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]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2020  |  Report ID: GMI3024  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 415   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Furniture Market size valued at around USD 609.7 billion in 2019 and will exhibit a growth rate of over 5.4% from 2020 to 2026. The rapid expansion of the construction sector coupled with investments in smart city projects is expected to create new opportunities for the furniture industry.

Increasing marketing campaigns for commercial & residential building accommodation with ready to use furniture to attract more buyers and do better deals are likely to propel market development. Infrastructure development is a main factor influencing the economy of developed and developing nations. The country’s development affects its economic aspects, thereby supporting productivity and boosting construction expansion. The economic progress among the global population is another important factor for infrastructure growth.

Furniture Market

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The rising demand for commercial & residential spaces equipped with harm-resistant features is among the key factors fueling the furniture demand. An increase in the middle-class income along with government investments pertaining to infrastructure developments will further improve the industry size.

Opportunities are emerging across various parts of the developing economies, where high disposable income plays an important role. The industry constantly strives to advance and present products that will appeal to a variety of lifestyles and individuals on a global market. Various factors are considered by industry players including economic factors, consumer income, shifting lifestyles, and fluctuating urban landscapes. However, limited availability of skilled labor and the growing cost of production is some of the major factors restraining the market growth.

The evident opening up of the market was a significant structural revolution, affecting the sector in the last decade. This is owing to factors such as declining tariffs, expansion of leading retail chains internationally, penetration in developing economies, partnerships between foreign suppliers, and large-scale distributors (e.g., Asian OEMs and the U.S. retailers), improvements in logistics and infrastructure, receding per capita spending in developed economies specifically during and post-recession, and the consequent growth in demand for low-price items that are produced in Asia.

Almost 20% of total furniture production in the world is provided by approximately 200 major furniture manufacturing companies, out of which, 14 hold a significant share. These foremost players have a worldwide presence, confirming the globalization of the industry. About 57 companies are headquartered in developing economies and 143 are based in developed economies. Each company generally has around six plants and the count increases as the company grows.

Moreover, the way in which production and other operations are systematized depend on factors such as company specialization, geographical location, and the structure where the company has a more complex operational framework. As per analysis, about 40% of the 200 furniture companies have manufacturing units outside the country where they are headquartered.

Furniture Market Report Coverage
Report Coverage Details
Base Year:2019Historical Data for:2016 to 2019
Market Size in 2019:USD 609.7 BillionForecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:5.4%No. of Pages:415
2026 Value Projection:750.3 Billion Tables, Charts & Figures:416
Geographies covered (21):U.S., Canada, Germany, UK, France, Italy, Belgium, Poland, Russia, China, India, South Korea, Japan, Indonesia, Malaysia, Brazil, Mexico, South Africa, Qatar, Saudi Arabia, UAE
Segments covered:Material, Application, Region
Growth Drivers:
  • Change in consumer buying behavior due to transformation in living styles across the globe
  • Rising replacement of aging infrastructure
Pitfalls & Challenges:
  • Limited availability of skilled labor to meet fluctuating consumer demand
  • Increasing cost and need to enhance supply chain visibility and efficiency

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Indispensable use of wood will complement furniture market growth

Wood material held a market share of around 60% in 2019 and is projected to observe 5.1% CAGR during 2020 to 2026. Wood has various advantages such as better appearance in comparison to their counterparts. Wooden framing is the preferred choice of architectural and construction firms in their endeavors to build a ‘Green Building’, through the use of environmental-friendly materials.

The other material segment includes composite materials such as wood plastic, bamboo, glass, and cane. These materials are gaining popularity due to the rising demand for durable & lightweight products in construction sector. Bamboo fibers are utilized in residential buildings on account of their strength, cost, and flexibility. The other furniture material segment is predicted to capture 10% market revenue share in 2026.

Growing demand for furniture in the residential segment

Global Furniture Market By Application

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The residential application dominated the global furniture market in 2019 and is estimated to hold above 60% share in 2026. Rapid sales in convertibles and single sofas will contribute to a steady market growth. Increasing exports and imports of luxurious and comfortable furniture driven by rising consumer disposable income and changing lifestyles are enhancing the upholstered furniture demand.

Asia Pacific to generate substantial revenue gains

Global Furniture Market By Region

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Asia Pacific furniture market accounted more than 48% revenue share in 2019. Rapid urbanization along with improving consumer socio-economic factors is the major factor behind such massive demand share in the recent years.

North America market is set to witness lucrative growth through 2026 propelled by improved construction spending from consumers. Infrastructure development is likely to surge the construction of residential and commercial buildings fostering furniture demand. Hotels, schools, colleges, hospitals, and commercial office spaces will offer excellent market growth opportunities.

Mergers and acquisitions are major strategic outlooks of the market

Some of the key furniture market companies include Herman Miller, Inc., The Home Depot, Inc., Renaissance Furniture, Global Furniture Group, Heritage Home, Inter Kohler CO, La-Z-Boy, IKEA Group, Okamura Corporation, Ashley Furniture Industries, Inc., Furniture Concepts, Haworth, Inc., HNI Corporation Godrej & Boyce Manufacturing Co., Urban Office Interiors, Humanscale Corporation, McCarthy Group, and Furniture Services, Inc., among others.

In September 2018, Steelcase, Inc. acquired Orangebox Group Limited, a furniture manufacturer based in the UK. This strategic initiative will help the company in expanding its business across Europe and enhancing its product portfolio with modern office furnishing designs.

This market research report on furniture includes in-depth coverage of the industry with estimates & forecast in terms of volume in Thousand square meters & revenue in USD Million from 2015 to 2026 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 Region:

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

Frequently Asked Questions (FAQ) :

In 2019, the furniture market share valued at about USD 609.7 billion and will witness a 5.4% growth rate through 2026.
Wood material dominated the market with around 60% share in 2019 and is anticipated to grow at 5.1% CAGR through 2026.
The residential application segment is estimated to hold about a 60% share in 2026. The increasing consumer disposable income and changing lifestyles are boosting the upholstered furniture demand, further propelling the industry growth.
APAC held over 48% of the global market share in 2019 and is projected to flourish in the coming years.

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Premium Report Details

  • Published Date: Oct 2020
  • Pages: 415
  • Tables: 400
  • Charts / Figures: 16
  • Companies covered: 19
  • Countries covered: 21

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