Furniture Market Research Report – Forecast till 2030

Furniture Market Analysis Research Report Information By Furniture Type (Chairs, Sofas, Tables, and Beds), Category (RTA and Non-RTA), Material (Wood, Metal, Glass, and Plastic), End User (Residential and Commercial) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) - Forecast Till 2030

ID: MRFR/CR/6156-CR | 366 Pages | Author: Pradeep Nandi | February 2021         

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Global Furniture Market Overview 

Furniture Market Size was valued at USD 648.12 billion in 2021. The furniture market industry is projected to grow from 690.21 billion in 2022 to USD 886.68 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period (2022 - 2030). The growth in the hospitality and real estate sectors along with changing lifestyles among urban consumers are driving the market growth.

Figure 1: Furniture market, 2021 & 2030 (USD Billion)
Furniture Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Furniture Market Trends

  • Growth In The Hospitality and Real Estate Sectors

The hospitality sector is one of the major end users of furniture including restaurants, hotels, and other commercial spaces with a high movement of people for recreation. The type of furniture used in these spaces includes sofas, dining tables, coffee tables, chairs, cupboards, and entertainment cabinets among various others. According to the American Hotel & Lodging Association, the demand for hotel rooms is expected to witness tremendous growth in the US reaching the levels of pre-pandemic levels. In an aim to boost the high-tourist population in towns and cities in the UK, the government has budgeted around Euro 19 million for marketing campaigns apart from investments in cultural development which is expected to boost the tourism sector and in turn fuel the hospitality sector. Similar were the trends in various tourism destination nations across the globe.

The increasing urbanization and rising disposable income among the millennials and Gen Z population in the high population economies like India and China are the prime reasons for the growth in the real estate sectors. Also, the government schemes like Pradhan Mantri Awas Yojana in India aimed to provide housing for all by 2024 are anticipated to create more demand for different types of furniture including living room furniture and bedroom furniture. The increasing investment in the hospitality and real estate sectors is expected to augment the demand for furniture Market and allied products like furniture covers, furniture cleaners, furniture polish, etc. during the forecast period.

Furniture market Segment Insights

Furniture Type Insights

Based on furniture type, the furniture market segmentation includes chairs, sofas, tables, beds, and others. The sofas segment held the majority share in 2021 contributing to around a market value of USD 172.14 billion of furniture market revenue. Sofas are seat-based furniture that are generally designed to accommodate 2 to 4 people together. The different materials used in sofas include wood and metal for the frames to provide structural support.  Technological advancements like suspension technology and integration of smart features like wireless chargers, speaker connectivity, LED lighting, USB ports, etc. are expected to create more opportunities for the players in the market. In addition, the changing lifestyles among the young generation and preference towards high-tech products for convenience are expected to drive product innovation in the sofas segment. The sofa segment is expected to grow at a market CAGR of 3.9%.  

April 2022 Ashely Furniture Homestore launched a range of home office furniture collections in India comprising of Luxenford 60 inches home office desk, office chair program home office desk chair, and Luxenford 2-piece home office credenza with hutch. The collection is made available through the Dash Square stores.

September 2022 Dorel Furniture launched the furniture online store for better customer acquisition in the B2B segment, especially the small and mid-sized retailers. The store will in addition provide the convenience for the retailers to order throughout the day at discounted prices.

Figure 2: Furniture market, by Flavor, 2021 & 2030 (USD Billion)
Furniture market, by Flavor, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Furniture Category Insights

Based on category, the furniture market segmentation includes Ready to Assemble (RTA) and Non-Ready to Assemble (Non-RTA). The Non-RTA segment held the majority share in 2021 contributing to around ~50-60% of the furniture Industry revenue. This is primarily owing to the high quality and durability of the non-RTA furniture which helps in reducing the time of assembling and other DIY activities. In addition, the availability of several options with multiple color and design choices is driving the growth of the segment. However, the reduced cost expenses in RTA and the ability to overcome the space constraints of this type are contributing to the increasing adoption of RTA furniture. The RTA segment is expected to grow at a market CAGR of 4.3% . 

