Furniture Market Introduction and Overview
According to SPER Market Research, the Global Furniture Market is estimated to reach USD 1388.89 billion by 2034 with a CAGR of 6.17%.
The report includes an in-depth analysis of the Global Furniture Market, including market size and trends, product mix, Applications, and supplier analysis. Rising disposable incomes, the growth of the housing and hotel industries, developments in the commercial building sector, and the increasing demand for high-end and luxury furnishings around the world are some of the causes driving this expansion. Additionally, throughout the forecast period, the demand for office furniture is anticipated to be driven by rising capital investments in office infrastructure, especially as a result of the formation of regional hubs in various nations. However, High raw material costs raise production expenses, reducing demand. The middle class favors affordable over luxury furniture, hindering growth. Intense competition from unorganized players and fluctuating material prices and import duties also pose challenges to the industry.
By Product: Beds lead the furniture market in revenue, driven by a growing consumer preference for high-end products and technological innovations in home furnishings. The rising focus on trendy bedroom styles and major bedroom renovation projects is expected to further boost the segment's growth. The sofa and couch segment is projected to experience significant growth, fueled by millennials purchasing and refurbishing older homes. Studies show that millennials are investing in more home improvement projects than other age groups, which is likely to drive the market forward.
By Material: The wood segment led the industry in revenue, holding a dominant share in 2024, with growth expected to continue due to wood's natural availability and its use in producing a wide range of furniture. Wooden furniture is primarily made from processed timber, with plywood, fiberboard, and particleboard being the three main types of wooden panels.The plastic segment is projected to grow at the fastest rate, driven by the rising demand for affordable designer furniture globally.
By Application: The residential segment held the largest revenue share in 2022 and is expected to grow at a steady rate due to the increasing demand for furniture in living rooms and bedrooms, along with the growth in real estate projects, especially in urban areas. For example, India's Ministry of Housing and Urban Affairs plays a key role in approving infrastructure developments in cities. The commercial segment is anticipated to grow at the fastest rate, driven by high demand from offices and hotels. The growing need for office spaces and the expanding hospitality sector are expected to boost demand. Additionally, the rising furniture needs of restaurants, coffee shops, and bars are contributing to the market's growth.
By Regional Insights: In 2024, the Asia Pacific region held a roughly 45% market share in the furniture industry. The rising disposable income of the middle-class and upper-class populations is responsible for this growth. Furthermore, it is anticipated that the growing demand for living room furniture, followed by bedroom and kitchen and dining furniture, will quicken market expansion. Furthermore, the expansion is fueled by both government-initiated housing developments and the thriving real estate sector.
Market Competitive Landscape:
The market is highly consolidated. Some of the market key players are American Signature, Ashley Furniture Industries Inc., IKEA, Jason Furniture (HangZhou) Co., Ltd, La-Z-Boy Inc., Oppein Home Group Inc., Raymour & Flanigan, RH (Restoration Hardware), Steelcase Inc., Williams-Sonoma, Inc., and others.
Recent Developments:
- La-Z-Boy Incorporated declared in March 2020 that it had purchased the company that runs six separately owned La-Z-Boy Furniture Galleries stores, with a combined yearly retail volume of about USD 30 million, as well as one warehouse located in Seattle, Washington.
- Empire Office, Inc. declared in December 2021 that it had signed a deal to purchase DeKalb Office Environments, Inc., establishing local offices in Birmingham and Atlanta.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Product, By Material, By Application. |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa. |
| Companies Covered | Ashley Furniture Industries Inc., IKEA, Jason Furniture (HangZhou) Co., Ltd, La-Z-Boy Inc., Oppein Home Group Inc., Raymour & Flanigan, RH (Restoration Hardware), Steelcase Inc., Williams-Sonoma, Inc., and others. |
Key Topics Covered in the Report:
- Global Furniture Market Size (FY’2021-FY’2034)
- Overview of Global Furniture Market
- Segmentation of Global Furniture Market By Product (Beds, Tables & Desks, Sofa & Couch, Chairs & Stools, Cabinets & Shelves, Others)
- Segmentation of Global Furniture Market By Material (Metal, Wood, Plastic, Glass, Others)
- Segmentation of Global Furniture Market By Application (Residential, Commercial)
- Statistical Snap of Global Furniture Market
- Expansion Analysis of Global Furniture Market
- Problems and Obstacles in Global Furniture Market
- Competitive Landscape in the Global Furniture Market
- Details on Current Investment in Global Furniture Market
- Competitive Analysis of Global Furniture Market
- Prominent Players in the Global Furniture Market
- SWOT Analysis of Global Furniture Market
- Global Furniture Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Furniture Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Furniture Market
7. Global Furniture Market, By Product, (USD Million) 2021-2034
7.1. Beds
7.2. Tables & Desks
7.3. Sofa & Couch
7.4. Chairs & Stools
7.5. Cabinets & Shelves
7.6. Others
8. Global Furniture Market, By Material, (USD Million) 2021-2034
8.1. Metal
8.2. Wood
8.3. Plastic
8.4. Glass
8.5. Others
9. Global Furniture Market, By Application, (USD Million) 2021-2034
9.1. Residential
9.2. Commercial
10. Global Furniture Market, (USD Million) 2021-2034
10.1. Global Furniture Market Size and Market Share
11. Global Furniture Market, By Region, (USD Million) 2021-2034
11.1. Asia-Pacific
11.1.1. Australia
11.1.2. China
11.1.3. India
11.1.4. Japan
11.1.5. South Korea
11.1.6. Rest of Asia-Pacific
11.2. Europe
11.2.1. France
11.2.2. Germany
11.2.3. Italy
11.2.4. Spain
11.2.5. United Kingdom
11.2.6. Rest of Europe
11.3. Middle East and Africa
11.3.1. Kingdom of Saudi Arabia
11.3.2. United Arab Emirates
11.3.3. Qatar
11.3.4. South Africa
11.3.5. Egypt
11.3.6. Morocco
11.3.7. Nigeria
11.3.8. Rest of Middle-East and Africa
11.4. North America
11.4.1. Canada
11.4.2. Mexico
11.4.3. United States
11.5. Latin America
11.5.1. Argentina
11.5.2. Brazil
11.5.3. Rest of Latin America
12. Company Profile
12.1. American Signature
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Ashley Furniture Industries Inc.
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. IKEA
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Jason Furniture (HangZhou) Co., Ltd
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. La-Z-Boy Inc.
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Oppein Home Group Inc.
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Raymour & Flanigan
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. RH (Restoration Hardware)
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Steelcase Inc.
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Williams-Sonoma, Inc.
12.10.1. Company details
12.10.2. Financial outlook
12.10.3. Product summary
12.10.4. Recent developments
12.11. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
