Furniture Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Apr 2021
  • Pages: 120
  • SKU: IRTNTR44836
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The furniture market has the potential to grow by USD 134.70 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 4.10%.

This furniture market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (home, office, and others) and geography (APAC, Europe, North America, South America, and MEA). The furniture market report also offers information on several market vendors, including Ashley Furniture Industries Inc., Berco Designs, Godrej & Boyce Manufacturing Co. Ltd., Herman Miller Inc., HNI Corp., Inter IKEA Holding BV, Kimball International Inc., Okamura Corp., Steelcase Inc., and Williams-Sonoma Inc. among others.

What will the Furniture Market Size be in 2021?

Furniture-Market-Market-Size-2020-2025

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Furniture Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing residential and commercial construction is notably driving the furniture market growth, although factors such as high exposure to global economic factors may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the furniture industry get your FREE report sample now.

  • The growth of the real estate sector and increasing residential and commercial construction are some of the factors driving the furniture market growth.
  • Significant investments for infrastructural development in developed economies and favorable government initiatives and urbanization in emerging economies are expected to increase the demand for furniture across the world.
  • The increasing construction of residences, offices, and commercial complexes is one of the significant factors influencing the growth of the furniture market size.
  • Several vendors in the global furniture market are entering into strategic alliances and partnerships to enhance their operational efficiency.
  • Such strategic alliances and acquisitions will also allow vendors to offer end-to-end furniture solutions, expand their range of services, and transform themselves into global lifestyle brands.
  • The increasing number of strategic alliances and partnerships has been identified as one of the critical furniture market trend, which will fuel the market growth.

This furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Furniture Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Ashley Furniture Industries Inc.
  • Berco Designs
  • Godrej & Boyce Manufacturing Co. Ltd.
  • Herman Miller Inc.
  • HNI Corp.
  • Inter IKEA Holding BV
  • Kimball International Inc.
  • Okamura Corp.
  • Steelcase Inc.
  • Williams-Sonoma Inc.

 

The furniture market is fragmented and the vendors are deploying growth strategies such as  product innovation to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the furniture market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Furniture Market?

Furniture-Market-Market-Share-by-Region-2020-2025

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48% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for furniture in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The onset of urbanization and the increasing disposable income in emerging economies will facilitate the furniture market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Product Segments in the Furniture Market?

Furniture-Market-Market-Share-by-Product-2020-2025

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Urbanization in emerging economies and the growth of the real estate sector in developed economies are some of the factors boosting the demand for home furniture. The increasing government initiatives for urban housing development and the rising demand for multifunctional furniture will also contribute to furniture market growth in the home segment.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the furniture market size.

 

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What are the Key Factors Covered in this Furniture Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive furniture market growth during the next five years
  • Precise estimation of the furniture market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the furniture industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of furniture market vendors

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Furniture Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4%

Market growth 2021-2025

$ 134.70 billion

Market structure

Fragmented

YoY growth (%)

3.90

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 48%

Key consumer countries

China, US, Germany, Japan, and India

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Ashley Furniture Industries Inc., Berco Designs, Godrej & Boyce Manufacturing Co. Ltd., Herman Miller Inc., HNI Corp., Inter IKEA Holding BV, Kimball International Inc., Okamura Corp., Steelcase Inc., and Williams-Sonoma Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

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.

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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.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The furniture market growth will increase by $113.61 billion during 2019-2024.
The furniture market is expected to grow at a CAGR of 3.66% during 2019-2024.
Technavio has segmented the furniture market by product (Home, Office, and Others) and geographic (APAC, Europe, North America, South America, and MEA).
Ashley Furniture Industries Inc., Berco Designs, Godrej Consumer Products Ltd., Herman Miller Inc., HNI Corp., Inter IKEA Holding BV, Kimball International Inc., Okamura Corp., Steelcase Inc., Williams-Sonoma Inc. are a few of the key vendors in the furniture market.
APAC will register the highest growth rate of 46.99% among the other regions. Therefore, the furniture market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • Germany
  • Japan
  • India
The key factors driving the furniture market growth are:
  • Evolving consumer demographics in emerging economies
  • Increasing number of strategic alliances and partnerships
The furniture market vendors should focus on grabbing business opportunities from the home segment as it accounted for the largest market share in the base year.
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