According to the report, the global furniture market is projected to grow at a CAGR of 4.9% between 2024 and 2032 reaching a value of approximate USD 942.38 billion by 2032. Aided by the surging global housing market and the growing propensity for home improvement and interior design, the market is expected to grow significantly by 2032.
Furniture, essential in residential, commercial, and institutional spaces, comprises various movable objects that support human activities such as seating, sleeping, working, and storing items. Beyond mere functionality, furniture also holds aesthetic and design significance, often regarded as a form of decorative art.
The ever-increasing urbanisation and growth of the middle-class population are the key furniture market trends driving the market growth. As urban populations swell and living standards rise, so does the demand for a broad spectrum of furniture products, from basic and affordable to high-end and luxury options.
The digital transformation, already a powerful factor in numerous industries, has become a significant influencer in the world of furniture. E-commerce platforms have made it remarkably easy for consumers to browse, select, and purchase furniture from the comfort of their homes. Moreover, the COVID-19 pandemic’s boost to online shopping trends is likely to have a lasting impact, with e-commerce expected to remain a dominant channel for furniture market demand.
A growing awareness of environmental issues and a burgeoning interest in sustainability are leading to increased demand for eco-friendly furniture. Consumers are now more informed and are seeking products made from sustainably sourced materials, recycled elements, or furniture produced using practices that have a lesser environmental impact.
Today's consumers, particularly millennials and Gen Z, are showing a keen interest in furniture that can be customised. This includes not only the dimensions and functionality of a piece but also its aesthetics, including colour, finish, and design elements.
The revival of traditional craftsmanship and local designs, fuelled by consumers' desire for unique and authentic items, is also expected to shape the industry. As consumers increasingly turn away from mass-produced items, the demand for artisanal and locally-produced furniture may surge, which, in turn, is likely to advance the furniture market growth in the forecast period.
Furniture, essential in residential, commercial, and institutional spaces, comprises various movable objects that support human activities such as seating, sleeping, working, and storing items. Beyond mere functionality, furniture also holds aesthetic and design significance, often regarded as a form of decorative art.
The ever-increasing urbanisation and growth of the middle-class population are the key furniture market trends driving the market growth. As urban populations swell and living standards rise, so does the demand for a broad spectrum of furniture products, from basic and affordable to high-end and luxury options.
The digital transformation, already a powerful factor in numerous industries, has become a significant influencer in the world of furniture. E-commerce platforms have made it remarkably easy for consumers to browse, select, and purchase furniture from the comfort of their homes. Moreover, the COVID-19 pandemic’s boost to online shopping trends is likely to have a lasting impact, with e-commerce expected to remain a dominant channel for furniture market demand.
A growing awareness of environmental issues and a burgeoning interest in sustainability are leading to increased demand for eco-friendly furniture. Consumers are now more informed and are seeking products made from sustainably sourced materials, recycled elements, or furniture produced using practices that have a lesser environmental impact.
Today's consumers, particularly millennials and Gen Z, are showing a keen interest in furniture that can be customised. This includes not only the dimensions and functionality of a piece but also its aesthetics, including colour, finish, and design elements.
The revival of traditional craftsmanship and local designs, fuelled by consumers' desire for unique and authentic items, is also expected to shape the industry. As consumers increasingly turn away from mass-produced items, the demand for artisanal and locally-produced furniture may surge, which, in turn, is likely to advance the furniture market growth in the forecast period.
Market Segmentation
The market can be divided based on type, end-use, distribution channel, and region.Market Breakup by Type
- Metal
- Wood
- Plastic
- Glass
- Others
Market Breakup by End-Use
- Residential
- Commercial
Market Breakup by Distribution Channel
- Offline
- Online
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global furniture market. Some of the major players explored in the report are as follows:- Steelcase Inc.
- Haworth Inc.
- Kinnarps AB
- Poltrona Frau S.p.a.
- VITRA INTERNATIONAL AG
- Knoll®, Inc.
- NOWY STYL Sp. z o.o.
- Design Holding Group
- Nitori Co., Ltd.
- Hooker Furnishings
- Natuzzi S.p.A.
- Ethan Allen Global, Inc.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Industry Opportunities and Challenges11 Value Chain Analysis13 Industry Events and Developments
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Furniture Market Analysis
9 Regional Analysis
10 Market Dynamics
12 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- Steelcase Inc.
- Haworth Inc.
- Kinnarps AB Poltrona Frau S.p.a.
- VITRA INTERNATIONAL AG Knoll® Inc. NOWY STYL Sp. z o.o.
- Design Holding Group Nitori Co. Ltd.
- Hooker Furnishings Natuzzi S.p.A.
- Ethan Allen Global Inc.
Methodology
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