The global furniture market was valued at $595 in 2021 and is likely to exceed $722 by the end of 2028. The market is likely to grow with a considerable CAGR of 5.6% during the forecast period.
Industry Perspective:
The global furniture market was valued at $595 in 2021 and is likely to exceed $722 by the end of 2028. The market is likely to grow with a considerable CAGR of 5.6% during the forecast period. The report is an in-depth study of leading growth factors, restraints, opportunities, and challenges in the global market.
Furniture Market: Overview
Furniture includes myriad categories, including dining, sitting, sleeping, etc. The furniture form an impressive layout for the interior design and decoration of offices & residential spaces. However, furniture plays a crucial role in commercial spaces. Furniture is available in different designs in a wide range of materials. Fancy houses furnishings upscale the beauty of the living space. However, furniture is used in different spaces, including bedrooms, camping, restaurants, cleaning rooms, offices, parks, laboratories, libraries, spas, stores, and others. Furniture is movable items like cupboards, beds, chairs, tables, shelves, etc.
COVID-19 Impact:
The outbreak of the Covid-19 pandemic resulted in the shutdown of upholstery shops all around the globe. The global furniture market witnessed a steep decline in sales due to the ban on movement. Also, to contain the risk of fast-spreading virus, people restricted themselves to their living premises and stopped shopping for furnishing items. Therefore, the global pandemic has negatively impacted the growth trajectory of the global market.
Furniture Market: Growth Drivers
Transformation in buying behavior of consumers due to the change in living styles will drive market growth.
The increasing development of new residential spaces is thriving the growth of the global furniture market. Additionally, people became very choosy regarding the interiors and furnishing of their living spaces. The ongoing development of smart cities and significant spike in the growth of the construction sector is also projected to create substantial demand for furnishing solutions in the forthcoming years. Fast-growing marketing campaigns with readymade furniture for commercial and residential building accommodations are likely to entice customers. Additionally, better deals and enhanced service are further propelling the market expansion. Increasing government investments to boost the domestic furniture market will also support the growth of the global market. Developments in technology in this space of furnishing and decoration will also escalate the market growth.
Furniture Market: Restraints
High costs and need for supply chain optimization will hamper market growth.
The cost of the final product is quite expensive, which limits the consumers from buying premium and high-end products. Additionally, there are many disruptions in the supply chain logistics which further restrain the growth of the global market.
Furniture Market: Opportunities
Increasing replacement of aging infrastructure is likely to open new avenues in the global market.
There is a growing trend of renovation and replacement of aging infrastructure, which is likely to create several new lucrative growth opportunities in the global market. The growing government initiatives to revamp the public infrastructure will further expand the scope of the global market.
Furniture Market: Challenges
Unavailability of skilled labor to meet the soaring demands is a huge challenge in the global market.
Nowadays, people are demanding premium products that require skilled labor. However, the lack of skilled expertise in this area is a huge challenge in the global market. Also, the unavailability of advanced technology in many developing and underdeveloped regions will also affect the growth of the global market.
Furniture Market: Segmentation
The global furniture market can be segmented into type, distribution channel, and region.
By type, the market can be segmented into commercial, residential, and RTA.
By distribution channel, the market can be segmented into e-commerce, specialist stores, supermarkets & hypermarkets, and others.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Recent Developments
Furniture Market: Regional Landscape
Asia Pacific to swipe the largest share in the global market.
Asia Pacific accounts for the largest share of the global furniture market due to the growing expansion of the real estate and hospitality sector in the region. Furthermore, the growing disposable income of people along with rapid urbanization will further contribute to the regional market growth. However, the fast spurring of commercial spaces, particularly in India, is likely to further expedite the market growth manifolds in the forthcoming years.
North America is expected to be the fastest-growing region in the global market due to the growing demand for multi-functional furniture in the region. Furthermore, the presence of the global market leaders in the region will further encourage the growth of the regional market in the forthcoming years.
