Furniture Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Furniture refers to a collective term for the goods made up of wood, plastic, and rubber that are used in a room for sitting, lying down, or storing items, such as tables, seats, beds, desks, dressers, and cupboards. Unlike less expensive woods like plywood, particleboard, and fiberboard, hardwood tabletops, desktops, and shelves won't slump over time.

Sizing and Forecast
The furniture market size has grown strongly in recent years. It will grow from $752.22 billion in 2023 to $805.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%.  The  growth in the historic period can be attributed to globalization of furniture manufacturing, economic growth and housing, sustainable and eco-friendly practices, demographic changes, rise of diy culture.

The furniture market size is expected to see strong growth in the next few years. It will grow to $1040.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.  The growth in the forecast period can be attributed to growing flexible and multifunctional designs, sustainable and circular furniture practices, wellness-oriented furniture, rental and secondhand furniture markets, focus on luxury and high-end furniture. Major trends in the forecast period include smart furniture integration, modular and customizable furniture, retro and vintage revival, biophilic design in furniture, multifunctional and space-saving designs.

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Segmentation & Regional Insights
The furniture market covered in this report is segmented –
1) By Type: Institutional And Office Furniture, Household Furniture And Kitchen Cabinet, Mattresses, Blinds And Shades     
2) By Type of Material: Metal, Wood, Other Materials     
3) By Distribution Channel: Exclusive Showrooms, Online, Hypermarkets, Other Distribution Channels       

Subsegments Covered: Institutional Furniture, Office Furniture, Household Furniture, Kitchen Cabinet, Mattresses, Blind And Shade     

Asia-Pacific was the largest region in the furniture market in 2023. Western Europe was the second largest region in the furniture market. The regions covered in the furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing real estate industry is expected to propel the growth of the furniture market going forward. The real estate sector encompasses various facets related to properties, including their construction, renting, valuation, promotion, and administration, spanning across commercial, residential, agricultural, and industrial properties. In the commercial real estate sector, businesses require furniture for offices, hotels, restaurants, retail stores, and other commercial spaces. As new commercial properties are developed or existing ones are renovated, there is a continuous demand for commercial furniture, including office desks, chairs, and restaurant seating. For instance, in September 2022, according to Trade Arabia, a Bahrain-based online business news and information portal, the nation outlined its intentions to construct in excess of 555,000 residential units, around 275,000 hotel rooms, over 4.3 million square meters of retail area, and more than 6.1 million square meters of fresh office space, all anticipated to be completed by 2030. Therefore, the increasing real estate industry will fuel furniture market growth.

Key Industry Players
Major companies operating in the furniture market report are Inter IKEA Group, Steinhoff International Holdings NV, Masco Corporation, Kohler Co., Leggett & Platt Incorporated, Tempur Sealy International Inc, Ashley Furniture Industries Inc., Hunter Douglas N.V., Man Wah holdings, Steelcase Inc., Herman Miller Inc., La-Z-Boy Inc., Okamura Corporation, HNI Corporation, JASON FURNITURE (HANGZHOU) CO.LTD, Sleep Number company, Haworth Inc, American Woodmark Corporation, Heritage Home Group LLC, Hooker Furniture Corporation, Flexsteel Industries Inc., Bassett Furniture Industries Inc., Stickley Furniture Inc., L. & J. G. Stickley Inc., Global Furniture Group, Bernhardt Furniture Company, Kimball International Inc., Durham Furniture Inc., Vaughan-Bassett Furniture Company, LACQUER CRAFT MFG. CO. LTD.

The furniture market report table of contents includes:
1. Executive Summary
2. Furniture Market Characteristics
3. Furniture Product/Service Analysis -Product/Service Examples
4. Furniture Market Trends And Strategies
5. Furniture Market - Macro Economic Scenario
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68. Global Furniture Market Competitive Benchmarking
69. Global Furniture Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Furniture Market
71. Furniture Market Future Outlook and Potential Analysis
72. Appendix