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, 2019 – 2026

Published Date: Nov 2018  |  Report ID: GMI3024  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 415   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Furniture Market Size was over USD 575 billion in 2018 and will witness a CAGR around 5 % between 2019 and 2026.

Furniture Market

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Global furniture market is anticipated to gain high momentum in the projected time frame supported by growing infrastructural investments and economic growth of various developing nations. A huge part of this growth is expected to arise from Asian countries due to rapidly flourishing consumer market in countries such as china and India. Rising disposable income, changing lifestyles and technological innovations are few drivers behind the growth of global furniture industry.

Increasing construction activities majorly supported by smart city developments is increasing sales of advanced furniture throughout the globe. Residential sector emerged as the primary furniture consumer accounting for a share of nearly two-third in the overall demand. The U.S. residential construction growth will be highly influenced by pickup in single family growth in the upcoming years. Single family population has registered a growth of around 11.6 % in the year 2017 over the previous year. Furthermore, growing home sales in the region is also expected to support furniture demand. However, in Asian countries such as Indonesia, Thailand and Malaysia, rising tourism, supported by flourishing hospitality sector is the major driver for growth. Government projects in China such as Shantytown Redevelopment Project aiming to renovate over 54 million homes till 2020 can result in a huge addition to the overall furniture industry.

Up-surging labor cost can be a restraint to industry growth. For instance, according to current labor law trends, around 18 states across the U.S. witnessed a minimum wage increase of USD 15 per hour due to which workers are getting more leverage over the contractors. Increasing labor cost can hamper growth of construction industry which in turn can impact furniture demand.

Furniture Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 576.31 Billion (USD)
Historical Data for: 2016 to 2018 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 5.5% 2026 Value Projection: 886.83 Billion (USD)
Pages: 415 Tables, Charts & Figures: 425
Geographies covered (22): U.S., Canada, Germany, UK, Italy, France, Russia, Belgium, Poland, China, India, Japan, South Korea, Indonesia, Malaysia, Brazil, Mexico, Saudi Arabia, Qatar, UAE, South Africa
Segments covered: Material, Industry, Region
Companies covered (19): Ashley Furniture Industries, Steelcase, Okamura Corporation, Inter IKEA Group, Kohler CO., La-Z-Boy, Inc., Global Furniture Group, Heritage Home, Furniture Concepts, Haworth, Inc., Godrej & Boyce Manufacturing Co., Ltd., Herman Miller, Inc., HNI Corporation, Renaissance Furniture, Urban Office Interiors, Humanscale Corporation, McCarthy Group Ltd., Furniture Services, Inc., The Home Depot, Inc.
Growth Drivers:
  • Change in consumer buying behavior due to transformation in living styles across the globe
  • Rising replacement of aging infrastructure
  • Technological advancements in the furniture industry fueling market growth
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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Popularity of wooden furniture to hold sway

Furniture Market Comparison by Materials

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Wood is the most attractive raw material in the furniture market share accounting for over half of all furniture sales globally. The reason behind huge demand of the material resides in benefits offered by wood over other materials such as high strength & durability, ease of maintenance, cost effectiveness among many others. Wooden furniture design and styles are largely fashion driven. Choice of wood as well as accompanying color is quite a complex web. Manufacturers, retailers and consumers have a wide range of materials in choosing the product of their choice owing to various variety of woods available in the market for furniture production. In 2016, wooden furniture import accounted for around 85% of total furniture imports in U.S. The country’s furniture purchase has been growing fast in wooden bedroom furniture from the past few years.

Residential furniture leads consumer demand trends

Furniture for residential and commercial applications has been bifurcated separately. Globally, the preference towards smaller homes and apartments owing to increasing land prices & rents will boost growth. Hence, the requirement for space saving, multi-functional, and smart furniture is supporting the furniture industry development. Millennials and senior citizens are among the key demographic segments for the furniture sales growth. The demand for rented homes is higher among millennials, thereby uplifting the furniture market revenues. Apart from millennial population, need among senior citizens to live in a better home is also stimulating volume sales in residential sector. Penetration of online stores owing to higher discounts and reduced time for product delivery is supporting the market. Moreover, technological innovations resulting in need for smart furniture is another factor driving industry growth. Products such as charging table and using wireless charging technique in furniture is fueling the growth of smart furniture globally.

Asia Pacific witnessing the highest growth potential

Regional Demand Comparison

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Asia Pacific is the largest regional market for furniture owing to the fastest growing construction sector in the region along with abundance of raw materials. For instance, India has abundance of various species of trees whose wood are utilized for manufacturing furniture. Some major wood types used in the country are walnut, sheesham, redwood, teak, ebony etc. Teak is the major kind of wood used in producing furniture in India holding a share of around half of total furniture manufactured in the nation. The country also has abundance of rubber wood covering 520,000 hectares plantation which is growing by over 6,000 hectares every year. Adding further, China’s furniture industry has also grown by around 24% between 2000 and 2015. Currently China is the largest exporter of furniture worldwide. Furniture exports grew to USD 28.19 billion following a yearly increase of 1.69%.

Technological innovations leading industry growth

Technological innovation in manufacturing furniture is the key factor influencing product demand. Several companies are introducing smart furniture in their product portfolio to gain a competitive edge in the industry. In 2016, La-Z-Boy, Inc. introduced a rechargeable battery pack for recliners as a solution to serve customers who are facing challenges in placing furniture near power sockets. The technological advancement in the product landscape of the company will help in gaining high furniture market penetration. Furthermore, in 2018, Godrej & Boyce Manufacturing Co., Ltd. launched a range of space saving furniture named as “Transpose”. Launch of this new product helps the company in targeting customers small living spaces. The companies are also focusing on mergers and acquisition to gain a higher market share and strengthen their portfolio. In 2018, Steelcase, Inc. announced to acquire Orangebox Group Limited with the aim to expand its business in Europe and extend its product portfolio in modern furnishing.

Furniture research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand tons & revenue in USD billion from 2016 to 2026, for the following segments:

Furniture Market, By Material

  • Plastic
  • Wood
  • Metal
  • Other

Furniture 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

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

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

Frequently Asked Questions (FAQ) :

The market size of furniture was exceeded USD 575 billion in 2018.
The industry share of furniture is projected to expand at 5% CAGR during 2019 to 2026.
According to this report, Asia Pacific is the largest regional furniture market owing to the fast growing construction sector along with abundance of raw materials.
Report forecasts, global furniture industry will grow at more than 5% compound annual growth rate (CAGR) during 2019-2026.
Wood is the most attractive raw material in the furniture market accounting for over half of all furniture sales globally owing to huge demand of the material resides in benefits offered by wood over other materials such as high strength & durability, ease of maintenance, cost effectiveness among many others.
Report estimates, wooden furniture import accounted for around 85% of total furniture imports in U.S. in 2016. The country’s furniture purchase has been growing fast in wooden bedroom furniture from the past few years.

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Premium Report Details

  • Published Date: Nov 2018
  • Pages: 415
  • Tables: 400
  • Charts / Figures: 25
  • Companies covered: 19
  • Countries covered: 22

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