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Furniture - Global Market Trajectory & Analytics

  • ID: 338776
  • Report
  • April 2021
  • Region: Global
  • 2131 Pages
  • Global Industry Analysts, Inc
Global Furniture Market to Reach $650.7 Billion by 2027

Amid the COVID-19 crisis, the global market for Furniture estimated at US$509.8 Billion in the year 2020, is projected to reach a revised size of US$650.7 Billion by 2027, growing at a CAGR of 3.5% over the analysis period 2020-2027. Metal, one of the segments analyzed in the report, is projected to record a 4% CAGR and reach US$139.9 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 Wood segment is readjusted to a revised 4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $137.6 Billion, While China is Forecast to Grow at 6.5% CAGR

The Furniture market in the U.S. is estimated at US$137.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$136.2 Billion by the year 2027 trailing a CAGR of 6.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1% and 2.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR.

Plastic Segment to Record 3.2% CAGR

In the global Plastic segment, USA, Canada, Japan, China and Europe will drive the 2.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$61.2 Billion in the year 2020 will reach a projected size of US$74.2 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$91.4 Billion by the year 2027, while Latin America will expand at a 3.9% CAGR through the analysis period.

Select Competitors (Total 1891 Featured):
  • AFC System
  • Ashley Furniture Industries, Inc.
  • Berco Designs
  • Godrej & Boyce Manufacturing Company Limited
  • Herman Miller, Inc.
  • HNI Corporation
  • Inter IKEA Systems B.V.
  • Kimball International, Inc.
  • Kokuyo Co., Ltd.
  • Okamura Corporation
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • Office Furniture Takes a Hit as Increasing Number of Offices Embrace WFH Model
  • Exhibit 1: Frequency of Work from Home in 2020
  • Outdoor Furniture Reports Growth
  • Luxury Furniture Remains Hard-Hit
  • Surviving Skills Amid a Pandemic
  • Furniture: Market Overview
  • Market Outlook
  • Market Challenges
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Current Reigning Trends
  • Growing Popularity of Eco-Friendly Furniture
  • Product Customisation: A Win-Win Approach
  • Furniture Material Trends
  • Trends in the Retail and Distribution Space
  • Rise in Demand for Multi-Functional Furniture
  • Flexible Workspaces Drive the Demand for Multifunctional Furniture
  • Rising Obesity Levels Drive the Need for Larger Furniture
  • Exhibit 2: Global Obesity Epidemic: Percentage of Overweight, Obese, and Severely Obese Adults for 2014 & 2025
  • e-Commerce Boosts Sales
  • Exhibit 14: Global e-Commerce Sales as Percentage of Total Retail Sales (2015-2021E)
  • Increasing Trend Towards Smart Homes Drives Demand for Smart Furniture
  • Exhibit 3: Global Smart Homes Market by Category in US$ Billion for the Years 2020 and 2022
  • DTC (Direct To Consumer) Channel Gains Popularity
  • Pre-assembled or Ready-to-assemble (RTA) Furniture Gets Popular
  • Digital Sales Gain Traction
  • Manufacturers and Retailers Focus on Enhancing Personalized Experiences for Customers
  • Augmented Reality Emerges as a Viable Marketing Tool
  • Rise in Residential and Commercial Construction Drives Growth
  • Millennials Emerge as an Important Demographic
  • Ergonomic Furniture Gains Spotlight in Offices and Educational Institutions
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • AUSTRALIA
  • INDIA
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • 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: 1891
Note: Product cover images may vary from those shown
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