Furniture Market: Competitive Landscape
Some of the significant players in the global furniture market include HNI Corporation, Kohler CO., Urban Office Interiors, Godrej & Boyce Manufacturing Co., Ltd., La-Z-Boy, Inc., Home Depot, Inc., Herman Miller, Inc., Okamura Corporation, Steelcase, Inter IKEA Group, and Ashley Furniture Industries.
Global furniture market is segmented as follows:
By Type
By Distribution Channel
By Region
List of Figures
1. Market research process
2. Market research methodology
3. Global furniture market revenue, 2015 – 2024 (USD Billion)
4. Porter’s five forces analysis
5. Furniture market attractiveness analysis, by type segment
6. Furniture market attractiveness analysis, by material segment
7. Furniture market attractiveness analysis, by application segment
8. Furniture market: market attractiveness analysis, by regional segment
9. Company market share analysis, 2017
10. Global furniture market revenue share by type, 2017 and 2024
11. Global furniture market for Chairs, 2015 – 2024 (USD Billion)
12. Global furniture market for Tables, 2015 – 2024 (USD Billion)
13. Global furniture market for Beds, 2015 – 2024 (USD Billion)
14. Global furniture market for Sofas, 2015 – 2024 (USD Billion)
15. Global furniture market for Cupboards, 2015 – 2024 (USD Billion)
16. Global furniture market for Others, 2015 – 2024 (USD Billion)
17. Global furniture market revenue share by material, 2017 and 2024
18. Global furniture market for wood, 2015 – 2024 (USD Billion)
19. Global furniture market for metal, 2015 – 2024 (USD Billion)
20. Global furniture market for plastic, 2015 – 2024 (USD Billion)
21. Global furniture market for others, 2015 – 2024 (USD Billion)
22. Global furniture market revenue share by application, 2017 and 2024
23. Global furniture market for Residential, 2015 – 2024 (USD Billion)
24. Global furniture market for Commercial, 2015 – 2024 (USD Billion)
25. North America furniture market, 2015-2024 (USD Billion)
26. Europe furniture market, 2015-2024 (USD Billion)
27. Asia Pacific furniture market, 2015-2024 (USD Billion)
28. Latin America furniture market, 2015-2024 (USD Billion)
29. Middle East and Africa furniture market, 2015-2024 (USD Billion)
List of Tables
1. Global furniture market: Market snapshot
2. Drivers of global furniture market: Impact analysis
3. Restraints of global furniture market: Impact analysis
4. North America furniture market revenue, by type, 2015 - 2024(USD Billion)
5. North America furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
6. North America furniture market revenue, by Tables, 2015 - 2024(USD Billion)
7. North America furniture market revenue, by Beds, 2015 - 2024(USD Billion)
8. North America furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
9. North America furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
10. North America furniture market revenue, by Others, 2015 - 2024(USD Billion)
11. North America furniture market revenue, by material, 2015 - 2024(USD Billion)
12. North America furniture market revenue, by wood, 2015 - 2024(USD Billion)
13. North America furniture market revenue, by metal, 2015 - 2024(USD Billion)
14. North America furniture market revenue, by plastic, 2015 - 2024(USD Billion)
15. North America furniture market revenue, by others, 2015 - 2024(USD Billion)
16. North America furniture market revenue, by application, 2015 - 2024(USD Billion)
17. North America furniture market revenue, by Residential, 2015 - 2024(USD Billion)
18. North America furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
19. U.S. furniture market revenue, by type, 2015 - 2024(USD Billion)
20. U.S. furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
21. U.S. furniture market revenue, by Tables, 2015 - 2024(USD Billion)
22. U.S. furniture market revenue, by Beds, 2015 - 2024(USD Billion)
23. U.S. furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
24. U.S. furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
25. U.S. furniture market revenue, by Others, 2015 - 2024(USD Billion)
26. U.S. furniture market revenue, by material, 2015 - 2024(USD Billion)
27. U.S. furniture market revenue, by wood, 2015 - 2024(USD Billion)
28. U.S. furniture market revenue, by metal, 2015 - 2024(USD Billion)
29. U.S. furniture market revenue, by plastic, 2015 - 2024(USD Billion)
30. U.S. furniture market revenue, by others, 2015 - 2024(USD Billion)
