Factors such as rapid urbanization, rise in disposable
incomes, change in lifestyle preferences, e-commerce expansion,
technological advancements, and increased demand from the
hospitality and commercial sectors, collectively fuel the growth of
the furniture market.
WILMINGTON, Del., July 31,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Furniture Market by
Type (Residential, Office and Outdoor), Material (Wood, Metal and
Plastic), and Distribution Channel (Online Sales Channels and
Offline Stores): Global Opportunity Analysis and Industry Forecast,
2024-2034". According to the report, the furniture market was
valued at $556.3 billion in 2023, and
is estimated to reach $840.5 billion
by 2034, growing at a CAGR of 4.0% from 2024 to 2034.
Download Sample Pages of Research Overview:
https://www.alliedmarketresearch.com/request-sample/5147
Prime determinants of growth
The growth of the furniture market is fueled by increased demand
for residential and commercial furniture as populations migrate to
cities. Rising disposable incomes enable consumers to invest in
quality furniture, while changing lifestyle preferences favor
modern and functional designs. The expansion of e-commerce
platforms provides wider accessibility and convenience for
consumers to purchase furniture. Technological advancements, such
as smart furniture options and eco-friendly materials, appeal to
tech-savvy and environmentally conscious consumers. In addition,
the growth of the hospitality and commercial sectors drives demand
for various types of furniture, contributing to the overall
expansion of the market. These factors collectively fuel the
ongoing growth and evolution of the furniture industry.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast Period
|
2024–2034
|
Base Year
|
2023
|
Market Size In
2023
|
$556.3
Billion
|
Market Size In
2034
|
$840.5
Billion
|
CAGR
|
4.0 %
|
No. Of Pages In
Report
|
345
|
Segments
Covered
|
Type, Material,
Distribution Channel, And Region.
|
Drivers
|
- Urbanization And
Housing Development
- Rising Disposable
Incomes
- Changing Lifestyle
Trends
|
Opportunities
|
- Sustainable And
Eco-Friendly Furniture
- Customization And
Personalization
|
Restraint
|
- High Cost Of Raw
Materials
|
Procure Complete Report (345 Pages PDF with Insights, Charts,
Tables, and Figures):
https://tinyurl.com/3v6mnszm
Segment Highlights
The demand for residential furniture is driven by several
factors. Residential furniture includes a wide range of products,
including living room, bedroom, dining room, and kitchen furniture,
catering to diverse consumer needs and preferences within
households. In addition, rapid urbanization and housing development
worldwide have led to a significant increase in demand for
residential furniture as new homes are built and existing ones
undergo renovation. Rising disposable incomes, particularly in
emerging markets, have empowered consumers to invest in furnishing
their homes with quality and stylish furniture pieces, further
driving growth in this segment. Moreover, changing lifestyle
trends, such as the growing popularity of home decor and interior
design, have fueled consumer interest in upgrading and enhancing
their living spaces, boosting demand for residential furniture.
The demand for wood furniture is influenced by multiple factors.
Wood has been a preferred material for furniture for centuries due
to its durability, versatility, and timeless aesthetic appeal.
Consumers often perceive wood furniture as a symbol of quality and
craftsmanship, making it a popular choice for both traditional and
contemporary interior designs. In addition, wood furniture offers a
wide range of options in terms of types of wood, finishes, and
styles, catering to diverse consumer preferences and interior
design trends. From classic hardwoods like oak and maple to exotic
species such as teak and mahogany, wood furniture provides
versatility and customization options that appeal to a broad
spectrum of consumers. Moreover, the sustainability and
eco-friendliness of wood furniture further contribute to its
dominance in the market
The offline stores dominated the distribution channel segment.
Physical stores provide a tactile shopping experience that allows
customers to see, touch, and test furniture pieces before making a
purchase. This hands-on experience is particularly important for
furniture, as consumers often want to assess comfort, quality, and
craftsmanship in person. Moreover, offline stores offer
personalized assistance from sales staff who can provide expert
advice, answer questions, and assist with decision-making. This
level of customer service enhances the overall shopping experience
and builds trust between retailers and consumers. Furthermore,
furniture is often considered a high-involvement purchase, and many
consumers prefer the reassurance of physically visiting a store to
make such a significant investment. The ability to view furniture
in person also helps consumers visualize how pieces will fit into
their homes and existing decor, reducing the risk of
dissatisfaction with online purchases.
Regional Outlook
Asia-Pacific countries are
focused on rapid economic development and urbanization across
countries in Asia-Pacific have
fueled robust demand for furniture, driven by the need to furnish
new homes, offices, and commercial spaces. This surge in demand is
further amplified by rising disposable incomes and changing
lifestyle preferences, particularly among the rising middle class.
Moreover, Asia-Pacific boasts a
strong manufacturing base, with countries such as China, India,
and Vietnam being major producers
of furniture for both domestic and international markets. The
region's competitive advantage in terms of labor costs and
production capabilities has made it a hub for furniture
manufacturing and export. Furthermore, the diverse consumer
demographics and preferences within the Asia-Pacific region contribute to its
dominance in the furniture market, as manufacturers and retailers
tailor their products and marketing strategies to cater to varied
tastes and needs.
Want to Access the Statistical Data and Graphs, Key Players'
Strategies:
https://www.alliedmarketresearch.com/purchase-enquiry/5147
Players: -
- Inter IKEA Group
- Ashley Furniture Industries Inc.
- Durham Furniture Inc.
- American Signature
- Raymour & Flanigan
- Jason Furniture (HangZhou)
Co., Ltd
- Oppein Home Group Inc.
- La-Z-Boy Inc.
- Kimball International
- Williams-Sonoma, Inc.
The report provides a detailed analysis of these key players in
the global furniture market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to highlight the competitive scenario.
Recent Development:
- In February 2023, the Inter IKEA
Group launched a new transitional range featuring three collections
aimed at inspiring households to adopt more sustainable buying
habits. The collections, namely Vivid Wonderland, Glorious Green,
and Simple Serenity, are designed to encourage consumers to make
eco-friendly choices in their purchases.
- In September 2022, Durham
Furniture Inc. collaborated with Intiaro, a technology company
specializing in 3D solutions, to enhance the online and in-store
experience through advanced 3D strategy and visualization
tools.
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