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The furniture market size is estimated to grow at a CAGR of 4.11% between 2022 and 2027. The market size is forecast to increase by USD 130.4 billion. The growth of the market depends on several factors such as evolving consumer demographics in emerging economies, growth of organized detail, and increase in residential and commercial construction.
This furniture market report extensively covers market segmentation by product (home, office, and others), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and the Middle East and Africa. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the furniture market growth is the increase in residential and commercial construction. There is an increasing investment in the construction of residential and commercial infrastructures in many developed countries such as the US which is positively impacting the market growth. For example, the President of the US 2020 budget announced a sum of USD200 billion for infrastructural development.
Moreover, in developing economies such as India, the possibility of 100% FDI for townships and settlement projects is estimated to fuel the demand for furniture products. Factors such as the increasing focus on infrastructural and real estate development, as well as the construction of new residences, and offices, are expected to drive the market growth during the forecast period.
A key factor shaping the furniture market growth is the increasing number of strategic alliances and partnerships. Several market players such as Herman Miller had actively participated in strategic alliances to increase their market share over the last few years. The main acquisition by Herman Miller was Design Within Reach in 2014.
Moreover, by forming strategic alliances with other players in the market, the market players are increasingly focusing on enhancing operational efficiency to offer a wide range of services including home delivery, coupled with providing end-to-end furniture solutions, to become global lifestyle brands. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
High volatility in raw material prices is one of the key challenges hindering the global furniture market growth. Price volatility of raw materials is a significant challenge that can negatively impact the global furniture market. The cost of some of the raw materials which are used in the manufacturing of furniture including wood, steel, textiles, plastics, and cartons have increased considerably over the years.
Moreover, there is an increase in prices of raw materials such as chipboard, timber, foam, polish chemical materials, color paints, and hardware as well. One of the main reasons for the increase in the price of wood particleboard is due to the volatility in input and transportation costs as well as the continued downsizing of furniture manufacturers' production capacities. Hence, such factors are negatively impacting the profit margin of manufacturers which in turn will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Furniture Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ethan Allen Interiors Inc: The company offers furniture such as classic sofas, timeless dining tables, and customizable bedroom sets.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The home segment is estimated to witness significant growth during the forecast period. The home segment mainly includes furniture for the living room, bedroom, and others. The living room segment comprises sofa sets, lounge chairs, recliners, tables, benches, chairs, ottomans, storages, sectional furniture, and others that are widely used in a living room of a house. Factors such as rising disposable income among consumers and the increasing penetration of e-commerce in emerging economies are fuelling the growth of the living room segment which in turn contributes to the home segment.
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The home segment was the largest segment and was valued at USD 427.75 billion in 2017. Bedroom is another subsegment in the home segment which mainly comprises beds, wardrobes, chests, nightstands, bedside tables, dressing tables, and study tables. This segment contains various sizes and types of bedroom furniture including king-size and queen-size beds and nightstands embedded with many drawers. There is an increase in innovative styles and designs that occupy space efficiently due to the increase in the number of modular homes which is significantly fuelling the demand for the bedroom segment. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors which are significantly contributing to the growth of the global furniture market in the APAC region are the onset of urbanization and rising disposable income in developing countries, mainly due to different government policies and initiatives including the Smart Cities Mission, the Swachh Bharat Mission (SBM), the Sardar Patel National Urban Housing Mission, the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and the Heritage City Development and Augmentation Yojana (HRIDAY) in India. Additionally, China is one of the leading manufacturers and exporters of furniture in the world. There is increasing focus by China on export-driven industrial production and high foreign investments which is positively impacting the market growth. Hence, such factors are expected to drive market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global furniture market witnessed a significant slowdown due to the temporary halt in operations across manufacturing facilities and restrictions on business activities and social gatherings in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of business activities and commercial operations. Such factors are expected to drive the market during the forecast period.
The furniture market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Furniture Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.11% |
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Market growth 2023-2027 |
USD 130.4 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.82 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 48% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ashley Furniture Industries LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., Okamura Corp., Roomstogo.com Inc., Steinhoff International Holdings NV, The Home Depot Inc., Wayfair Inc., and Williams Sonoma Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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