Furniture Material Insights

Based on material, the Furniture industry market data has been segmented into wood, metal, glass, plastic, and others. The wood segment held the largest segment share in 2021. High durability is one of the main reasons for its wide use in furniture apart from the ease of construction.  Hardwood and Softwood are the two broad classifications of the type of wood used. From an ecological perspective, wood is more environment-friendly as it can be reused in other construction and has better positioning in carbon footprint compared to plastic. However, the factors like low maintenance and fire resistance of metal-based furniture are driving the fastest growth of the segment. The wood segment is anticipated to grow at a CAGR of 3.4% during the forecasted period.

Furniture End User Insights

Based on end users, the furniture industry market data has been segmented into residential and commercial. The residential segment accounts for the largest market share in 2021 owing to the increasing middle-income groups in key economies and changing consumer preference for high-end home décors, and luxury furniture is driving the growth of the segment. Also, increasing product launches aiming at capitalizing on the hybrid work culture led to an increase in sales of home office furniture sets. Thus, the residential segment is expected to grow at the highest CAGR of 3.6% during the forecasted period. The commercial segment includes office furniture, hospitality users, government offices, educational institutions, and other business units

September 2022 IKEA launched an innovative new cabinet with drawers that have improved safety named GREAKER for the end users in Europe and North America. The product is designed to overcome the most common safety issue in the residential segment, tip-over accidents. The company is also planning to the same furniture in North America as well in the year 2023.

March 2022 Nitori, a Japanese home furniture manufacture has launched its first store in Singapore. The store will be housing the high-end home furniture products and services at cost-effective prices. The company has plans to launch 10 additional stores in the Singapore by 2027 apart from its target of opening 3,000 stores globally.   

Furniture Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific furniture market accounts for the largest market share of USD 301.38 billion in 2021. This is due to increasing per capita disposable income, the growth of middle-income groups in key economies like India, China, etc., and the increasing investment by international brands in these countries. The China furniture market is one of the largest manufacturers, exporters, and consumers of furniture. The major reason contributing to its market share is the rapid urbanization and shifting consumer preference toward home decoration. India furniture market is the second largest market in the Asia-Pacific region which is expected to grow further owing to the government’s initiatives like “Made in India” scheme, the Production Linked Incentive (PLI) scheme, etc. Also, it is the most favored destination for international brands owing to the increasing working population, rising disposable income of middle-income groups, and migration towards urban and semi-urban areas.

The major countries studied are the U.S., Canada, Mexico, Germany, France, the UK, Italy, Spain,  China, Japan, India, Australia and New Zealand,  and Brazil.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Europe furniture market comprises of the UK, France, Italy, Spain, Germany, and the rest of Europe and held the second largest market share in 2021. Technological advancement among furniture manufacturers in the region is one of the major driving factors in the market over the last few years. The sales of luxury furniture have been increasing at a high pace in European countries due to the high demand for products in hotels, clubs, and restaurants. Germany furniture market accounts for the largest market share in the Europe furniture market owing to the increasing trend of furniture-as-a-service. For instance, Pabio, a company involved in furniture rental services has expanded to Germany in December 2021 with an aim to capitalize on the millennials’ changing interest toward luxury home furniture setups.

North America furniture market is the fastest-growing market during the forecast period. According to an article published by the Joint Center for Housing Studies (JCHS) of Harvard University in 2020, 71% of homeowners in America who started a DIY project during the pandemic had already planned the project prior to the outbreak. Also, the article further elaborates that though the percentage share of DIY spending as part of home expenditure has been showcasing a decreasing trend in the years between 2009 to 2019, the overall home improvement market is expected to increase strongly in the coming years which is expected to increase the overall spending on DIY activities. The increasing investment on DIY activities translates to a boost to the RTA furniture category.  The US furniture market is the largest market in North America market. Some of the prominent factors contributing to the growth of the market in Canada furniture market are the increasing real estate sectors and the high penetration of e-commerce retail furniture. The increasing investments in home furniture and home décor products and the high disposable income of the region is expected to drive the growth at the highest CAGR of 3.9% during the forecast period.

