategies for Furniture Manufacturers
  • The Furniture Industry in 2022 and Beyond
  • Furniture - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Furniture: Product Profile
  • Furniture Market by Material
  • Furniture Market by End-Use
  • Global Market Prospects & Outlook
  • Wood Leads the Furniture Market by Material
  • Home Furniture Leads, Corporate Needs to Drive Growth in Office Furniture Market
  • Online Sales Continue to Gain Traction in Furniture Market
  • Developing Economies Poised to Drive Long-term Growth
  • Production Scenario
  • Major Furniture Manufacturing Countries Worldwide: 2020
  • Global Furniture Market: Breakdown of Export Value (in %) by Country for 2020
  • Global Furniture Market: Breakdown of Import Value (in %) by Country for 2020
  • Competition
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Notable Trends Influencing Growth Outlook in the Furniture Market
  • Pandemic-Driven Changes to Propel Furniture Industry’s Growth
  • Technology Trends Influencing Growth of Furniture Industry
  • 3D Modelling & Visualization Adds New Capabilities in Furniture Design
  • Tech-Enabled Smart Furniture Comes to the Fore
  • Growing Popularity of Eco-Friendly Furniture
  • Rising Obesity Levels Drive the Need for Larger Furniture
  • Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
  • Average Per Capita Annual Health Expenditure (In US$) due to Obesity
  • Restaurants Look to Accommodate Obese Customers
  • Plus-Sized Furniture for Addressing Needs of Overweight People
  • Rise in Demand for Multi-Functional Furniture for Homes and Flexible Workspaces
  • Select Types of Multipurpose Furniture for Space Constrained Homes
  • Changing Trends in the Choice of Materials Used in Furniture
  • Increasing Trend Towards Smart Homes Drives Demand for Smart Furniture
  • Smart Home Penetration Rate (%) by Region/Country: 2020
  • Global Smart Home Penetration Rate (%): 2017-2025
  • A Review of Select Smart Furniture Products
  • Challenges Facing Smart Furniture Manufacturers
  • Pre-assembled or Ready-to-assemble (RTA) Furniture Gets Popular
  • Office Furniture Market Facing Challenging Times Amidst the Pandemic
  • Multifunctional and Personalized Office Furniture to Drive Market Gains
  • Eco-Friendly Office Furniture Find Favor
  • Private Sector Drives Growth in Office Furniture Market
  • Infrastructure Transformation in Emerging Economies: Potential for Growth
  • Office Furniture Design Trends in the Post-COVID Era
  • Varied Designs for Different Customers’ Needs
  • Advent of Innovative and Inexpensive Furniture
  • Low Imports in Developed Countries Affect Market Development
  • Online Sales of Office Furniture Gather Pace
  • Global Office Furniture Market by Distribution Channel (in %) for 2020
  • Fierce competition in the Office Furniture Market
  • Home Furniture Market: Stable Growth Ahead
  • Wooden Furniture Continue to Hold Prominence among Customers
  • Plastic Furniture: Lightweight and Low Cost Attributes Propel Sales
  • Plastic Furniture Market Worldwide by Distribution Channel (in %) for 2022E
  • Customers Exhibit Inclination towards Recycled Plastic Furniture
  • Need for High-End Goods to Foster Demand for Luxury Furniture
  • Luxury Furniture Market by Material Type (in %) for 2022E
  • Luxury Furniture Sales Hit Hard by the Pandemic
  • Transforming Luxury Furniture Designs: A Review
  • Folding Furniture Sales Benefit from the Growing Needs of Constrained Spaces
  • Outdoor Furniture Continues Gain Momentum
  • Branded Furniture Finds Favor
  • Competitive Scenario
  • Healthcare Industry Creates Strong Demand for Aesthetic and Ergonomically Designed Furniture Post-Pandemic
  • DTC (Direct To Consumer) Channel Gains Popularity in Furniture Market
  • Benefits of DTC model in Furniture Brand Businesses
  • Marketing DTC Furniture
  • Digital Sales of Furniture Products Gain Traction Worldwide
  • e-Commerce Platforms Boost Sales of Furniture
  • Global e-Commerce Market Growth Outlook (In %) For Years 2019 Through 2025
  • B2B E-Commerce Driving Growth in Furniture Industry During COVID-19 Pandemic
  • Noteworthy E-commerce Trends in Furniture & Furnishings Marketplace
  • Manufacturers and Retailers Focus on Enhancing Personalized Experiences for Customers
  • Product Customization: A Win-Win Approach
  • Ergonomic Furniture Gains Spotlight in Offices and Educational Institutions
  • Augmented Reality Emerges as a Viable Marketing Tool
  • Millennials Emerge as an Important Demographic for Furniture Retailers and Brands
  • Global Millennials Population Spread by Region: 2019
  • Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
  • Marketing Strategies for Millennials
  • Decline in Hospitality Industry Hits Furniture Sales
  • Global Hotels and Hospitality Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
  • Residential and Commercial Construction Trends Influence Furniture Sales
  • Global Construction Reset & Trajectory: Growth Outlook (In %) For Years 2019 Through 2025
  • Macro Drivers and Demographic Trends Influence Market Prospects
  • Expanding Global Population
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Urbanization Trend
