The global home furniture market is estimated to register a robust CAGR during the forecast period, between 2021 and 2028. Objects such as chairs, tables, and sofas that facilitate human activities such as sitting, dining, or sleeping are considered under furniture category. Additionally, it hold objects at an optimal height for use, on horizontal surfaces above the ground, such as tables and desks. Furniture can also be used to store things such as cabinets and shelves. The furnishing industry is considered to be a form of decorative art and a product of design. The role of furniture isn't limited to its functionality. It can also serve a symbolic or religious purpose. A variety of materials can be used to produce it, including metal, plastic, and wood. A number of woodworking joints can be utilized in the manufacturing of furniture, which often reflects the local culture.
Market Trends, Drivers, Restraints, and Opportunities:
- New product launches in conjunction coupled with growing activities are estimated to drive the market growth.
- Increasing disposable income of individuals and rising consciousness regarding utilization of high-quality furniture are major factors spurring the growth of the market.
- Changing lifestyles and increased preference for smart furniture is expected to fuel the growth of the home furniture market.
- Rapid growing urban population is driving the home furniture industry.
- Increasing demand for high-quality premium furniture products is estimated to foster the growth of the market.
- The low lending rates and the penetration of online stores in emerging economies are estimated to proliferate the global market share.
- The COVID-19 outbreak in 2020 resulted in disruption in supply chain and disrupted the trade restrictions, negatively affected the global consumption.
- A steady recovery trend is likely to be seen in the upcoming years, with the home furniture market showcasing a decent jump in revenues due to relaxation in restrictions. The market is estimated to create lucrative opportunities for industry players during the forecast period.
Scope of the report:
The report on global home furniture market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Home Furniture Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
2018 & 2019
Product Types (Living Room Furniture, Bedroom Furniture and Storage Furniture), End-users (Online Retail and Offline Retail), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Market Segment Insights
Bedroom furniture segment is projected to hold significant market share
In the terms of product types, the global home furniture market can be divided into living room furniture, bedroom furniture, and storage furniture. The bedroom furniture segment is projected to hold significant market share due to growing demand for multifunctional furniture. In most parts of the world, particularly in cities and urban areas, real estate prices have increased substantially due to a growing global population. As a result, house sizes have been reduced significantly. With rooms becoming smaller, consumers are increasingly seeking furniture that is easily movable and compact, which can allow them to make efficient use of the available space. Companies that sell furniture have developed multifunctional pieces with storage features in order to satisfy customer requirements. Most modern furniture products come with additional storage space, such as tables and beds.
Online retail segment is anticipated to account for a substantial share
Based on end-users, the global home furniture market can be bifurcated into online retail and offline retail. The online retail segment is anticipated to account for a substantial share during the forecast period. Rising Internet penetration in countries, such as India and China, in the recent years has brought a major population of the region online, which is expected to result in a booming opportunity for the online retail segment in the global home furniture market.
Asia Pacific is expected to dominate the market
In terms of regions, the global home furniture market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to increasing population, coupled with rising disposable income in countries, such as China, India, Vietnam, and Thailand. On the other hand, the increasing construction activities in this region is estimated to propel the market growth in the region.
Segments Covered in the Report:
By Product Types
- Living Room Furniture
- Bedroom Furniture
- Storage Furniture
- Online Retail
- Offline Retail
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global home furniture market are Ashley Furniture HomeStore, La-Z-Boy, IKEA, Williams-Sonoma, Rooms To Go and Mattress Firm. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.