31. U.S. furniture market revenue, by application, 2015 - 2024(USD Billion)
32. U.S. furniture market revenue, by Residential, 2015 - 2024(USD Billion)
33. U.S. furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
34. Europe furniture market revenue, by type, 2015 - 2024(USD Billion)
35. Europe furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
36. Europe furniture market revenue, by Tables, 2015 - 2024(USD Billion)
37. Europe furniture market revenue, by Beds, 2015 - 2024(USD Billion)
38. Europe furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
39. Europe furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
40. Europe furniture market revenue, by Others, 2015 - 2024(USD Billion)
41. Europe furniture market revenue, by material, 2015 - 2024(USD Billion)
42. Europe furniture market revenue, by wood, 2015 - 2024(USD Billion)
43. Europe furniture market revenue, by metal, 2015 - 2024(USD Billion)
44. Europe furniture market revenue, by plastic, 2015 - 2024(USD Billion)
45. Europe furniture market revenue, by others, 2015 - 2024(USD Billion)
46. Europe furniture market revenue, by application, 2015 - 2024(USD Billion)
47. Europe furniture market revenue, by Residential, 2015 - 2024(USD Billion)
48. Europe furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
49. Germany furniture market revenue, by type, 2015 - 2024(USD Billion)
50. Germany furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
51. Germany furniture market revenue, by Tables, 2015 - 2024(USD Billion)
52. Germany furniture market revenue, by Beds, 2015 - 2024(USD Billion)
53. Germany furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
54. Germany furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
55. Germany furniture market revenue, by Others, 2015 - 2024(USD Billion)
56. Germany furniture market revenue, by material, 2015 - 2024(USD Billion)
57. Germany furniture market revenue, by wood, 2015 - 2024(USD Billion)
58. Germany furniture market revenue, by metal, 2015 - 2024(USD Billion)
59. Germany furniture market revenue, by plastic, 2015 - 2024(USD Billion)
60. Germany furniture market revenue, by others, 2015 - 2024(USD Billion)
61. Germany furniture market revenue, by application, 2015 - 2024(USD Billion)
62. Germany furniture market revenue, by Residential, 2015 - 2024(USD Billion)
63. Germany furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
64. France furniture market revenue, by type, 2015 - 2024(USD Billion)
65. France furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
66. France furniture market revenue, by Tables, 2015 - 2024(USD Billion)
67. France furniture market revenue, by Beds, 2015 - 2024(USD Billion)
68. France furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
69. France furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
70. France furniture market revenue, by Others, 2015 - 2024(USD Billion)
71. France furniture market revenue, by material, 2015 - 2024(USD Billion)
72. France furniture market revenue, by wood, 2015 - 2024(USD Billion)
73. France furniture market revenue, by metal, 2015 - 2024(USD Billion)
74. France furniture market revenue, by plastic, 2015 - 2024(USD Billion)
75. France furniture market revenue, by others, 2015 - 2024(USD Billion)
76. France furniture market revenue, by application, 2015 - 2024(USD Billion)
77. France furniture market revenue, by Residential, 2015 - 2024(USD Billion)
78. France furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
79. UK furniture market revenue, by type, 2015 - 2024(USD Billion)
80. UK furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
81. UK furniture market revenue, by Tables, 2015 - 2024(USD Billion)
82. UK furniture market revenue, by Beds, 2015 - 2024(USD Billion)
83. UK furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
84. UK furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
85. UK furniture market revenue, by Others, 2015 - 2024(USD Billion)
86. UK furniture market revenue, by material, 2015 - 2024(USD Billion)
87. UK furniture market revenue, by wood, 2015 - 2024(USD Billion)
88. UK furniture market revenue, by metal, 2015 - 2024(USD Billion)
89. UK furniture market revenue, by plastic, 2015 - 2024(USD Billion)
90. UK furniture market revenue, by others, 2015 - 2024(USD Billion)
91. UK furniture market revenue, by application, 2015 - 2024(USD Billion)