Furniture Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Furniture market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, partnerships with local manufacturers in key markets, increased investments, and marketing initiatives to strengthen their presence. Competitors in the Furniture industry must offer innovative products that are trending to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the furniture industry to benefit clients and expand the furniture market sector is to innovate new furniture in line with the increasing demand for high-end & luxury furniture and preference for smart features in furniture sets trends. Also, the companies are working on strengthening their omnichannel presence in key growth regions.

Ashley Furniture Industries, LLC is a manufacturer and retailer of furniture products. The company’s manufacturing facilities are in Wisconsin, Mississippi, North Carolina, and Pennsylvania, apart from many other manufacturing sites. The company has a strong distribution network with 20,000 furniture stores and 1100 home stores spread across 160 countries. The product portfolio comprises of furniture, outdoors, home décor, lighting, and mattress.

Key Companies in the Furniture market include

  • 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.

Furniture Industry Developments

August 2022 Ashley Furniture in an aim to strengthen its distribution networks has opened a new distribution center in the Pacific Northwest, North America. The company has planned to extend the  space to 1.1 million square feet which are aimed to support its omnichannel presence including brick-and-mortar stores, brokers, retailers, and e-commerce stores.  

February 2022 Plank & Hide Co., a leading manufacturer of indoor furniture including home entertainment and recreational furniture has acquired 300 South Main. Latter is one of the prominent players in the outdoor furniture business in the US and the acquired entity is to be named P&H Elements. The acquisition is expected to strengthen and diversify the product offerings of Plank & Hide.

August 2022 IKEA launched a new office home collection in Canada. The collection consists of its age-old famous Poäng Chair, with additional features like a folding gym mat, soap dispenser, and a Wi-Fi speaker. Dentsu Creative is the social media agency for the marketing of the product.  

Furniture market Segmentation

Furniture Type Channel Outlook

  • Chairs

  • Sofas

  • Tables

  • Beds

  • Others

Furniture Category Outlook

  • RTA

  • Non-RTA

Furniture Material Outlook

  • Wood

  • Metal

  • Glass

  • Plastic

  • Others

Furniture Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia  and New Zealand

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 648.12 billion
Market Size 2022 USD 690.21 billion
Market Size 2030 USD 886.68 billion
Compound Annual Growth Rate (CAGR) 3.2 % (2022-2030)
Base Year 2021
Forecast Period 2022-2030
Historical Data 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Furniture Type, Category, Material, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Mexico, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia and New Zealand, and Brazil
Key Companies Profiled IKEA Group (Netherlands), HNI Corporation (US), Ashely Furniture Industries Inc (US), Herman Miller, Inc (US), Dorel Industries Inc. (Canada), Godrej & Boyce Mfg. Co. Ltd. (India), Steelcase Inc. (US), Sauder Woodworking Co (US), Dunn’s Furniture (US) and Kimball International, Inc. (US)
Key Market Opportunities Increasing demand for high-end & luxury furniture Rising government investments in infrastructure development
Key Market Dynamics Growth in the hospitality and housing sectors Changing lifestyle among urban consumers

Frequently Asked Questions (FAQ) :

The furniture market is valued at USD 648.12 billion in 2021

The China Furniture market is valued at 140.14 billion in 2021

The furniture market is expected to grow at a CAGR of 3.2% during the forecast period

Asia-Pacific held the largest share market in the furniture market.

The key players include IKEA Group, Ashely Furniture Industries Inc., HNI Corporation, Herman Miller Inc., and Steelcase Inc.

The sofa is the leading segment in the furniture market

The Wood segment has accounted for the largest market share in the furniture market

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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