Furniture Market Research Report – Forecast till 2027

Furniture Market Size, Share Analysis information: By Type (RTA & Non-RTA), Material Type (Wood, Melamine, Glass, Steel, Wrapped Panels, Finished Foils), Furniture Type (Chairs, Sofas, Tables, Beds), End-Use (Commercial & Household) – Global Forecast till 2027

ID: MRFR/CR/6156-CR | February 2021 | Region: Global | 366 pages

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Furniture Market Overview

The furniture market can anticipate to be worth around USD 670.50 Billion by 2027, says Market Research Future (MRFR). Meanwhile, its expansion rate will be 2.73% between 2020 and 2027.

Rising emergence of modern residential projects all over the world is likely to propel the furniture industry expansion. The surging number of smart city development projects coupled with the soaring construction sector would create considerable demand for different furniture types in the future. The International Data Corporation reveals that the smart city projects worldwide are projected to achieve a total investment of more than USD 165 billion by 2023. The rise in investments for these projects and the eventual surge in the demand for a variety of furniture will favor the worldwide market.

Proliferation of marketing campaigns advertising ready to use furniture for commercial and residential buildings will help draw the attention of more consumers, thereby auguring the business expansion. Furniture developers can gain leverage by being a part of agreements and partnerships with established construction companies. Having said that, the high production costs of certain furniture can be a considerable challenge for the major firms.

On the brighter side, the surging disposable incomes of the expanding upper- and middle-class population in emerging regions will be a huge opportunity for the players. Moreover, the booming real estate sector in these regions and the government-backed housing projects coupled with rapid growth in urbanization and IT industry will be other promising opportunities for the top vendors.

Covid 19 Analysis

Just like any other industry, the furniture industry was also affected due to COVID breakdown. There was a money crunch amidst the residents, and the offices were on lockdown. Therefore, the demand for upgrading old furniture or buying new ones was all below the projected figures. But with the vaccinations out and the COVID condition coming under control, everything is getting back to normal.

And post-COVID, the records for demands are rising immensely. And the key players are looking after increasing their manufacturing power in order to meet them all. After COVID, the global furniture market size is at an increasing pace for the present forecast years.

Chief variables existing in the market

Key Market Drivers

  • The major market driver for the global furniture market is the rapid expansion of the construction sector. It intends to seamlessly boost the furniture market growth in the present forecast years. It is because there is a rapid investment scheme being imposed upon smart city projects.

  • Hence, it will soon increase the demand surge within the residential and commercial spaces. As a result, it will develop the industry in the present forecast years. Moreover, the disposable income source is also expected to drive the growth of market in the coming time span.

Market Challenges

  • With all the advancements, there are still some challenges that the global furniture market needs to cope up with. The rising production cost intends to put up a considerable amount of challenge upon the key players and eventually the market. 

  • Ultimately, it will affect the demand, and the key players won’t be able to do business out of the industry. Therefore, the key players might plan upon adding cheap, moderate, and expensive production options to meet the requirement of all types of customers.

Market Opportunities

  • The economies across different countries are on an increasing toll. Some of the developed countries, such as Japan, India, and China, are offering immense market opportunities for the present forecast years.

  • There is a profound change in lifestyle, increase in disposable income, and construction sector expansion are contributing towards putting up new opportunities for the market to grow.

Market Restraints

  • The only market restraint for the global furniture industry is the lack of skilled labor. The key players are lagging behind in terms of skilled laborers that is somehow impacting the quality of products.

  • Therefore, the key players intend to implement quality training for the laborers to improve the longevity of their furniture. In this way, this can be handled within the present forecast period.

Cumulative evaluation of the market

  • As of the cumulative evaluation is concerned, the global furniture market trends are growing on a thriving stage. As the market drivers are considered, the potential of this overall industry is about to experience a boom in the present furniture market forecast years.

  • The market challenges are pretty much considerable, but the key players are working on resolving them within the present forecast years. Global consumers are demanding more products in the present period than in the past. And to reciprocate that, the key players are advancing their manufacturing pace.

Key Market Segmentation

By Type

  • On the basis of type segmentation, the global furniture market is categorized into Non-RTA and RTA types. The Non-RTA segment acquired a market value of USD $432.28 billion in the year 2018.

  • Apart from that, The RTA type is also expected to rise at a CAGR of 3.80%. The products built by the key players across the global market revolve around these two types.

