Furniture Market size worth over $750 Bn by 2026
Published Date: October 14, 2020 Authors: Kiran Pulidindi, Hemant Pandey
Furniture Market size is forecast to exceed USD 750 billion by 2026; according to a new research report by Global Market Insights, Inc.
Rising investments in residential buildings coupled with technological advancements and solutions are propelling the furniture industry growth. Rapid urbanization and increasing per capita income, especially in developing countries, are substantially complementing the market revenue. Regional expansion of renowned brands providing furniture at low costs will enhance product demand in residential applications. Rising living standards accompanied by an increasing count of hotels, educational institutions, and hospitals are surging the market penetration.
Additionally, the growing requirements for existing homes will fuel the industry growth during 2020 to 2026. As per the National Association of Realtors, the U.S. existing home sales are expected to grow at 4% in 2018. It is observed that the millennials are the largest consumer group for the U.S. furniture & bedding market. Augmenting demand for eco-friendly furniture among these age groups will boost the demand.
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Shifting focus on renovation projects in the residential sector is expected to boost the furniture market through 2026. Heavy investments in renovation, particularly in the Europe & the U.S., are expected to stimulate the market outlook. The growing count of incidences along with safety & security norms will fuel business demand through remodeling projects. North America and Europe accounted for the highest market share in the home improvement market at 57% and 29% respectively. France, Germany, Belgium, and the Netherlands are among the leading renovation markets in the region. According to the Bearing Point, the France renovation market is estimated at USD 8.14 billion.
Browse key industry insights spread across 415 pages with 400 market data tables & 16 figures & charts from the report, “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” in detail along with the table of contents:
The furniture market is expected to foresee a dynamic growth through 2026 driven by the continuously increasing construction and infrastructural expansion across the globe. The global urban population was around 3.7 billion in 2015 and the number is expected to double by 2050. With the rural population continuing to relocate, it is estimated that over 95% of rural to urban migration will happen by 2030, which is expected to ensure that urban infrastructure and construction spending trends remain on the rise as cities grow bigger to accommodate the population inflow.
The metal segment held around 12% furniture market share in 2019 owing to major features including top-quality material, numerous creative designs, high resiliency, long life, high strength, affordable, and high utilization of space. Additionally, fire prevention, moisture proof, and convenient outdoor usage will promulgate the demand for metal furniture.
Europe to account for more than 25% demand share in 2026
The European market has a strong presence in the region providing employment to over a million people in approximately 150,000 firms. Germany, Italy, France, and the UK are the major consumers while Poland has a considerable presence in production. The growing demand for high-end furniture in residential and commercial applications will further propel the market growth. Furthermore, favorable government policies, such as The Industrial Policy, are anticipated to further aid in market revenue generation.
Some of the key furniture market players 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.
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