Furniture Market size was estimated at $534 billion in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Furniture market has witnessed huge demand for its role in comfort, aesthetics, and functionality in living spaces. Furniture market includes sale of furniture by various entities that manufacture furniture including Accent Chairs, Hoosier Cabin, Fainting Couch, desks, various cabinets or fixtures that are used in spa, laboratories, office, restaurants, residential purpose, outdoor, library, stores and many other places to support human activities. Various types of materials are used in making a furniture, such as plastic, wood, metal, silver and other.
Competitive Landscape:
The top 5 players in the Furniture industry are –
1. The Home Depot, Inc
2. Herman Miller, Inc
3. Global Furniture Group
4. Renaissance Furniture
5. Inter Kohler CO
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Segmental Analysis:
1. The wood segment has accounted for largest revenue market share in 2020. This is mainly attributed to high usage of wood in making more furniture for various applications like Accent chairs, Hoosier cabin, fainting couch, office furniture, etc.
2. The residential segment accounted the largest revenue market share in 2020 owing to the wide range of applications of furniture for residential purpose like for dinning, kitchen Hoosier cabin, living room accent chair, fainting couch, bedroom and other purposes.
3. Based on Geography, Asia-Pacific Furniture Market accounted for the 42% revenue share in 2020. This is majorly attributed to the growing disposable income of consumers in this region. Asia-Pacific is considered to be the largest region in furniture market globally, owing to the growing demand for online shopping where manufacturers sell their furniture.
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Report Coverage |
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Report Attributes |
Details |
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By Material Type |
Wood, Metal, Plastic, Glass and Others.
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By Distribution Channel |
Home Centres, Flagships Stores, Specialty Stores, Online and Others.
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By End User |
Commercial- Upholstered furniture, Non-upholstered furniture, Bedroom, Kitchen cabinet, Dining room, Blinds & shades, Mattresses and Others and Residential- Business/office, Educational, Healthcare, Hospitality and Others.
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By Geography |
North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina and Rest of South America), and Rest of the World (Middle East and Africa).
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Market Drivers and Challenges:
1. The rising demand for multi-functional furniture that offers excellent features such as maximizing the storage space, attractive design, innovative ideas in making them to save space and increasing consumer expenditure on domestic furniture has propelled the demand for luxury furniture are driving the market growth.
2. The lack of skilled labour to manufacture the furniture coupled with the poor transportation facilities are projected to hamper the market growth.
3. The products offered by the unorganized players in the market at cheap price in the market compared to the well established players of the market is hampering the market growth. These unorganized player sell their furniture at local shops at low price resulting in decreased sales of branded furniture.
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