Furniture Market Size By Material (Plastic, Wood, Metal), By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses], Commercial [Business/Office, Educational, Healthcare, Hospitality]), By Distribution Channel (Online, Offline), By Price Range (High End Price Furniture, Medium Price Range Furniture, Low Price Range Furniture), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Furniture Market size exceeded USD 545.78 billion in 2020 and is estimated to exhibit 5.4% CAGR from 2021 to 2027. The industry is forecast to cross 62,496.5 Kilo Tons volume by 2027, growing at around 4.8% growth rate.
 

Growing development of new residential projects across the globe is likely to drive the industry growth. The ongoing smart city developments along with growth of the construction industry is projected to create substantial demand for the furniture solutions. According to the International Data Corporation, the smart city projects across the globe are expected to interest technology investments of over USD 158 billion by 2022.
 

Get more details on this report - Request Free Sample PDF
 

Proliferating marketing campaigns with ready to use furniture for residential and commercial building accommodation will attract more consumers and better deals, propelling market expansion. Furniture manufacturers are anticipated to gain an advantage by entering into partnerships with construction companies.
 

Infrastructure expansion is the key factor prompting the economy of advanced and emerging countries. A country’s growth affects its financial aspects, thus supporting efficiency and boosting construction development. The economic development among the global population is a vital aspect for infrastructure growth followed by the increasing demand for residential & commercial place equipped with harm-resistant features.
 

The expansion of the hospitality and real estate sectors coupled with increasing disposable incomes, specifically in urban areas, is fueling the industry growth. Parallelly, leading global players have started to shift their production core to Asian countries such as India, China owing to inexpensive & skilled work force, which is likely to positively influence the furniture market outlook.
 

Offline distribution channels to dominate the global market

Offline distribution channels are set to generate around USD 647 billion by 2027 driven by the old-style medium of shopping. Many consumers choose to visit shops and experience the exact size & other aesthetics related to the products. The entry of key industry participants in developing countries to establish the retail stores are further surging the segment growth.
 

Lightweight and superior mechanical strength stimulate the metal based furniture demand

Get more details on this report - Request Free Sample PDF
 

The metal furniture segment held about 10% of the furniture market share in 2020 on account of the possible customization features. Stainless steel, aluminum, and iron are most commonly used in the making of outdoor furniture to enhance garden designs and it also provides elegance in customized designs due to the light shade properties of the metal.
 

Staggering increase in the construction of office & business space

Get more details on this report - Request Free Sample PDF
 

The business and office application is predicted to capture more than 40% of the commercial furniture market share in 2027, led by persistent economic expansion that results in enhanced corporate earnings, for both business and leisure travel.
 

Moreover, large projects planned by Amazon, Apple, Google, and other corporate giants, alongside investments in amusement and convention centers, are likely to boost the segment demand. 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. Furthermore, the growing consumption rate of ready to assemble, eco-friendly & designer furniture and premium furniture will contribute to the business expansion.
 

Asia Pacific to lead the market driven by rising construction industry

Get more details on this report - Request Free Sample PDF
 

Asia Pacific furniture market size generated over USD 270 billion in 2020 impelled by the expansion of the hospitality and real estate sectors coupled with increasing disposable incomes, specifically in urban areas. However, the abundance of low cost & skilled workforce enables Asian countries to retail their products in the international market at very competitive prices. Population growth, environmental impacts, and urbanization have surged the need for smart & sustainable infrastructure solutions. Growing building & construction spending due to the rising per-capita disposable income along with enhanced infrastructure in APAC will augment the product demand.
 

Commercial office space in India accounted around 600 million square feet in 2018, while office space leasing in the top eight cities is expected to cross 100 million square feet between 2018-20.
 

The industry to be highly fragmented

The furniture industry is highly fragmented owing to a large presence of industry players in regional and global levels. Numerous companies are involved in partnerships and collaborations to support their industry footprint. To capture a larger industry share, companies are anticipated to develop their supply chain network to profit from being customer-friendly. New entrants will surge steadily propelled by high-profit margins over the forecast timeframe. Mergers & acquisitions will be a key strategy among industry players to enhance their market share.
 

Some of the key manufacturers are Ashley Furniture Industries, Inter IKEA Group, Steelcase, Okamura Corporation, Herman Miller, Inc., Home Depot, Inc. La-Z-Boy, Inc., Godrej & Boyce Manufacturing Co., Ltd., Urban Office Interiors, Kohler CO. and HNI Corporation.
 

The market research report on furniture includes in-depth coverage of the industry with estimates & forecast in terms of volume in Thousand Tons and revenue in USD million from 2017 to 2027 for the following segments:

Market, By Material

• Plastic
• Wood
• Metal
• Others

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 Distribution Channel

• Online
• Offline

Market, By Price Range

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

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Russia
  • Belgium
  • Poland
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • Qatar
  • UAE
  • South Africa