Summary
Major companies in the furniture market include Ashley Furniture Industries Inc., Tempur Sealy International, Inc., Hunter Douglas N.V., Leggett & Platt Incorporated, Steelcase Inc., Haworth Inc., Herman Miller Inc., Masco Corporation, Man Wah holdings and Sleep Number company.
The global furniture market grew from $691 billion in 2022 to $739.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The furniture market is expected to grow to $935.9 billion in 2027 at a CAGR of 6.1%.
The furniture market consists of sales of commercial furniture, domestic furniture, wood, and plastic.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Furniture refers to a collective term for the goods made up of wood, plastic, and rubber that are used in a room for sitting, lying down, or storing items, such as tables, seats, beds, desks, dressers, and cupboards. Unlike less expensive woods like plywood, particleboard, and fiberboard, hardwood tabletops, desktops, and shelves won’t slump over time.
Asia-Pacific was the largest region in the furniture market in 2022.Western Europe was the second largest region in the furniture market.
The regions covered in the furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The main types of furniture are institutional and office furniture, household furniture, and kitchen cabinet, mattresses, blinds and shades.Household furniture refers to all mobile, compactable goods or machinery used to furnish a home, such as chairs, tables, sofas, mattresses, and so on.
The different types of materials include metal, wood, others and is distributed through various channels such as exclusive showrooms, online, hypermarkets, others.
Increasing demand for online shopping is expected to help the furniture manufacturing market grow.Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the furniture manufacturing market.
In countries such as India, for instance, e-commerce portals have boosted the sales of furniture manufacturers by giving larger exposure to producers who were confined to one geography.
The outbreak of Corona virus disease (COVID-19) has acted as a massive restraint on the furniture manufacturing market in 2022 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2021 and into 2021. However, it is expected that the furniture manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
Furniture manufacturers are investing in augmented reality technologies to help sales representatives present their products and customers in decision-making.Augmented reality mobile applications allow customers to place a virtual 3D model of furniture in a real room in real-time.
This also helps customers view the furniture from all angles and positions. For instance, IKEA’s augmented reality application Place allows customers to preview over 2,000 pieces of furniture at home before purchasing them.
The countries covered in the furniture market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The furniture market research report is one of a series of new reports that provides furniture market statistics, including furniture industry global market size, regional shares, competitors with a furniture market share, detailed furniture market segments, market trends and opportunities, and any further data you may need to thrive in the furniture industry. This furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