92. UK furniture market revenue, by Residential, 2015 - 2024(USD Billion)
93. UK furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
94. Asia Pacific furniture market revenue, by type, 2015 - 2024(USD Billion)
95. Asia Pacific furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
96. Asia Pacific furniture market revenue, by Tables, 2015 - 2024(USD Billion)
97. Asia Pacific furniture market revenue, by Beds, 2015 - 2024(USD Billion)
98. Asia Pacific furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
99. Asia Pacific furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
100. Asia Pacific furniture market revenue, by Others, 2015 - 2024(USD Billion)
101. Asia Pacific furniture market revenue, by material, 2015 - 2024(USD Billion)
102. Asia Pacific furniture market revenue, by wood, 2015 - 2024(USD Billion)
103. Asia Pacific furniture market revenue, by metal, 2015 - 2024(USD Billion)
104. Asia Pacific furniture market revenue, by plastic, 2015 - 2024(USD Billion)
105. Asia Pacific furniture market revenue, by others, 2015 - 2024(USD Billion)
106. Asia Pacific furniture market revenue, by application, 2015 - 2024(USD Billion)
107. Asia Pacific furniture market revenue, by Residential, 2015 - 2024(USD Billion)
108. Asia Pacific furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
109. China furniture market revenue, by type, 2015 - 2024(USD Billion)
110. China furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
111. China furniture market revenue, by Tables, 2015 - 2024(USD Billion)
112. China furniture market revenue, by Beds, 2015 - 2024(USD Billion)
113. China furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
114. China furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
115. China furniture market revenue, by Others, 2015 - 2024(USD Billion)
116. China furniture market revenue, by material, 2015 - 2024(USD Billion)
117. China furniture market revenue, by wood, 2015 - 2024(USD Billion)
118. China furniture market revenue, by metal, 2015 - 2024(USD Billion)
119. China furniture market revenue, by plastic, 2015 - 2024(USD Billion)
120. China furniture market revenue, by others, 2015 - 2024(USD Billion)
121. China furniture market revenue, by application, 2015 - 2024(USD Billion)
122. China furniture market revenue, by Residential, 2015 - 2024(USD Billion)
123. China furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
124. Japan furniture market revenue, by type, 2015 - 2024(USD Billion)
125. Japan furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
126. Japan furniture market revenue, by Tables, 2015 - 2024(USD Billion)
127. Japan furniture market revenue, by Beds, 2015 - 2024(USD Billion)
128. Japan furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
129. Japan furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
130. Japan furniture market revenue, by Others, 2015 - 2024(USD Billion)
131. Japan furniture market revenue, by material, 2015 - 2024(USD Billion)
132. Japan furniture market revenue, by wood, 2015 - 2024(USD Billion)
133. Japan furniture market revenue, by metal, 2015 - 2024(USD Billion)
134. Japan furniture market revenue, by plastic, 2015 - 2024(USD Billion)
135. Japan furniture market revenue, by others, 2015 - 2024(USD Billion)
136. Japan furniture market revenue, by application, 2015 - 2024(USD Billion)
137. Japan furniture market revenue, by Residential, 2015 - 2024(USD Billion)
138. Japan furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
139. India furniture market revenue, by type, 2015 - 2024(USD Billion)
140. India furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
141. India furniture market revenue, by Tables, 2015 - 2024(USD Billion)
142. India furniture market revenue, by Beds, 2015 - 2024(USD Billion)
143. India furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
144. India furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
145. India furniture market revenue, by Others, 2015 - 2024(USD Billion)
146. India furniture market revenue, by material, 2015 - 2024(USD Billion)
147. India furniture market revenue, by wood, 2015 - 2024(USD Billion)
148. India furniture market revenue, by metal, 2015 - 2024(USD Billion)
149. India furniture market revenue, by plastic, 2015 - 2024(USD Billion)
150. India furniture market revenue, by others, 2015 - 2024(USD Billion)
