Furniture Market - By Material (Plastic, Wood, Metal, Others), By Application (Residential & Commercial), By Price Range, By Distribution Channel, By Region, Forecast 2024 – 2032

Furniture Market Size

Furniture Market size was valued at USD 641.7 billion in 2023 and is estimated to grow at a CAGR of 5.1% from 2024 to 2032. This demand is driven by rising disposable incomes, growth of hospitality & housing sectors, and innovations in the furniture industry.
 

Rising disposable incomes allow consumers to upgrade their living & working spaces with stylish & long-lasting furnishings. This has increased the purchasing capacity, which allows for a greater emphasis on quality, design, and longevity. This has resulted in a growing preference for premium & well-crafted objects that are both functional and aesthetically pleasing.
 

In addition, advancements in the furniture sector, such as smart furniture and ergonomic designs, cater to the changing consumer preferences. While ergonomic designs promote health and comfort, smart furniture incorporates technology for enhanced convenience and efficiency. This reflects a modern lifestyle that appreciates both practicality and refinement. These patterns highlight how customer expectations are changing and how the industry is adapting to fulfill these needs by providing creative & high-quality solutions.
 

Strong competition in the market, driven by the existing brands and new entrants, can result in price wars that severely reduce profit margins for brands in the market. Manufacturers must constantly innovate and discover cost-effective ways to attract & retain customers in the contemporary competitive business environment. Additionally, constantly changing consumer tastes pose a significant challenge.
 

Furniture Market Trends

The growing environmental consciousness is increasing the demand for furniture that are made from sustainable materials and produced in an eco-friendly manner. Consumers are prioritizing products with a smaller environmental impact to reflect their views of sustainability and responsibility toward the environment. In addition to this, the incorporation of technology in furniture is gaining popularity. Smart workstations, adjustable beds, and automated recliners provide increased convenience, connectivity, and customization potential, thereby meeting the modern consumer demand for functional & innovative home solutions. These trends show a growing need for furniture that not only serves practical demands but also promotes a sustainable and technologically advanced lifestyle.
 

Furniture Market Analysis

Based on application, the global market is classified into residential and commercial. The residential segment dominated the market, accounting for USD 400.8 billion in 2023 and is expected to grow at a CAGR of 5% from 2024 to 2032. As a result of the rising homeownership rates, particularly in developing countries, the demand for household furnishings in growing. New homeowners are keen to invest in furnishing their homes, resulting in growing demand for various furniture. Furthermore, emerging trends in home improvement and renovation, driven by rising disposable incomes and a desire for personalized living spaces, contribute to increased residential furniture sales.
 

Based on distribution channel, the furniture market is classified into online and offline. The offline distribution channel dominated the market with 83.8% of the market share in 2023 and is expected to reach USD 818 billion over the forecast period of 2024-2032. The dominance of offline distribution channels in the furniture sector can be attributed to several important aspects such as shoppers frequently prefer the hands-on experience of physically viewing, handling, and experiencing furniture before making a purchase.
 

This hands-on experience enables consumers to evaluate the quality, comfort, and fit of the furniture for their needs. In addition, offline retailers provide products that are immediately available, allowing shoppers to take their purchases home/have them delivered quickly, which is an important aspect in purchasing decisions.
 

In the global furniture market, Asia Pacific accounted for the largest market share of USD 321.5 billion in 2023. It is projected to reach USD 513.1 million by the end of 2032. This development can be attributed to the rising disposable incomes of consumers, which allow them to invest more in high-quality furniture. Additionally, increased demand for living room furniture, followed by bedroom, kitchen, and dining furniture, is expected to drive further market expansion.
 

China is one of the world's leading producers of furniture, accounting for USD 7,128 million in 2023. China's industrial sector benefits from lower labor costs than many other countries. This cost advantage allows Chinese furniture makers to offer competitive pricing on their products globally.
 

The U.S. furniture market was valued at 73.3 million in 2023 and is anticipated to drive significant growth in the industry over the forecast period. Expansion of the housing market, including newly built homes and home renovations, increases the demand for furniture as homeowners fill newly renovated/enhanced spaces. For instance, according to the U.S. Census Bureau, the U.S. office construction spending reached to USD 81 billion in 2020 and is poised to witness approximately 6% growth since the year 2017.
 

Furniture Market Share

The furniture industry is highly fragmented in nature due to the presence of local and global players. In 2023, the market players, such as Williams Sonoma, Wayfair, Rooms To Go Inc, Restoration Hardware, Oppein Home Group, collectively held around 5%-10% market share. These prominent players are proactively involved in strategic endeavors such as mergers & acquisitions and facility expansions & collaborations to diversify the product portfolios, expand the customer base, and strengthen its market position.
 

Furniture Market Companies

Major players operating in the furniture industry are:

• Ashley Furniture Industries
• Godrej & Boyce Manufacturing Co., Ltd.
• Herman Miller, Inc.
• HNI Corporation
• Home Depot, Inc.
• Inter IKEA Group
• Kohler CO.
• La-Z-Boy, Inc.
• Nitori Holdings
• Okamura Corporation
• Oppein Home Group
• Restoration Hardware
• Rooms To Go Inc
• Steelcase
• Urban Office Interiors
• Wayfair
• Williams Sonoma
   

Furniture Industry News

• In February 2023, Vivid Wonderland, Glorious Green, and Simple Serenity are the three collections that Inter IKEA Group unveiled as part of its new transitional line to encourage households to make more environmentally friendly purchases.
   
• In September 2022, To enhance the new online and shop experience, Durham Furniture Inc. worked with 3D tech company Intiaro, focusing on 3D strategy and visualization tools.
   

The furniture market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) (Thousand Units) from 2021 to 2032, for the following segments:

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Market, By Application

• Residential
  • Upholstered furniture
  • Non-upholstered furniture
  • Bedroom
  • Kitchen cabinet
  • Dining room
  • Blinds & shades
  • Mattresses
• Others
• Commercial
  • Business/Office
  • Educational
  • Healthcare
  • Hospitality
• Others

Market, By Price Range

• High end price furniture
• Medium price range furniture
• Low price range furniture

Market, By Distribution Channel

• Online
• Offline

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA