NEW
YORK, June 18, 2024 /PRNewswire/ -- The global
furniture market size is estimated to grow by USD 136.6 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of almost
4.15% during the forecast period. Evolving
consumer demographics in emerging economies is driving market
growth, with a trend towards increasing number of strategic
alliances and partnerships. However, high exposure to global
economic factors poses a challenge. Key market players include
Ashley Global Retail 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.
Get a detailed analysis on regions, market segments, customer
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report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Home, Office,
and Others), Distribution Channel (Offline and Online), and
Geography (APAC, Europe, North America, South America, and Middle
East and Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
Ashley Global Retail
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.
|
Key Market Trends Fueling Growth
The global furniture market is experiencing a rise in strategic
alliances and partnerships among vendors. These collaborations aim
to enhance operational efficiency and expand service offerings,
including home delivery and end-to-end solutions. Notable alliances
include Ethen Allen Interiors Inc.'s acquisition of Dimension Wood
Products, Inc. And HNI Corp.'s complete acquisition of Kimball
International. These acquisitions are anticipated to fuel market
growth during the forecast period.
The furniture market is currently witnessing various trends.
Home offices are in high demand due to the increase in remote work.
Comfortable and functional chairs, desks, and storage solutions are
popular choices. Customers are also looking for modern and stylish
designs, such as minimalist and industrial styles. Sustainable and
eco-friendly materials, like wood and recycled plastic, are gaining
popularity. Additionally, multifunctional pieces, like convertible
sofas and storage ottomans, are becoming increasingly desirable.
Customers are also interested in customizable options, allowing
them to personalize their furniture to fit their specific needs and
preferences. Overall, the furniture market is seeing a shift
towards practicality, style, and sustainability.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global furniture market faces significant challenges due to
economic factors and geopolitical uncertainties. A downturn in
economic growth or employment rates can decrease consumer spending
capacity and construction activity, leading to reduced demand for
furniture. International diplomacy and trade relations also impact
the market, with conflicts and sanctions affecting pricing
strategies and raw material sourcing. Crucial events like BREXIT
can cause geopolitical uncertainty and negatively impact the
furniture market.
- The furniture market faces several challenges in today's
business environment. One significant issue is the increasing
competition from online stores. Customers prefer the convenience of
shopping from home, leading to a decrease in foot traffic for
physical stores. Another challenge is the rising cost of raw
materials, such as wood and metal, which affects the pricing
strategy of furniture companies. Additionally, the trend towards
sustainable and eco-friendly products is growing, requiring
businesses to adapt and offer green alternatives. Furthermore, the
global supply chain disruptions due to the pandemic have caused
delays and increased costs. Lastly, the need to provide excellent
customer service and personalized experiences is crucial to retain
customers and stay competitive.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This furniture market report extensively covers market
segmentation by
- Product
- 1.1 Home
- 1.2 Office
- 1.3 Others
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Home- In the Furniture Market, we offer a wide
selection of high-quality products for both residential and
commercial spaces. Our inventory includes various styles and
materials to cater to diverse customer preferences. We prioritize
customer satisfaction by ensuring timely delivery and excellent
after-sales service. Our competitive pricing and flexible payment
options make US an ideal partner for furniture needs. We
continuously source new designs and trends to keep our offerings
fresh and appealing.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The furniture market is experiencing significant growth due to
the increasing global population and infrastructure expansion. This
demand is driven by the need for both household and commercial
furniture, including bedroom sets, kitchen cabinets, and hospital
furniture. Portability and multifunctionality are key trends, with
an emphasis on foldable and modular designs. Physical and mental
wellness are also important considerations, leading to the
popularity of ergonomic mattresses and adjustable workstations.
Customization features are also in demand, allowing consumers to
tailor their furniture to their specific needs. Metal furniture is
a popular choice due to its durability and strength, while
infrastructure development and construction projects continue to
provide opportunities for furniture manufacturers to expand their
offerings.
Market Research Overview
The Furniture Market encompasses a wide range of products,
including chairs, tables, cabinets, and more. These items are
designed to enhance the aesthetic value and functionality of
various living spaces. The market witnesses continuous growth due
to increasing consumer awareness and preferences for ergonomic and
stylish furniture. Materials used in furniture production vary,
with popular choices being wood, metal, and plastic. Sustainability
is a significant trend in the market, with many manufacturers
focusing on eco-friendly production methods and materials. The
market caters to both residential and commercial sectors, with
businesses and individuals seeking to create comfortable and
inviting environments. The Furniture Market offers a vast array of
choices, ensuring that every budget and preference is catered
to.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Distribution Channel
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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