Global Furniture market is estimated to reach $ 674 billion by 2026 with a CAGR of 4.4% from 2020 to 2026.
Furniture in home and office complexes are an integral part of the décor and interior aesthetics, ensuring full optimization of space to enhance consumer comfort. The furniture in homes and workspaces play a pivotal role in enabling continued support and help towards mundane daily tasks. Chairs, beds, tables, sofas, cupboards, and storage items generally constitute furniture products at home, while a similar profile of products is also available for commercial enterprises.
The increased spending on home furnishings and office interior furnitureandrising customer interest in modular furniture with improved designs for aesthetic valueare the primary factors driving the market growth.The need to decorate personal workplaces and beautify home interiors have influenced a strong demand for furniture products, bolstering the prospects of market growth. The high disposable income of many upper-middle-class households hasinitiated an urge among them to purchase improved furniture that demonstrates their living standards, improving the growth prospects of the market. The rise in the opening of new commercial places that require furniture items with minimal design yet optimized comfort for an added boost to staff productivity would continue to boost the market growth prospects. However, high costs of raw material and negative environmental impact might hamper the market growth. The levying of taxes and tariffs on transportation & shipping of raw materials would add to the final product pricing. The long-term implications on the use of wood and plastic as raw material, in terms of deforestation and harmful emissions, respectively, might act as barriers to market growth. The rapid growth in demand for sustainable furniture through online e-commerce sites would provide lucrative opportunities for the market in the coming years. The competitive pricing of furniture on online stores, with flexible product delivery and payment options, would present crucial manufacturers with new possibilities of product sales and business expansion over the forecast period.
The global Furniture market is mainly classified based on Material Type, End-User, and Distribution Channel. Material Type is segmented into Plastic, Wood, Metal, and Others. By End-User, the market is divided into Residential and Commercial. Distribution Channel is further categorized into Retail Stores, Specialty Stores, Online Stores, and Others.
The Wood segment by Material Type holds a significant share in terms of overall market value owing to the intricate design variations available and a higher degree of product durability. The longer product service life and increased consumer interest would be vital factors that bolster the prospects of segment growth during the forecast period.
The Residential segment by End-User is leading in terms of overall volume owing to the increased spending and expenditure on beautification of home interiors and décor by the general global population. The heightened product interest among high-spending customers on modular furniture designs that impart a certain aesthetic value to the homes would further improve the growth of the segment in the coming years.
Based on geography, the global Furnituremarket is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
Asia-Pacific is the leading region and holds a substantial share in terms of overall market value owing to the increased rate of urbanization in developing countries directly uplifting the demand for modern furniture designs and patterns. The increased opening of commercial workplaces has also influenced growth in demand for office furniture, which in turn would boost the prospects of regional market growth.
The Furniture market is relatively fragmented, with several global and regional companies operating with expansive manufacturing capabilities and extensive product distribution networks.The abilities of the local companies to cater to the customized needs of the regional clients in an affordable manner would likely intensify the overall market competitiveness.
Key players operating in the Furniture industry include Ashley Furniture Industries, Inc., Global Industries, Inc., Godrej Group, Haworth Inc., Heritage Home Furnishings, Herman Miller, Inc., HNI Corporation, Inter IKEA Systems B.V., Kimball International, Inc., Knoll, Inc., Kohler Co., KOKUYO Co., Ltd., La-Z-Boy, Inc., Okamura Corporation, and SteelcaseInc.
The new product launches after thorough development and diversification of business opportunities through strategic partnerships are the primarily followed business strategies of top players looking to capture substantial market share during the forecast period.
Covid-19 Impact Analysis
The spread of the Covid-19 pandemic since the early stages of the year has been a detrimental factor to the growth prospects of the Furniture market, with several commercial enterprises and office complexes facing long periods of inactivity and uncertainty in the ensuing months. The implementation of stringent lockdown measures has immediately shut down all industrial and commercial operations, virtually diminishing the need for furniture products in such establishments. Almost the entirety of the global population has been confined to the safety of their homes as a primary response to curb the spread of the virus, reducing the need for spending on new purchases and ultimately hurting the prospects of market growth during such unprecedented times. The relaxation of lockdown rules in some parts of the world has done little to provide respite to top manufacturers, as offices remained locked and non-operational. However, the adoption of remote working models for most of the corporate organizations has driven the need for the purchase of office furniture for home use, presenting possible opportunities for product sales to crucial manufacturers.
Furniture Market Key Segments:
By Material Type
By Distribution Channel
- Retail Stores
- Specialty Stores
- Online Stores
Key Global Furniture Industry Players
- Ashley Furniture Industries, Inc.
- Global Industries, Inc.
- Godrej Group
- Haworth Inc.
- Heritage Home Furnishings
- Herman Miller, Inc.
- HNI Corporation
- Inter IKEA Systems B.V.
- Kimball International, Inc.
- Knoll, Inc.
- Kohler Co.
- KOKUYO Co., Ltd.
- La-Z-Boy, Inc.
- Okamura Corporation
What Report Provides
- Full in-depth analysis of the parent Industry
- Important changes in the market and its dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional growth potential
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