Furniture Market Size to Worth USD 780.43 Billion by 2030 | With a 5.36% CAGR
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
The global furniture market size covered major segments by Raw Material (Wood, Metal, Plastic, and Others), by Category (Indoor and Outdoor), by End-User (Residential, Office, Hotel, and Others), and Regional Forecast, and Others.
Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- The global furniture market size was valued at USD 516.66 billion in 2022 and is projected to grow from USD 541.52 billion in 2023 to 780.43 billion by 2030, exhibiting a CAGR of 5.36% during the forecast period.
Elegant house furnishings efficiently improve the exquisiteness of the living space. The growing trend for renovation and decoration among the population globally initially drives the need for such products. Consumers' inclination is mainly towards items such as stools, sofas, chairs, and others to make their living and dining rooms aesthetic. Growing demand for stools and chairs of various sculptural shapes, such as a curve, pyramids, and others among households, is expected to offer new opportunities for the market's growth.
Fortune Business Insights provide this information in its report titled "Furniture Market, 2023-2030."
This report covers the synopsis of this market that provides the analysis of the market, knock of COVID-19, segmentation, drivers, regional insights, competitive landscape, new growth and presence of achievers in the market. Changes in the market are subjected to changes in demand in the forecast period.
Drivers and Restraints:
Growing Introduction and Launching of New Furniture Items to Propel Market Growth
Innovative and luxurious home amenities are anticipated to attract people to buy them, boosting the demand for such products. Companies focus on offering customized products to their store visitors to efficiently offer products per their needs. This is likely to escalate the demand for furniture and hence drive the furniture market growth.
However, growing demand for second-hand products is expected to restrain market growth.
COVID-19 Impacts:
Shutdown of Shops due to COVID-19 Lockdown Restrictions to Plunge Market Growth
Sudden outbreak of the COVID-19 pandemic resulted in the shutdown of furniture shops globally. Hence, furniture shops recorded a decrease in sales due to such stringent restrictions. Moreover, to avoid the spread of coronavirus incidences, people did not buy the items from such shops. Due to these reasons, the furniture market share declined during the pandemic.
Segmentation:
Wood holds the Largest Share due to its Cost-Effectiveness
On the basis of raw material, the wood segment holds a subsequent market share due to its low cost compared to items over other types. Moreover, the linked companies and their regular provisions to make such products with more innovative engineered skills are estimated to drive the market skills.
Increasing Demand for the Aesthetic Interiors to Dominate the Market Growth
Based on category, the market is segmented into indoor and outdoor. Increasing demand for the various kinds of living room, kitchen, and half furniture items amongst people for their regular indoor seating needs initially results in large returns from the indoor segment.
Daily Needs for Households Makes Housing Segment to Drive the Market
According to end-user analysis, the market is categorized into residential, office, hotel, and others. Residential segment is expected to hold a major market share due to the large necessity of sofa sets and chairs among residential consumers for their backyard seating arrangements and home.
Asia Pacific is Set to Lead Market Share With Presence of Furniture Manufacturers
Asia Pacific region is estimated to grow at the fastest CAGR of 6.19% during the forecast period. The biggest share of the Asia Pacific region is credited to many wood furniture manufacturers in the countries such as China and India. This will help such product consumption rate among the population, hence fueling the region's market growth.
North America holds a substantial share of the market. Due to the large consumption of such products among the Canadian and U.S. populations, giving larger product revenues from such regions. Moreover, the increasing online presence of the companies linked with providing fixture items, such as Alibaba.com, Pepperfry.com, and others, is further driving the region's product revenues.
Substantial growth in the European market is credited to the growing consumption of wood-based furnishing items amongst the population in countries such as Germany and the U.K. this will offer simplicity in the product returns from the European region.
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Market Trends
Key Insights
Overview of the Parent/Related Markets
Regulatory Analysis
Industry SWOT Analysis
Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
Impact of COVID on Supply Chain of Furniture Market
Impact of COVID-19
Supply Chain Challenges
Potential Opportunities due to COVID-19
Global Furniture Market Analysis, Insights and Forecast, 2019-2030
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
Key Industry Development:
July 2022: Harman Miller Inc., in partnership with G2 Esports, to supply gaming desks, chairs, and monitor arms. This partnership will benefit the company by increasing sales revenue and gross profit.
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