Furniture Market Overview, 2023-28

In Global, Urbanization involves the migration of people from rural areas to urban centers. As cities grow, the demand for housing increases, which in turn drives the need for furniture to furnish new homes and apartments. Economic prosperity leads to higher disposable incomes. Consumers are more likely to invest in quality furniture and home furnishings when they have the financial means to do so. The desire for homeownership remains a fundamental aspiration for many individuals and families. Buying a home often triggers the need for purchasing furniture to make the space comfortable and functional. The aesthetics of living spaces have become increasingly important. People want their homes to reflect their personal style, leading to a higher demand for well-designed furniture that complements interior decor. Family structures are evolving, with more people living alone, as couples, or in non-traditional households. Smaller living spaces require space-efficient and adaptable furniture solutions. Environmental concerns have led to a demand for sustainable and ethically produced furniture. Consumers are more conscious of the materials used, manufacturing practices, and the ecological footprint of the products they buy. Furniture, like any other product, has a lifespan. Consumers replace or upgrade furniture as styles change, functional needs evolve, or items show signs of wear and tear. With an aging population in many regions, there's a growing demand for furniture that caters to the needs of seniors. This includes comfortable seating, adjustable furniture, and designs that promote accessibility. Seasonal changes and events like holidays often prompt consumers to redecorate and update their living spaces, leading to increased furniture purchases.

According to the research report, “Global Furniture Market Overview, 2028” the market is expected to cross USD 885.34 Billion market size, increasing from USD 627.46 Billion in 2022. Consumers are increasingly conscious of environmental issues, driving demand for furniture made from sustainable materials, such as reclaimed wood, bamboo, and recycled materials. Eco-friendly manufacturing processes and certifications like FSC (Forest Stewardship Council) are becoming more important. Smart furniture that incorporates technology, such as built-in charging stations, wireless connectivity, and IoT (Internet of Things) features, was gaining popularity as consumers sought more integrated and functional living spaces. Demand for affordable luxury furniture that offers premium quality and design without exorbitant prices was on the rise. Consumers were willing to invest in high-quality pieces that offer a touch of luxury. Sofas were evolving beyond traditional designs. Modular sofas, sectional designs, and statement-making pieces were gaining attention as consumers sought unique and adaptable seating solutions. Furniture was becoming a focal point for expressing creativity and personality through the use of bold colors, vibrant patterns, and statement-making upholstery. Furniture retailers were adopting VR and AR technologies to offer immersive shopping experiences. Consumers could virtually place furniture in their homes to visualize how it would look before making a purchase. The shift towards hybrid work arrangements led to a need for furniture that could seamlessly transition between home offices and living spaces, accommodating both work and leisure.

Based on the material, the plastic segment is growing with a prominent CAGR by 2023-28 in the global furniture market.

Plastic furniture tends to be more affordable compared to furniture made from other materials like wood, metal, or glass. This affordability can attract budget-conscious consumers, particularly in regions where cost considerations play a significant role in purchasing decisions. Advances in plastic technology have led to the development of versatile and innovative plastic materials that can mimic the appearance of other materials like wood or metal. This allows for a wide range of design possibilities and styles, appealing to various consumer preferences. Certain types of plastic, such as high-quality polymers, can be durable and resistant to wear, fading, and weather conditions. Plastic furniture can require minimal maintenance, making it suitable for outdoor use and environments with children or pets. Plastic furniture's resistance to moisture and weather makes it suitable for both indoor and outdoor use. This adaptability can attract consumers seeking furniture for various spaces. Plastic furniture's vibrant colors and playful designs make it a popular choice for spaces like children's rooms, playrooms, and entertainment areas.

Based on the product types segment, which includes Beds, Tables & Desks, Sofa & Couch, Chairs & Stools, Cabinets & Shelves and Others. Among them, the Cabinets & Shelves segment is expected to have more than revenue share in 2022 in the global furniture market.

Cabinets and shelves provide efficient storage solutions for homes and offices. With increasing urbanization and smaller living spaces, consumers are seeking furniture that maximizes storage capacity without sacrificing aesthetics. Cabinets and shelves are essential components of kitchens and dining areas. The trend of cooking at home and hosting gatherings has led to a focus on upgrading these spaces with functional and aesthetically pleasing storage solutions. Cabinets with glass doors and adjustable shelving are commonly used to display collections of items like books, china, figurines, or artwork. This trend appeals to consumers who wish to showcase their passions and interests. As the global population ages, there is an increased demand for furniture that is both functional and accessible. Cabinets and shelves that are easy to open, reach, and organize cater to the needs of older consumers.

Based on the Category, Indoor is expected to have a market share in the global furniture market in 2028.