  • World Urban Population in Thousands: 1950-2050P
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Burgeoning Middle Class Population
  • Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Challenges Confronting Furniture Manufacturers
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Furniture by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Furniture by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 3: World 16-Year Perspective for Furniture by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
  • TABLE 4: World Recent Past, Current & Future Analysis for Wood by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 5: World Historic Review for Wood by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 6: World 16-Year Perspective for Wood by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 7: World Recent Past, Current & Future Analysis for Metal by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 8: World Historic Review for Metal by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 9: World 16-Year Perspective for Metal by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for Plastic by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 11: World Historic Review for Plastic by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 12: World 16-Year Perspective for Plastic by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 13: World Recent Past, Current & Future Analysis for Glass by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 14: World Historic Review for Glass by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 15: World 16-Year Perspective for Glass by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Other Materials by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 17: World Historic Review for Other Materials by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 18: World 16-Year Perspective for Other Materials by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 19: World Recent Past, Current & Future Analysis for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 20: World Historic Review for Residential by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 21: World 16-Year Perspective for Residential by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 22: World Recent Past, Current & Future Analysis for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 23: World Historic Review for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 24: World 16-Year Perspective for Commercial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 25: World Furniture Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
III. MARKET ANALYSIS
  • UNITED STATES
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • The United States: Major Market for Furniture
  • COVID-19 Crisis Derails Momentum in the US Furniture Market
  • Vendors Take Proactive Measure to Contain Business Losses
  • Home Furniture Market in the US
  • Office Furniture Market Remains Subdued Amidst the Pandemic
  • US Office Furniture Market by Product (in %) for 2022 (E)
  • Real Estate Sector and Residential & Commercial Constructions Influence Furniture Sales
  • Number of Housing Starts in Thousand Units by Type for Single-Family Units and Multi-Family Units (Mar 2020-Feb 2022)
  • US Construction Value (in US$ Million) for Residential and Non-Residential Sectors for Feb-2021 to Feb-2022
  • Online Retailers Make Big Gains During the Pandemic Period
  • Leading Online Furniture Retailers (in %) in the US: 2022E
  • CANADA
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Canada for 2022 (E)
  • JAPAN
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • CHINA
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Market Overview
  • EUROPE
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Market Overview
  • FRANCE
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • GERMANY
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • ITALY
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Italy for 2022 (E)
  • UNITED KINGDOM
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • UK Home Furniture Market: An Overview
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • AUSTRALIA
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
  • Market Overview
  • INDIA
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • Indian Furniture Market: An Overview
  • Future Prospects Remain Promising in Indian Furniture Market
  • Wood Furniture Segment Leads Indian Furniture Market
  • Indian Wooden Furniture Market Breakdown by Type of Wood Panel (in %) for 2022E
  • Indian Home Furniture: An Overview
  • Work from Home Trend in India Alters Furniture Designing
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
  • LATIN AMERICA
  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Ace Hardware Corporation
  • Ac Pacific Corporation
  • A.R.T. Furniture, Inc.
  • AAA State of Play
  • Abbyson Living
  • Adams Manufacturing
  • Agio International Co., Ltd.
  • Alfa Dinettes, Inc.
  • Alfresco Home LLC
  • Allagash Wood Products, Inc.
  • American Chair & Seating Corporation
  • American Holtzkraft, Inc.
  • ACTIU Berbegal y Formas S.A.
  • Ak-47 S.R.L.
  • 13CASA.COM Srl