Furniture Market by Product and Geography - Forecast and Analysis 2021-2025
- Published: Apr 2021
- Pages: 136
- SKU: IRTNTR44836
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The market share is expected to increase by USD 134.7 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.1%.
This 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 segmentations by product (home, office and others) and geography (APAC, Europe, North America, South America and MEA). The 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 During the Forecast Period?
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Furniture Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The evolving consumer demographics in emerging economies is notably driving the market growth, although factors such as may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Furniture Market Driver
Evolving consumer demographics in emerging economies is one of the major factors driving the global furniture market share growth. Rapid urbanization has resulted in a consistent increase in wages and income levels across the world, especially in countries such as China and India. For instance, according to The World Bank Group, in China, the gross national income (GNI) per capita increased from $2,510 in 2007 to $10,390 in 2019. As a part of this evolution, the number of middle-class and affluent households is on the rise. Such households are one of the key consumer segments in the global furniture market. Rising purchasing power in such emerging economies enables their population to spend on consumer goods, as well as furniture and furnishing products. The focus of the governments of countries such as India to develop skyscrapers and affordable housing is estimated to drive the growth of the global furniture market during the forecast period. The growth of double-income households in emerging economies, is also a key factor for the evolution of consumer demographics. Hence, the evolution of consumer demographics in emerging economies is a key factor that will drive the growth of the global furniture market during the forecast period.
Key Furniture Market Trend
The increasing number of strategic alliances and partnerships between vendors across the world is another factor supporting the global furniture market share growth. For instance, key vendors such as Herman Miller had actively engaged in M&A in the last decade. The company had acquired several other companies since the late 2000s. The vendors are focusing on improving operational efficiency to provide an extensive range of services such as home delivery, along with the offering of end-to-end furniture solutions, to become global lifestyle brands. As such, the global furniture market is expected to witness more strategic alliances in 2019 and during the forecast period. In September 2018, Steelcase acquired Orangebox Group Limited, a UK-based manufacturer of furniture for workplaces. Due to such reasons, Technavio expects the market to grow significantly during the forecast period.
Key Furniture Market Challenge
The high exposure to global economic factors will be a major challenge for the global furniture market share growth during the forecast period. This includes economic factors such as consumer spending capacity, global income levels, and white-collar employment rates. It also includes business confidence levels, investments, trade volumes, corporate spending, residential and commercial construction, and the globalization of businesses and companies. A downturn in global economic growth or in some key regions such as APAC, North America, or Europe will have an adverse effect on the global furniture market. When an economy is depressed and employment rates as well as disposable incomes are low, the purchases of furniture and furnishing products tend to decline. This leads to a decline in the demand for furniture from the retail or commercial segments. In an economy that is slowing down, commercial and residential construction also diminish. Hence, the demand for new residential and office furniture will be limited, which would also affect the sales of the products offered by the vendors. In addition, this market is highly dependent on international diplomacy and trade relations. This is estimated to be a major hindrance to the global furniture market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global furniture market as part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
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.
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as focusing on collaborations and engaging in mergers and acquisitions to compete in the market.
Product Insights and News
- Steelcase Inc.- The company offers a re-designed height-adjustable desk experience, which reminds users to move throughout the day and find their progress with the new Ology desk through the Active Touch desk and Steelcase Rise app.
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.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Furniture Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global home furnishings market includes the following core components:
- Inbound logistics
- Outbound logistics
- Marketing and sales
- Support activities
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for Furniture Market?
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48% of the market’s growth will originate from APAC during the forecast period. China, US, Japan, and India are the key markets for market in APAC. Market growth in this region will be faster than the growth of the market in all other regions.
The onset of urbanization and increasing disposable income in emerging economies, will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The market in APAC witnessed a decline in 2020, owing to the outbreak of COVID-19. Countries such as China, Japan, South Korea, and India were highly affected by the COVID-19 pandemic. The governments of most countries in APAC introduced emergency legislation, which included restrictions on business activities and social gatherings, during the first half of 2020. While a few essential industries such as food and beverage and pharmaceuticals continued to operate at their usual utilization rates, most industrial activities such as furniture manufacturing witnessed a decline in output. This, in turn, hindered the demand for furniture in the region in 2020. However, the market is expected to witness a rise in the sales of furniture via e-commerce channels during the forecast period. Hence, the market is expected to recover from the beginning of 2021, with the gradual lifting of these restrictions and the economic recovery.
What are the Revenue-generating Products Segments in the Furniture Market?
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The market share growth by the home segment will be significant during the forecast period. This market share growth is driven by the onset of urbanization in emerging economies such as China and India. As people are shifting to urban areas in these economies, they are more likely to purchase furniture and furnishings for their homes, thus driving new product sales in the market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.
Growth momentum & CAGR
Accelerate at a CAGR of 4.1%
Market growth 2021-2025
$ 134.7 billion
YoY growth (%)
Performing market contribution
APAC at 48%
Key consumer countries
China, US, Germany, Japan, and India
Leading companies, Competitive strategies, Consumer engagement scope
Key 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.
