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Global Home Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 130 Pages
  • May 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 4772009
Home furniture refers to the category of products, which occupy the physical ambiance of a house. Home furnishings retailers include national chains and independent stores. The growing need for shifting and settling down has led to an upsurge in the demand for home furniture. Increasing demand for smart furniture is also projected to contribute toward the growth of the global home furniture market significantly. Increasing deterioration in the quality of the furniture has led the customers to purchase home furniture, globally. Low lending rates, along with the penetration of online stores in emerging economies, may surge the global market share. The global market is highly adaptive as per the changing trends and observes increasing competition from new entrants. The number of single- and two-person households has been increasing, resulting in the demand for small and portable furniture. Consumers have also been looking for furniture that is multi-purpose, foldable, and technology-driven, especially when it comes to living in smaller spaces.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the home furniture manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. However, with various economies steadily lifting their respective lockdowns, a steady recovery trend is expected to be seen in the upcoming years with the home furniture industry showcasing a decent jump in revenues.

Key Market Trends

Bedroom Furniture Segment

The rising demand for multifunctional furniture is expected to bolster the growth prospects of the bedroom segment. With an expanding global population, real estate prices have plummeted significantly in most parts of the world, especially in cities and urban areas. This has led to a considerable reduction in house sizes. As rooms are getting smaller, customers are increasingly looking for furniture that is compact and easily movable to allow for efficient use of the available space. To cater to such requirements, the vendor companies have introduced multifunctional furniture with storage facilities. Most modern furniture products, like tables and beds, come with additional storage spaces.

Increasing Disposable Income is Driving the Market

The rising disposable income of the population is believed to positively impact the growth of the home furniture market over the forecast period. Further, changing the lifestyle of the people such as increasing preference for smart furniture is anticipated to intensify the growth of the home furniture market. In addition, increasing disposable income of individuals has led to think regarding the social status, driving the increased spending on products including furniture. Increasing disposable income among the urban population is driving the home furniture industry, wherein consumers are now willing to pay for premium products at a high cost. The Asia Pacific is currently the most profitable region, gaining traction from increasing population coupled with rising disposable income in countries such as China, India, Vietnam, and Thailand.

Competitive Landscape

The report covers major international players operating in the global home furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5.1 By Product
5.1.1 Living Room and Dining Room Furniture
5.1.2 Bedroom Furniture
5.1.3 Kitchen Furniture
5.1.4 Lamps and Lighting Furniture
5.1.5 Plastic and Other Furniture
5.2 By Distribution Channel
5.2.1 Supermarkets and Hypermarkets
5.2.2 Specialty Stores
5.2.3 Online
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.2 South America
5.3.3 Europe
5.3.4 Asia-Pacific
5.3.5 Middle East & Africa
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Ikea
6.2.2 Ashley Furniture Industries, Inc.
6.2.3 Heritage Home Group
6.2.4 La-Z-Boy
6.2.5 Godrej Interio
6.2.6 Stanley Furniture
6.2.7 Ethan Allen
6.2.8 Bernhardt
6.2.9 Flexsteel
6.2.10 Nitori Co Ltd



Companies Mentioned

A selection of companies mentioned in this report includes:

  • Ikea
  • Ashley Furniture Industries, Inc.
  • Heritage Home Group
  • La-Z-Boy
  • Godrej Interio
  • Stanley Furniture
  • Ethan Allen
  • Bernhardt
  • Flexsteel
  • Nitori Co Ltd