151. India furniture market revenue, by application, 2015 - 2024(USD Billion)
152. India furniture market revenue, by Residential, 2015 - 2024(USD Billion)
153. India furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
154. Latin America furniture market revenue, by type, 2015 - 2024(USD Billion)
155. Latin America furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
156. Latin America furniture market revenue, by Tables, 2015 - 2024(USD Billion)
157. Latin America furniture market revenue, by Beds, 2015 - 2024(USD Billion)
158. Latin America furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
159. Latin America furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
160. Latin America furniture market revenue, by Others, 2015 - 2024(USD Billion)
161. Latin America furniture market revenue, by material, 2015 - 2024(USD Billion)
162. Latin America furniture market revenue, by wood, 2015 - 2024(USD Billion)
163. Latin America furniture market revenue, by metal, 2015 - 2024(USD Billion)
164. Latin America furniture market revenue, by plastic, 2015 - 2024(USD Billion)
165. Latin America furniture market revenue, by others, 2015 - 2024(USD Billion)
166. Latin America furniture market revenue, by application, 2015 - 2024(USD Billion)
167. Latin America furniture market revenue, by Residential, 2015 - 2024(USD Billion)
168. Latin America furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
169. Brazil furniture market revenue, by type, 2015 - 2024(USD Billion)
170. Brazil furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
171. Brazil furniture market revenue, by Tables, 2015 - 2024(USD Billion)
172. Brazil furniture market revenue, by Beds, 2015 - 2024(USD Billion)
173. Brazil furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
174. Brazil furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
175. Brazil furniture market revenue, by Others, 2015 - 2024(USD Billion)
176. Brazil furniture market revenue, by material, 2015 - 2024(USD Billion)
177. Brazil furniture market revenue, by wood, 2015 - 2024(USD Billion)
178. Brazil furniture market revenue, by metal, 2015 - 2024(USD Billion)
179. Brazil furniture market revenue, by plastic, 2015 - 2024(USD Billion)
180. Brazil furniture market revenue, by others, 2015 - 2024(USD Billion)
181. Brazil furniture market revenue, by application, 2015 - 2024(USD Billion)
182. Brazil furniture market revenue, by Residential, 2015 - 2024(USD Billion)
183. Brazil furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
184. Middle East and Africa furniture market revenue, by type, 2015 - 2024(USD Billion)
185. Middle East and Africa furniture market revenue, by Chairs, 2015 - 2024(USD Billion)
186. Middle East and Africa furniture market revenue, by Tables, 2015 - 2024(USD Billion)
187. Middle East and Africa furniture market revenue, by Beds, 2015 - 2024(USD Billion)
188. Middle East and Africa furniture market revenue, by Sofas, 2015 - 2024(USD Billion)
189. Middle East and Africa furniture market revenue, by Cupboards, 2015 - 2024(USD Billion)
190. Middle East and Africa furniture market revenue, by Others, 2015 - 2024(USD Billion)
191. Middle East and Africa furniture market revenue, by material, 2015 - 2024(USD Billion)
192. Middle East and Africa furniture market revenue, by wood, 2015 - 2024(USD Billion)
193. Middle East and Africa furniture market revenue, by metal, 2015 - 2024(USD Billion)
194. Middle East and Africa furniture market revenue, by plastic, 2015 - 2024(USD Billion)
195. Middle East and Africa furniture market revenue, by others, 2015 - 2024(USD Billion)
196. Middle East and Africa furniture market revenue, by application, 2015 - 2024(USD Billion)
197. Middle East and Africa furniture market revenue, by Residential, 2015 - 2024(USD Billion)
198. Middle East and Africa furniture market revenue, by Commercial, 2015 - 2024(USD Billion)
Furniture is a decorative and functional object which is used to enhance the overall appearance of home and offices. Furniture adds style and comfort to the home and office space. Furniture supports various human activities such as sleeping, seating, and eating. Furniture is also useful in storage and holding of the object at a suitable height. Over the years, traditional furniture designs have been evolved to a great extent. Depending upon the end-use the furniture is designed in many different ways.
