Industry: Consumer Goods
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 315
Report ID: PMRREP3203
Furniture Market Sales across the world were valued at US$ 1.11 trillion in 2022. The Global Furniture Market is projected to reach US$ 1.89 trillion by the end of 2033, increasing steadily at a CAGR of 5% from 2023 to 2033.
The furniture market is a crucial component of the wood processing industry and has a rich legacy rooted in global wood processing. With the rising demand for home furnishings and a thriving real estate sector, the market will present ample opportunities for manufacturers and distributors of furniture.
Furniture sales continue to rise due to the proliferation of private-label products and the increasing number of raw material suppliers who are investing in eco-friendly furniture. Additionally, furniture companies are investing in product development to attract more customers and increase product adoption.
Technological advancements have intensified competition among market players, leading to the creation of improved products. Innovative products have become a major trend in the market and are driving customer's preferences toward new, value-for-money brands. Companies must employ advanced technology to reach more customers and gain an advantage over their competitors.
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Furniture Market Size (2023E) |
US$ 1.16 Trillion |
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Projected Market Value (2033F) |
US$ 1.89 Trillion |
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CAGR (2023 to 2033) |
5% |
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Market Share of Top 5 Furniture Manufacturers |
10% to 15% |
Furniture sales increased at a CAGR of 4.2% from 2018 to 2022 owing to a rise in the number of home renovation activities across the world, especially in developing countries.
Furniture sales are expected to grow as manufacturers introduce increasingly innovative and cutting-edge furnishings. Furniture production has become more technologically advanced in response to the growing demand for smart furniture, such as furniture with USB connections, light-up cup holders, and power recliners. The introduction of furniture items with attractive, novel designs is driving sales and contributing to the growth of the market.
The retail industry is anticipated to experience significant transformations in the coming years, with a growing number of private retailers entering the furniture industry. This is intensifying competition and altering the competitive landscape for established players.
The global furniture market is anticipated to increase at a CAGR of 5% from 2023 to 2033.
“Growing Demand for Modular Furniture”
The furniture industry is undergoing a transformation with a new generation of high-quality furniture made of superior materials with improved joining techniques and modular designs emerging to meet consumers’ demands. Multifunctional, foldable furniture that can be rearranged in various ways is becoming increasingly popular.
The evolving workplace culture globally is driving demand for flexible and adaptive office spaces. This has resulted in the increasing prevalence of modular furniture design, with both architects and manufacturers incorporating products that can be modified and expanded to meet consumers’ evolving requirements, particularly for commercial spaces.
“Furniture Market Benefitting from Growing Digitalization”
The growth of digitalization has prompted companies like Duresta Upholstery Ltd., Ashley Home Stores, Ltd., Inter IKEA Systems B.V., and Iola Furniture Ltd. to utilize social media to engage with customers and attract their attention. These brands have dedicated teams to interact with customers, gather information about their needs, and share information about new products.
Additionally, many brands have established their own websites to sell products directly to consumers and gather feedback. These developments are contributing to the growing demand for furniture globally.
How is the Furniture Industry Faring in the United Kingdom?
“Increasing Investments in Sustainable Furniture in the Country”
The furniture market in the United Kingdom prioritizes sustainability by implementing eco-friendly production methods. The growing population and rising standard of living are expected to boost the demand for furniture.
Customers in the United Kingdom place a high value on furniture design, presenting new opportunities for manufacturers. There is a growing trend of investing in high-quality, sustainable furniture as people become more conscious of the environmental impact of non-sustainable options.
Owing to the abovementioned factors, furniture sales in the United Kingdom are anticipated to advance at a CAGR of 5.3% from 2023 to 2033.
What are the Driving Forces Behind Furniture Sales Growth in Germany?
“High Demand for Multifunctional and Sustainable Furniture”
Germany is the largest importer of furniture in Europe and the second-largest globally. Growing demand for multifunctional and sustainable furniture is driving overall furniture sales in the country.
How is Innovation Driving Furniture Sales in the United States?
“Growing Demand for Premium Home Furniture with Innovative Designs Due to Rising Standard of Living”
Demand for home furniture in the United States is on the rise, driven by people becoming more upscale in their living concepts and seeking innovative and sustainable furnishings. The concentration of the population in urban areas has led to increased investments in real estate infrastructure, creating direct demand for both commercial and home furniture.
Sales of luxury furniture with innovative designs are also on the rise.
Which Material is Most Widely Used in Furniture Manufacturing?
“Growing Preference for Wooden Furniture over Plastic Furniture”
Based on material, the wooden furniture segment of the market is anticipated to occupy a leading share of 53.9% in 2023. An increase in consumers’ awareness of eco-friendly furniture has led to a surge in demand for wooden furniture. In addition, consumers are reluctant to use furniture made from plastic or other harmful materials and are seeking more environmentally sustainable material options.
Which End Use Accounts for High Furniture Sales?
“Rising Demand for Modular Furniture in Real Estate Sector”
Based on end use, the commercial segment accounts for 68.6% of the global furniture market. Commercial furniture sales are expected to rise moderately during the forecast period.
Demand for modular furniture for real estate projects is growing, and there is significant potential for growth in this area in the near future. This may result in larger projects generating more collective revenue.
To provide a comprehensive service to the client, manufacturers devote creative and productive resources and work with architects and designers. There are various companies where the selection is extensive and completely customized, and it can meet customer's interior designing needs.
Innovative and collaborative partnerships between manufacturers, government, and private organizations have led to the initiation of furniture recycling programs to mitigate environmental harm and promote sustainability. This will likely drive further demand for furniture in the future.
For Instance:
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Attribute |
Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Trillion for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Pricing |
Available upon Request |
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To know more about delivery timeline for this report Contact Sales
Worldwide furniture sales are expected to increase at a CAGR of 5% through 2033.
The global furniture market reached a valuation of US$ 1.11 trillion in 2022.
Duresta Upholstery Ltd., Inter IKEA Systems B.V., and Muebles Pico are key furniture manufacturers.
Premiumization, innovation, and mergers & acquisitions are key trends in the global furniture market.
The global market for furniture is expected to reach a size of US$ 1.89 trillion by the end of 2033.
