According to the latest report published by Acute Market Reports “Global Furniture Market - Growth, Future Prospects and Competitive Analysis, 2021 - 2029,” the global furniture market was valued at US$ 604.1 Bn in 2020, expected to grow at a CAGR of 4.6% from 2021 to 2029.
Browse the full report Global Furniture Market - Growth, Future Prospects and Competitive Analysis, 2021 - 2029 report at https://www.acutemarketreports.com/report/furniture-market
Market Insights
The growth of the furniture industry is majorly attributed to the growing base of millenials and due to this factor, the manufacturers are fairly optimistic about the steady increase in the sale of furniture in the coming years. Moderate growth of the residential sector is expected to have a positive impact on the growth of the furniture industry.
Growing number of housing projects, especially in the developing regions such as Asia Pacific, and Latin America is a major factor augementing growth of the furniture industry. China is a prime country for such housing projects. For instance, in October 2021, Century Bridge Capital invested in a joint venture with Zhonglaing Real Estate Group to commence real estate development for the middle-income residential project located in Huai’an, which is a Tier 3 city situated in the northern province of Jiangsu, China. Such developments are expected to boost demand for furniture. Further, growing demand for furniture rentals is another key factor driving market growth as well. However, purchase of pre-owned furniture is a major restraining factor to the global furniture market.
Based on product type, tables are gaining rapid demand among consumers. Frequent product innovations and rising demand for space saving tables are some of the factors boosting the growth of this segment. Based on material, wood is expected to continue dominating the furniture market throughout the forecast period, due to high consumer inclination for wooden furniture. Based on end-use the residential sector accounted for the dominant share in 2020, the growth of which is majorly attributed to the growing real estate industry. Based on distribution channel, the online channel segment is expected to display the fastest growth during the forecast period due to rapid consumer inclination towards online purchases.
North America led the global furniture market in 2020, followed by Europe. U.S. is a major country for the growth of the furniture market in North America. Growing demand for home offices has increased the demand for filing cabinets, computer desks, and office chairs among others, which in turn is augmenting demand for furniture in the U.S. Further, demand for luxury furniture in the U.S. has increased over the past few years, as consumers have shown willingness to buy luxury furniture for their home.
Europe is expected to show moderate growth for furniture in the coming years, while Asia Pacific is expected to display rapid growth during the forecast period from 2021 to 2029. China, India, and Japan are the frontrunners to the growth of this industry. Rapid urbanization with higher discretionary incomes of the consumers has led them to browse various types of furniture for their homes, irrespective of prices, which is a key factor boosting market growth. Owing to the lucrative nature of this industry in Asia Pacific, several manufacturers have invested in expanding in this region. For instance, in 2021, IKEA marked its presence by opening up its maiden store in India.
The global market for furniture is marked by intense competition from the major manufacturers operating in this industry. Frequent product innovations, mergers & acquisitions, joint venture & partnerships and expansions are some of the key strategies adopted by these manufacturers to ensure long term sustenance in this market. Key players operating in the global furniture market include IKEA, Williams-Sonoma Inc., Durham Furniture Inc., Ashley Furniture Industries, Steelcase, Kinnarps, AFC Systems, Creative Wood, Wipro Furniture, and Godrej Industries among others.
