Furniture Market Insights
According to MRFR analysis, the global furniture market is expected to register a CAGR of 3.2% from 2022 to 2030 and hold a value of over USD 886.68 billion by 2030.
The furniture market refers to the industry that produces and sells furniture, including items such as chairs, tables, sofas, beds, and cabinets. The market includes both residential and commercial furniture, with residential furniture being used in homes, and commercial furniture being used in workplaces, hotels, and other public spaces.
COVID-19 has had a significant impact on the furniture market. Due to lockdowns and other restrictions, people have been spending more time at home, leading to an increased demand for home furnishings. At the same time, disruptions to global supply chains have led to delays in the delivery of furniture, as well as increased prices for some materials.
The rapidly growing construction industry is the main market driver for the global furniture market. In the current and future projection years, it aims to effortlessly accelerate the expansion of the furniture market. It’s because smart city initiatives are being subjected to a quick investment strategy.
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As a result, the demand rise for residential and commercial spaces will soon expand. The industry will grow as a consequence of the years currently predicted. Additionally, the source of discretionary money is anticipated to fuel market expansion in the near future.
Regional Analysis
In terms of regional analysis, the furniture market varies significantly across different regions. North America and Europe are both major markets for furniture, with a strong focus on high-quality, design-oriented pieces. In Asia, furniture production is centered in countries such as China and Vietnam, where labor costs are lower. The Middle East and Africa are emerging markets for furniture, with a growing demand for both residential and commercial furniture. Latin America is also a significant market, with a strong demand for mid-range furniture.
Market Segmentation
The Global furniture market has been segmented into type, category, material and end-user.
Based on furniture type: chairs, sofas, tables, beds, and others.
Based on category: Ready to Assemble (RTA) and Non-Ready to Assemble (Non-RTA).
Based on material: wood, metal, glass, plastic, and others.
Based on end users: residential and commercial.
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Key Players
Some of the top key market players are IKEA Group HNI Corporation Ashely Furniture Industries Inc, Herman Miller, Inc. Dorel Industries Inc. Godrej & Boyce Mfg. Co. Ltd. Steelcase Inc. Sauder Woodworking Co Dunn’s Furniture Kimball International, Inc.
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