Furniture Market Growth: Forecast to 2030

ByOlivia Johnson

In 2023, the global furniture market attained a valuation of USD 541.52 billion, with projections indicating substantial growth to reach USD 780.43 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.36% during the period of 2024–2030, as reported by Fortune Business Insights™ in its comprehensive study titled “Furniture Market, 2024–2030.”

Information Source: https://www.fortunebusinessinsights.com/furniture-market-106357 

Top Key Companies Covered in the Furniture Market:

  • Harman Miller Inc. (Michigan, U.S.)
  • Steelcase Inc. (Michigan, U.S.)
  • HNI Corporation (Lowa, U.S.)
  • Ashley Furniture Industries, Inc. (Wisconsin, U.S.)
  • Duff & Phelps, LLC. (New York, U.S.)
  • Global Furniture USA (New Jersey, U.S.)
  • ZouYou (Shenzhen, China)
  • P & C ArteMobili SA (Nova Prata, Brazil)
  • Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
  • DEDON GmbH (Luneburg, Germany)
  • Dare Studio (Worthing, England)

Market Dynamics

An upward trajectory in the demand for furniture is primarily attributed to the increasing trends in home decoration and renovation worldwide. This surge in demand is stimulating market growth significantly.

Report Coverage

The insights provided in the report stem from meticulous research conducted by our analysts. Extensive data gathering and analysis have been employed to estimate the market size and share across various segments at the global, regional, and country levels. Interviews with numerous stakeholders and access to global and regional databases have facilitated the delivery of precise information, enabling informed business decisions.

Segmentation

The global furniture market is segmented based on material, category, end-user, and region:

Material:

  • Wood
  • Metal
  • Plastic
  • Others

Category:

  • Indoor
  • Outdoor

End-User:

  • Residential
  • Office
  • Hotel
  • Others

Region:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Driving Factors

The market is being driven by:

  • Introduction of Innovative and Luxurious Furniture Pieces: Companies periodically introducing elite home furnishing offerings are enticing consumers, thus driving market demand. For instance, the collaboration between BAXTER, an Italian home products company, and its Indian provider, Sources Unlimited, resulted in the launch of luxurious and finely crafted furniture items in India in February 2020, stimulating market growth.

Regional Insights

  • Asia Pacific: Leading Market Position till 2028

    • The Asia Pacific market, valued at USD 223.9 billion in 2020, holds the largest share of the global furniture market. The dominance of the Asia Pacific region is attributed to the presence of numerous wood furniture manufacturers in countries like China and India.

  • North America: Substantial Market Share

    • North America commands a significant market share due to the extensive utilization of furniture among the populations of the U.S. and Canada, resulting in higher product revenues from these regions.

  • Europe: Significant Growth

    • Europe is experiencing significant growth, driven by the increasing adoption of wood-based furnishing pieces in countries such as the U.K. and Germany.

Competitive Landscape

Key players in the market are employing effective strategies to promote their products and establish their market presence. Collaboration with other companies to introduce new products and expand market reach is one such tactic being pursued.

Industry Development

In May 2020, Theodore Alexander USA, Inc., a producer of console tables and chairs, partnered with Ralph Lauren Corporation, a prominent U.S.-based fashion company, to enhance its business by leveraging the partner’s retail fashion stores in the U.S.