Furniture Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By 2033
- PUBLISHED ON
- 2023-05-31
- NO OF PAGES
- 265
- CATEGORY
- Retails & Consumer
Furniture Market size was valued at USD 550,350 million in 2022 and is projected to reach USD 815,860 million by 2033, growing at a CAGR of 3.8% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 550,350 million |
Market Forecast in 2033 | USD 815,860 million |
CAGR % 2023-2033 | 3.8% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Haworth, Inc., Inter IKEA Systems BV, Steelcase Inc., Masco Corporation, HNI Corporation, L. & J.G. STICKLEY, INC., Kimball International, Inc., Okamura Corporation, Heritage Home Group LLC, and Durham Furniture Inc. |
Furniture Market- Description
The global furniture market is a vast industry that encompasses the manufacturing, distribution, and sale of various types of furniture products. Furniture plays a crucial role in residential, commercial, and institutional settings, providing comfort, functionality, and aesthetic appeal to living spaces.
The integration of technology into furniture has gained traction in recent years. Smart furniture includes features like built-in charging stations, wireless connectivity, and IoT (Internet of Things) capabilities. This trend caters to the tech-savvy generation and offers convenience and connectivity in furniture products. The furniture market is witnessing the integration of various global design influences.
Furniture Market: Key Trends
• Minimalist and Space-Saving Designs
With the rise of compact living spaces and urbanization, there is a growing demand for furniture designs that maximize space utilization. Minimalist and multifunctional furniture pieces, such as sofa beds, modular storage units, and folding tables, are popular choices among consumers looking to optimize space.
• Online Retail and E-commerce
The furniture industry has witnessed a significant shift towards online retail and e-commerce. Consumers are increasingly comfortable making furniture purchases online, thanks to improved product visualization tools, hassle-free delivery options, and easy return policies. Online platforms provide a vast range of choices, enabling consumers to compare prices and find the best deals.
Furniture Market- Geographical Analysis
The furniture market in North America has been experiencing significant growth in online sales. E-commerce platforms have become popular among consumers due to convenience, wider product selection, and competitive prices. Consumers in North America are increasingly seeking customizable and personalized furniture options.
Scandinavian design principles, characterized by simplicity, functionality, and minimalism, continue to be popular in Europe. Clean lines, light colors, and natural materials are commonly found in furniture designs. As urban living spaces become smaller and more compact in Europe, there is a rising demand for furniture that maximizes space efficiency.
Furniture Market- Recent Developments
• In 2023, L. & J.G. Stickley will unveil their latest product offerings at the Spring 2023 edition of the International Home Furnishings Market in High Point, North Carolina. These products are designed to fulfill desires for luxurious comfort and an effortless experience. Among the highlights are the Maidstone and Portfolio120 collections, as well as new additions to their power motion seating line.
Furniture market: Segmental Analysis
Type
• RTA
• Residential
• Commercial
Component
• Supermarkets & Hypermarkets
• Specialty Stores
• E-Commerce
• Others
Furniture Market: Key Companies
• Haworth, Inc.
• Inter IKEA Systems BV
• Steelcase Inc.
• Masco Corporation
• HNI Corporation
• L. & J.G. STICKLEY, INC.
• Kimball International, Inc.
• Okamura Corporation
• Heritage Home Group LLC
• Durham Furniture Inc.
Furniture Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global Furniture market size was valued at USD 550,350 million in 2022 and is projected to reach USD 815,860 million by 2033, growing at a CAGR of 3.8% during the forecast period.
What are the drivers shaping various markets?
The furniture industry has witnessed a significant shift towards online retail and e-commerce. Consumers are increasingly comfortable making furniture purchases online, thanks to improved product visualization tools, hassle-free delivery options, and easy return policies. Online platforms provide a vast range of choices, enabling consumers to compare prices and find the best deals.
Who are the key competitors of market Players?
Some of the major players operating within the market are Haworth, Inc., Inter IKEA Systems BV, Steelcase Inc., Masco Corporation, HNI Corporation, L. & J.G. STICKLEY, INC., Kimball International, Inc., Okamura Corporation, Heritage Home Group LLC, and Durham Furniture Inc.
What are the top performing segments, and countries / regions of each of the markets?
The furniture market in North America has been experiencing significant growth in online sales. E-commerce platforms have become popular among consumers due to convenience, wider product selection, and competitive prices. Consumers in North America are increasingly seeking customizable and personalized furniture options.
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