Furniture is widely used for efficient and smart use of space available in office and home. The right choice of furniture enhances beauty of residential and commercial spaces. Additionally, furniture offers a solution for proper storage and management of equipment and accessories. The rapid development in technology of furniture designing and manufacturing is enabling furniture manufacturers to produce a variety of furniture products. Nowadays, furniture is considered as an integral part of the office and home interior. Furniture is also considered as a symbol of status across different regions.
On the basis of product type, the global market for furniture is classified as tables, chairs, beds, sofas, cupboards, and others. Chairs segment accounted for the major market share in terms of revenue in 2017. The growth of the chairs segment is witnessing high demand owing to its increased demand in the residential and commercial applications. Sofas is another important segment which is anticipated to show significant growth over the forecast period. The increasing consumer preference for luxury furniture and a growing number of commercial spaces including restaurants, hotels, hospitals, and offices is projected to enhance the demand for sofas in the years to come. On the basis of material type, the global market for furniture is classified as wood, metal, plastic, and others. The others segment includes glass, leather, and rubber. The wood segment is the fastest growing segment with the largest market share in terms of revenue in 2017. The segment growth is due to certain characteristics associated with wood material such as natural look and high durability. Metal segment is another important segment projected to grow at a significant CAGR during the forecast period, owing to increasing research & development activities associated with metal processing and designing. The range of other material used in furniture manufacturing includes glass, rubber, and leather. Among these, glass segment is projected to exhibit considerable growth over the forecast timeframe. On the basis of application, the global market for furniture is classified as commercial and residential. Residential segment is growing at the fastest CAGR with increasing consumer spending on home furnishing and interior decoration products & services.
By geography, Asia Pacific held the largest market share in terms of revenue in 2017. The growth for the furniture market in the Asia Pacific is mainly due to the increasing disposable income and rising consumer preference for well-furnished homes. The furniture market in the Asia Pacific is projected to grow at a significant CAGR within the forecast period owing to increasing investment in the construction and real estate industry. The market for furniture in Europe is anticipated to show considerable growth over the forecast period. The growth in the region is mainly attributed to the increasing adoption of luxury furniture in both residential and commercial segments. The growth of the market for furniture in North America is due to the increased investments in advanced processes of furniture manufacturing. In Latin America, furniture market is growing at a moderate CAGR. The rapidly evolving tourism industry in the Middle East and Africa is anticipated to boost the growth of the market for furniture in coming years.
The major companies operating in the global furniture market are competing for the significant market share. The companies anticipate changing the consumer preferences & demands and plan the appropriate strategies accordingly in order to achieve customer satisfaction. The companies are focusing on innovative product designs and the use of durable raw materials for maintaining existing market position in the global furniture market. Some of the major companies included in the global furniture market report are Global Upholstery, HNI, Okamura, Ashley Furniture Industries, Steelcase, Herman Miller, Kokuyo, Williams-Sonoma, Godrej & Boyce, IKEA, Creative Wood, Kinnarps, Wipro Furniture, Steelcase, and AFC Systems.
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The increasing development of new residential spaces is thriving the growth of the global furniture market. Additionally, people became very choosy regarding the interiors and furnishing of their living spaces. The ongoing development of smart cities and significant spike in the growth of the construction sector is also projected to create substantial demand for furnishing solutions in the forthcoming years.
The global furniture market was valued at $595 in 2021 and is likely to exceed $722 by the end of 2028. The market is likely to grow with a considerable CAGR of 5.6% during the forecast period.
Some of the significant players in the global furniture market include HNI Corporation, Kohler CO., Urban Office Interiors, Godrej & Boyce Manufacturing Co., Ltd., La-Z-Boy, Inc., Home Depot, Inc., Herman Miller, Inc., Okamura Corporation, Steelcase, Inter IKEA Group, and Ashley Furniture Industries.
Asia Pacific accounts for the largest share of the global furniture market due to the growing expansion of the real estate and hospitality sector in the region. Furthermore, the growing disposable income of people along with rapid urbanization will further contribute to the regional market growth.
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