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Furniture - Global Market Trajectory & Analytics

  • ID: 338776
  • Report
  • April 2022
  • Region: Global
  • 1896 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • ARJO AB
  • Haworth, Inc.
  • HNI Corporation
  • Invacare Corporation
  • La-Z-Boy, Inc.
  • NAUSICAA Medical

Global Furniture Market to Reach US$725.5 Billion by the Year 2027


Amid the COVID-19 crisis, the global market for Furniture estimated at US$500.8 Billion in the year 2020, is projected to reach a revised size of US$725.5 Billion by 2027, growing at a CAGR of 5.4% over the analysis period 2020-2027. Wood, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$272.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Metal segment is readjusted to a revised 5.6% CAGR for the next 7-year period. This segment currently accounts for a 20.6% share of the global Furniture market.



The U.S. Accounts for Over 22.1% of Global Market Size in 2020, While China is Forecast to Grow at a 7.5% CAGR for the Period of 2020-2027


The Furniture market in the U.S. is estimated at US$110.6 Billion in the year 2020. The country currently accounts for a 22.08% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$125.4 Billion in the year 2027 trailing a CAGR of 7.5% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$125.4 Billion by the year 2027.

Plastic Segment Corners a 16.6% Share in 2020


In the global Plastic segment, USA, Canada, Japan, China and Europe will drive the 4.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$58.1 Billion in the year 2020 will reach a projected size of US$78.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$158.3 Billion by the year 2027, while Latin America will expand at a 5.2% CAGR through the analysis period.

Select Competitors (Total 1080 Featured) -

  • ARJO AB
  • Drive DeVilbiss Sidhil Ltd.
  • Ashley Furniture Industries, Inc.
  • Durham Furniture Inc.
  • GF Health Products, Inc.
  • Godrej & Boyce Manufacturing Co., Ltd.
  • Haworth, Inc.
  • Herman Miller, Inc.
  • Hill-Rom Holdings Inc.
  • HNI Corporation
  • Home Depot, Inc.
  • Inter IKEA Group
  • Invacare Corporation
  • Kimball International, Inc.
  • Kohler CO.
  • L. & J.G. STICKLEY, INC.
  • La-Z-Boy, Inc.
  • Masco Corporation
  • Medline Industries, Inc.
  • NAUSICAA Medical
  • Okamura Corporation
  • Ormatek
  • Steelcase Inc.
  • Steris Plc.
  • Stryker Corporation
  • Sunrise Medical LLC
  • Urban Office Interiors

What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the publisher's digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Furniture

What is the estimated value of the Global Market for Furniture?

The Global Market for Furniture was estimated to be valued at $500.8 Billion in 2020.

What is the growth rate of the Global Market for Furniture?

The growth rate of the Global Market for Furniture is 5.4%, with an estimated value of $725.5 Billion by 2027.

What is the forecasted size of the Global Market for Furniture?

The Global Market for Furniture is estimated to be worth $725.5 Billion by 2027.

Who are the key companies in the Global Market for Furniture?

Key companies in the Global Market for Furniture include ARJO AB, Drive DeVilbiss Sidhil Ltd., Ashley Furniture Industries, Inc., Durham Furniture Inc., GF Health Products, Inc., Godrej & Boyce Manufacturing Co., Ltd., Haworth, Inc., Herman Miller, Inc. and Rom Holdings Inc..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ARJO AB
  • Haworth, Inc.
  • HNI Corporation
  • Invacare Corporation
  • La-Z-Boy, Inc.
  • NAUSICAA Medical

I. METHODOLOGY


II. 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?
  • EXHIBIT 1: 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
  • EXHIBIT 2: 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
  • Competition
  • EXHIBIT 3: 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
  • EXHIBIT 4: Major Furniture Manufacturing Countries Worldwide: 2020
  • EXHIBIT 5: Global Furniture Market: Breakdown of Export Value (in %) by Country for 2020
  • EXHIBIT 6: Global Furniture Market: Breakdown of Import Value (in %) by Country for 2020
  • 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
  • EXHIBIT 7: Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
  • EXHIBIT 8: 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
  • EXHIBIT 9: Smart Home Penetration Rate (%) by Region/Country: 2020
  • EXHIBIT 10: 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
  • EXHIBIT 11: 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
  • EXHIBIT 12: 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
  • EXHIBIT 13: 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
  • EXHIBIT 14: 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
  • EXHIBIT 15: Global Millennials Population Spread by Region: 2019
  • EXHIBIT 16: Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
  • Marketing Strategies for Millennials
  • Decline in Hospitality Industry Hits Furniture Sales
  • EXHIBIT 17: Global Hotels and Hospitality Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • EXHIBIT 18: 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
  • EXHIBIT 19: Global Construction Reset & Trajectory: Growth Outlook (In %) For Years 2019 Through 2025
  • Macro Drivers and Demographic Trends Influence Market Prospects
  • Expanding Global Population
  • EXHIBIT 20: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Urbanization Trend
  • EXHIBIT 21: World Urban Population in Thousands: 1950-2050P
  • EXHIBIT 22: 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
  • EXHIBIT 23: Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • EXHIBIT 24: Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Challenges Confronting Furniture Manufacturers

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (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
  • EXHIBIT 25: US Office Furniture Market by Product (in %) for 2022 (E)
  • Real Estate Sector and Residential & Commercial Constructions Influence Furniture Sales
  • EXHIBIT 26: Number of Housing Starts in Thousand Units by Type for Single-Family Units and Multi-Family Units (Mar 2020-Feb 2022)
  • EXHIBIT 27: 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
  • EXHIBIT 28: Leading Online Furniture Retailers (in %) in the US: 2022E
  • Market Analytics

CANADA

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Canada for 2022 (E)
  • Market Analytics

JAPAN

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Analytics

CHINA

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
  • Market Analytics

EUROPE

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview
  • Market Analytics

FRANCE

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
  • Market Analytics

GERMANY

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
  • Market Analytics

ITALY

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Italy for 2022 (E)
  • Market Analytics

UNITED KINGDOM

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
  • UK Home Furniture Market: An Overview
  • Market Analytics

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Market Analytics

AUSTRALIA

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
  • Market Overview
  • Market Analytics

INDIA

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Indian Furniture Market: An Overview
  • Future Prospects Remain Promising in Indian Furniture Market
  • Wood Furniture Segment Leads Indian Furniture Market
  • EXHIBIT 29: 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
  • Market Analytics

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Furniture Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
  • Market Analytics

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA


MIDDLE EAST


IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST


AFRICA

IV. COMPETITION

  • Total Companies Profiled: 1080
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • ARJO AB
  • Drive DeVilbiss Sidhil Ltd.
  • Ashley Furniture Industries, Inc.
  • Durham Furniture Inc.
  • GF Health Products, Inc.
  • Godrej & Boyce Manufacturing Co., Ltd.
  • Haworth, Inc.
  • Herman Miller, Inc.
  • Hill-Rom Holdings Inc.
  • HNI Corporation
  • Home Depot, Inc.
  • Inter IKEA Group
  • Invacare Corporation
  • Kimball International, Inc.
  • Kohler CO.
  • L. & J.G. STICKLEY, INC.
  • La-Z-Boy, Inc.
  • Masco Corporation
  • Medline Industries, Inc.
  • NAUSICAA Medical
  • Okamura Corporation
  • Ormatek
  • Steelcase Inc.
  • Steris Plc.
  • Stryker Corporation
  • Sunrise Medical LLC
  • Urban Office Interiors
Note: Product cover images may vary from those shown