Indoor furniture is primarily designed for use in homes, where consumers prioritize comfort and functionality. People spend a significant amount of time indoors, and comfortable furniture enhances their quality of life and relaxation. The indoor furniture segment includes a wide range of products such as sofas, beds, dining sets, chairs, tables, cabinets, and more. This diversity caters to various living spaces and needs within a home. In regions with extreme weather conditions, indoor spaces provide a controlled environment that protects furniture from the elements, contributing to the demand for indoor furniture. The increase in remote work has led to the need for well-equipped home offices, stimulating demand for indoor furniture like desks, chairs, and storage solutions.

In terms of application, the hotel segment is expected to have more revenue share in 2022 in the global furniture market.

The rise in global tourism has led to a higher demand for hotel accommodations. As more people travel for leisure, business, and other purposes, hotels need to invest in furniture to meet the needs of their guests. Hotels are increasingly focused on providing a memorable and immersive guest experience. High-quality and well-designed furniture contribute to the ambiance and comfort of hotel spaces, enhancing guest satisfaction. Hotels that host weddings, events, and conferences require versatile furniture that can be arranged for various occasions. Flexible furniture options are essential for such venues. Hotel lobbies, lounges, restaurants, and other common areas require furniture that is both functional and aesthetically pleasing to create welcoming environments for guests.

Based on the distribution channels considered in this report, they include specialty stores, supermarkets and hypermarkets, online and other distribution channels. Among them, specialty stores will have the highest market share in 2022.

Specialty furniture stores offer curated selections of furniture, often focusing on specific styles, designs, or themes. This curated approach resonates with consumers seeking unique and personalized furniture pieces that align with their preferences and home decor. Specialty stores often employ knowledgeable staff who can provide expert guidance and consultation on furniture choices. Consumers appreciate the personalized assistance in selecting pieces that suit their needs and preferences. Specialty stores cater to niche markets, offering furniture that may not be easily found in general retail outlets. Consumers seeking unique, artistic, or hard-to-find pieces are drawn to these specialized offerings. Many specialty furniture stores provide a showroom experience where consumers can physically interact with furniture pieces, test comfort levels, and assess quality before making a purchase. Specialty stores may curate furniture collections based on specific events, holidays, or seasonal themes. This creates a sense of timeliness and relevance for consumers looking for pieces for specific occasions.

In terms of Region, the North America, Europe, Asia Pacific, South America, Middle East & Africa, among them the Asia Pacific dominate the global Furniture market with more market share in 2022.

Asia Pacific, particularly countries like China, Japan, and India, has become a major manufacturing hub for furniture production. The region's lower production costs, abundant labor force, and well-established supply chains have attracted international manufacturers seeking cost-effective production. Many Asia Pacific countries have embraced export-oriented economies, with a focus on producing goods for global markets. This has translated into significant furniture exports to various regions, further enhancing the region's dominance in the market. Asia Pacific boasts a skilled labor force with expertise in various aspects of furniture production, including woodworking, upholstery, and design. This craftsmanship has contributed to the reputation of the region's furniture for quality and design excellence. Rapid urbanization and construction activities have led to a surge in real estate development across Asia Pacific. This has spurred demand for furniture to furnish new residential, commercial, and hospitality spaces. Many Asia Pacific countries have created favorable business environments, including tax incentives and regulatory support, to attract foreign investment in the furniture industry. This has encouraged the growth of local manufacturers and foreign companies establishing production facilities.

Market Players Insights:

Companies primarily focus on developing new types of expensive fixture items on a regular basis in order to entice individuals to purchase such things. This assists businesses in generating revenue from such products. In order to compete globally, they also focus on developing their business in overseas areas. Some of them are Steelcase Inc., MillerKnoll, Inc, Haworth Inc., Okamura Corporation, Krueger International, Inc, Vitra, Kinnarps Holding AB, Inter IKEA Systems B.V., Virco inc. and HNI Corporation.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Furniture with its value and forecast along with its segments
• Region-wise Stationery Products market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Material

• Wood
• Metal
• Plastic
• Glass
• Others

By product

• Beds
• Tables & Desks
• Sofa & Couch
• Chairs & Stools
• Cabinets & Shelves
• Other

By Category

• Indoor
• Outdoor

By Application

• Residential
• Office
• Hotel
• Others (Hospital Furniture)

By Distribution Channel

• Specialty Stores (Traditional Stores, Branded Furniture/Flagships Stores, Lifestyle Stores, Home Centers)
• Supermarkets and Hypermarkets (Department Stores, Discount Department Stores)
• Online
• Others (Office Supply Stores, Buying Through a Designer)

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the Furniture industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.