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, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive market growth during the next five years
- Precise estimation of the market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the industry across
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of market vendors
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1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value chain analysis: Home furnishings market
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.3 Market size 2020
- 3.4 Consumer discretionary industry
- 3.5 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Product
- 5.1 Market segments
- Exhibit 15: Product - Market share 2020-2025 (%)
- 5.2 Comparison by Product
- Exhibit 16: Comparison by Product
- 5.3 Home - Market size and forecast 2020-2025
- Exhibit 17: Home - Market size and forecast 2020-2025 ($ billion)
- Exhibit 18: Home - Year-over-year growth 2020-2025 (%)
- 5.4 Office - Market size and forecast 2020-2025
- Exhibit 19: Office - Market size and forecast 2020-2025 ($ billion)
- Exhibit 20: Office - Year-over-year growth 2020-2025 (%)
- 5.5 Others - Market size and forecast 2020-2025
- Exhibit 21: Others - Market size and forecast 2020-2025 ($ billion)
- Exhibit 22: Others - Year-over-year growth 2020-2025 (%)
- 5.6 Market opportunity by Product
- Exhibit 23: Market opportunity by Product
6 Customer landscape
- 6.1 Overview
- Exhibit 24: Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 25: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 26: Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- APAC - Market size and forecast 2020-2025 ($ billion)
- Exhibit 27: APAC - Year-over-year growth 2020-2025 (%)
- 7.4 Europe - Market size and forecast 2020-2025
- Exhibit 28: Europe - Market size and forecast 2020-2025 ($ billion)
- Exhibit 29: Europe - Year-over-year growth 2020-2025 (%)
- 7.5 North America - Market size and forecast 2020-2025
- Exhibit 30: North America - Market size and forecast 2020-2025 ($ billion)
- Exhibit 31: North America - Year-over-year growth 2020-2025 (%)
- 7.6 South America - Market size and forecast 2020-2025
- Exhibit 32: South America - Market size and forecast 2020-2025 ($ billion)
- Exhibit 33: South America - Year-over-year growth 2020-2025 (%)
- 7.7 MEA - Market size and forecast 2020-2025
- Exhibit 34: MEA - Market size and forecast 2020-2025 ($ billion)
- Exhibit 35: MEA - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 36: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 37: Market opportunity by geography ($ billion)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Overview
- Exhibit 39: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 40: Landscape disruption
- Exhibit 41: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 42: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 43: Market positioning of vendors
- 10.3 Ashley Furniture Industries Inc.
- Exhibit 44: Ashley Furniture Industries Inc. - Overview
- Exhibit 45: Ashley Furniture Industries Inc. - Product and service
- Exhibit 46:Ashley Furniture Industries Inc. - Key news
- Exhibit 47: Ashley Furniture Industries Inc. - Key offerings
- 10.4 Berco Designs
- Exhibit 48: Berco Designs - Overview
- Exhibit 49: Berco Designs - Product and service
- Exhibit 50: Berco Designs - Key offerings
- 10.5 Godrej & Boyce Manufacturing Co. Ltd.
- Exhibit 51: Godrej & Boyce Manufacturing Co. Ltd. - Overview
- Exhibit 52: Godrej & Boyce Manufacturing Co. Ltd. - Business segments
- Exhibit 53: Godrej & Boyce Manufacturing Co. Ltd. - Key offerings
- Exhibit 54: Godrej & Boyce Manufacturing Co. Ltd. - Segment focus
- 10.6 Herman Miller Inc.
- Exhibit 55: Herman Miller Inc. - Overview
- Exhibit 56: Herman Miller Inc. - Business segments
- Exhibit 57:Herman Miller Inc. - Key news
- Exhibit 58: Herman Miller Inc. - Key offerings
- Exhibit 59: Herman Miller Inc. - Segment focus
- 10.7 HNI Corp.
- Exhibit 60: HNI Corp. - Overview
- Exhibit 61: HNI Corp. - Business segments
- Exhibit 62:HNI Corp. - Key news
- Exhibit 63: HNI Corp. - Key offerings
- Exhibit 64: HNI Corp. - Segment focus
- 10.8 Inter IKEA Holding BV
- Exhibit 65: Inter IKEA Holding BV - Overview
- Exhibit 66: Inter IKEA Holding BV - Business segments
- Exhibit 67:Inter IKEA Holding BV - Key news
- Exhibit 68: Inter IKEA Holding BV - Key offerings
- 10.9 Kimball International Inc.
- Exhibit 69: Kimball International Inc. - Overview
- Exhibit 70: Kimball International Inc. - Business segments
- Exhibit 71:Kimball International Inc. - Key news
- Exhibit 72: Kimball International Inc. - Key offerings
- 10.10 Okamura Corp.
- Exhibit 73: Okamura Corp. - Overview
- Exhibit 74: Okamura Corp. - Business segments
- Exhibit 75: Okamura Corp. - Key offerings
- Exhibit 76: Okamura Corp. - Segment focus
- 10.11 Steelcase Inc.
- Exhibit 77: Steelcase Inc. - Overview
- Exhibit 78: Steelcase Inc. - Business segments
- Exhibit 79:Steelcase Inc. - Key news
- Exhibit 80: Steelcase Inc. - Key offerings
- Exhibit 81: Steelcase Inc. - Segment focus
- 10.12 Williams-Sonoma Inc.
- Exhibit 82: Williams-Sonoma Inc. - Overview
- Exhibit 83: Williams-Sonoma Inc. - Business segments
- Exhibit 84:Williams-Sonoma Inc. - Key news
- Exhibit 85: Williams-Sonoma Inc. - Key offerings
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 86: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 87: Research Methodology
- Exhibit 88: Validation techniques employed for market sizing
- Exhibit 89: Information sources
- 11.4 List of abbreviations
- Exhibit 90: List of abbreviations
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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Evolving consumer demographics in emerging economies
- Increasing number of strategic alliances and partnerships
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