By Furniture Type

  • On the basis of furniture type segmentation, the global furniture market is again categorized into different specific types that include sofa, chairs, beds, tables, cabinets, and others. All the key players operating within this market have these types of furniture available with them.

  • The sofa segment did generate a Furniture market share of $149.04 billion in the year 2018. And the cabinets market segment will probably go to witness a CAGR of 3% during the entire tenure of market assessment.

By Material Type

  • On the basis of material type segmentation, the global furniture market makes use of wood, melamine, steel, glass, finished foils, laminates, wrapped panels, and lacquered panels. These materials vary in price, quality, and appeal for diverse types of furniture.

  • Wood holds the highest market value of $149.74 billion, like that of 2018. Apart from that, the lacquered panels are also thriving at a growth rate of CAGR 2.99% in the present forecast years.

By End-User

  • On the basis of end-user segmentation, the global furniture market is categorized into commercial and household segments. Commercial spaces such as offices need different types of furniture for designing their operating space. And the demand for household segment furniture is never outdated.

  • The household segment did generate a revenue of $ 416.64 billion in the year 2018. The commercial segment is also booming, with a growth rate of CAGR 3.56% in the present forecast years.

Regional Analysis

The global furniture market is widely spread across various regions of the world. The key players across these regions are increasing their manufacturing pace in order to meet the rising demand. The regions where the market is holding a strong position are Asia Pacific, Europe, North America, and other parts of the world.

Asia Pacific will be leading the market in the present forecast years, as the supply-demand rate is high across the region. Europe is right behind it in terms of offering ideal market opportunities. The growth pace in North America is moderate. United Kingdom is the country that has recorded the largest wood pellet consumption with 6.8 million metric tons, like that of 2016. Italy is right behind UK, with 3.1 million metric tons of wood pellet consumption. A large part of it is for the furniture and wood crafting industry.

Competitive intensity in the industry

Here are the major key players that are giving their collective contribution towards making the global furniture market thrive:

  • Dorel Industries Inc.

  • Sauder Woodworking Company

  • Inter IKEA Systems B.V.

  • Cymax Group Inc.

  • HNI Corporation

  • Herman Miller, Inc.

  • Dunn’s Furniture

  • Kimball International, Inc.

  • The Godrej and Boyce Mfg. Co. Ltd

  • Venture Horizon Corporation

Inter IKEA Systems B.V. is one of the most reputed key players across the globe. They have massive outlets in several countries with high sales rates and demand rates. They design the best of furniture that is rich with quality and reasonable on price. They have received immense applause for their constant effort towards maintaining their quality rapport. They intend to continue with the same for the present forecast years.

Recent Developments

February 2022

Godrej & Boyce, the flagship brand owned by the Godrej Group, confirms that Godrej Interio, the top furniture solutions company in India in the home & institutional spaces, introduced ‘Move Up’ in the ergonomic office desks category. Adding to its line of ergonomic institutional furniture, the brand highlights the significance of the sit-to-stand concept. The desk is based on a technology that facilitates different postures for alleviating stress related to the sedentary working style.

February 2022

Plank & Hide Co., a reputed furniture company in the US with expertise in indoor recreational furnishings as well as outdoor entertainment space, will be acquiring outdoor industry supplier, formerly called 300 South Main. 300 South Main will now be part of the Plank & Hide organization and will be renamed as P&H Elements.

Report Overview

This furniture market outlook focuses upon the core market segments that contribute towards the effective growth of the industry. In this report, you will get a clear idea of how the market has grown over a specific period of time. The market segmentation under different attributes is also highlighted to give a glimpse at how it contributes to the immense supply & demand of the products within this market. The global Furniture Market trends are impeccably high in the present forecast years. And the contribution of key players for the same stands at the top of the line.

Key Industrial Segments

By Material Type:

  • Wood

  • Melamine

  • Glass

  • Steel

  • Finished Foils

  • Wrapped Panels

  • Lacquered Panels

  • Laminates

By Type:

  • RTA

  • Non-RTA

By Furniture Type

  • Chairs

  • Sofas

  • Beds

  • Cabinets

  • Tables

  • Others

By End-Use

  • Commercial

  • Household Segments

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Frequently Asked Questions (FAQ) :

The Asia Pacific region is expected to lead the global furniture market in the present forecast years. A large number of countries within this region have shown immense demand towards investing in furniture.