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The online furniture market size is estimated to grow at a CAGR of 17.73% between 2022 and 2027. The market size is forecast to increase by USD 139.97 billion. The growth of the market depends on several factors, including increasing online spending and smartphone penetration, growth in the global real estate industry, and evolving home and living concepts.
This online furniture market report extensively covers market segmentation by application (online residential furniture and online commercial furniture), product (living room furniture, bedroom furniture, office furniture, and kitchen furniture and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 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.
Growth in the global real estate industry is the key factor for the growth of the online furniture market. Demand for furniture is increasing due to the development of commercial complexes, office spaces, and residential buildings. The industry is increasingly impacted by technological advances and demographic shifts, such as increasing urbanization, longer baby boomers, and differentiating millennial lifestyle patterns. Rising disposable income has also increased investment in furniture for both personal and commercial purposes.
Furthermore, over the past few years, public-private partnerships (PPPs) have been a key growth driver in the real estate industry. For example, Blackstone Real Estate acquired Embassy Industrial Parks for USD 716.49 million in May 2021 to expand its presence in the Indian property market. The real estate business is an industry that supports the furniture market as it creates a higher demand for furniture and drives the market in terms of volume. Therefore, the market will witness significant growth during the forecast period.
Mobile commerce and network marketing is the primary trend in the global online furniture market. The growth of mobile commerce is being driven by consumers buying new mobile phones, giving shoppers more options to shop through mobile commerce platforms. Some of the big retailers such as Amazon.com, Flipkart, and Alibaba Group have launched mobile apps in addition to their websites. As shopping via mobile devices becomes more popular, sales via these devices are likely to increase. Most of the orders placed via smartphones are for consumer goods.
Moreover, to take advantage of the growing popularity of shopping via mobile devices, most online retailers are launching mobile versions of their shopping portals. Amazon.com and eBay are two of the leading players in the online space. They introduced mobile applications compatible with iOS, Windows, Android, Blackberry, and other operating systems. It allows users to shop conveniently through their mobile devices. Mobile wallet usage is expected to increase as consumers become more comfortable using electronic money, which is expected to drive the market during the forecast period.
The longer replacement cycle of products is the challenge that affects the growth of the global online furniture market. The latest trends in interior design play a decisive role when buying furniture. Most indoor and outdoor furniture, especially furniture, is intended for long-term use and generally does not need to be replaced frequently. Certain types of home furnishings are expensive and can be a one-time expense. Most of the branded furniture and interior products are durable and of the highest quality. This reduces the need for frequent purchases of furniture and furnishings, which is a major barrier to the growth of the market.
In addition, the pursuit of higher education, delays in finding employment, and delaying marriage are some of the major factors influencing young people to rent rather than buy homes. This shift in consumer behavior is having a negative impact on the global furniture market. These factors may impede the growth of the market 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 Online 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.
Ashley Furniture Industries LLC: The company offers online furniture such as bedroom furniture and living room furniture.
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 online residential furniture segment is estimated to witness significant growth during the forecast period. Countries such as China and India continue to be key growth countries due to rising disposable incomes, large populations, growing online penetration, and significant growth in housing. Multifunctional furniture is gaining popularity in this segment. Demand for high-end luxury home furnishings will also boost the market.
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The online residential furniture segment was the largest segment and was valued at USD 38.58 billion in 2017. Bedroom furniture includes sofa sets, tables, chairs, entertainment sets, decorative side tables, shelves, and others. Bedroom furniture refers to beds, sofa sets, dressing tables, wardrobes, and study tables. Other online home furnishings include kitchen, dining room, bathroom furniture, and other decorative furniture. Demand for modular kitchens is the main driver of the growth of this market. In addition, trends such as the construction of prayer rooms, gymnasiums, children's playrooms, and study rooms in modern homes are expected to boost the demand for this market during the forecast period.
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APAC is estimated to contribute 37% 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. In APAC, China, Japan, South Korea, and India are the leading countries for the growth of the region. A rise in the real estate sector for both residential and commercial properties is the key driver for the growth of the market in this region. China and India account for the two largest populations in the world. With increasing urbanization, the demand for real estate in the APAC region is increasing, which contributes to the growth of the online furniture market. In addition, growing internet penetration, rising disposable income, digitalization, and developing countries are the major factors driving the consumer preference for high-end furniture in the region. Younger generations are migrating to urban and semi-urban areas in search of job opportunities, better education, and a better lifestyle, which will increase the online purchase of furniture in the region during the forecast period.
In 2020, the outbreak of COVID-19 had a positive impact on the regional online furniture market. Lockdowns were imposed all over the region, causing people to spend more time at home. As a result, demand for furniture in the region has increased in 2021-2022. Moreover, with the increasing number of employees working from home, the need for office furniture such as study desks, work tables, and home office equipment is growing, leading to the growth of the online furniture market in the region. In addition, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and resulted in the resumption of construction activities of high-rise commercial and residential buildings. This is expected to fuel the requirement for online furniture in the market. Thus, such developments will support to the growth of the online furniture market in the region during the forecast period.
The online 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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Online Furniture Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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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 17.73% |
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Market growth 2023-2027 |
USD 139.97 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
16.29 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 37% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ashley Furniture Industries LLC, Amazon.com Inc., Bassett Furniture Industries, Bobs Discount Furniture LLC, Flipkart Internet Pvt. Ltd., Haverty Furniture Companies Inc., Hindware Home Innovation Ltd., HNI Corp., HSN Inc., Inter IKEA Holding B.V., MillerKnoll Inc., Otto GmbH and Co. KG, Pepperfry Pvt. Ltd., Pier 1 Imports Online Inc., Raymour and Flanigan Furniture and Mattresses, Reliance Industries Ltd., Steelcase Inc., Wayfair Inc., LaZBoy 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, 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 Application
7 Market Segmentation by Product
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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