The latest report by IMARC Group, titled “Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global furniture market size reached US$ 655.6 Billion in 2022. Furniture is a movable article that supports various human activities, including sleeping, seating, and dining. It includes tables, chairs, desks, and cabinets that are used in houses, offices, or institutions. Furniture has also become a necessity in the educational sector with the new age of interactive classrooms. Nowadays, furniture is made from recycled items, like salvaged wood, textiles and wood pallets, and natural materials such as bamboo, rattan and seagrasses due to the rising environmental concerns. In recent years, the demand for furniture has also increased as it enhances the aesthetics of a space and provides functionality and comfort to the user.
Global Furniture Market Trends:
The global furniture market is primarily driven by the increasing demand from the real estate and hospitality industries. The rising disposable income levels and improving living standards are also encouraging consumers to spend on multi-utility furniture items with maximum storage space. Besides this, increasing investments in the tourism, healthcare, and education sectors are also fueling the demand for portable and adjustable furniture with easy reconfiguration. Furthermore, with the emerging work from home trend and online classes of children due to the outbreak of coronavirus disease (COVID-19), there has been a significant rise in the sales of ergonomically designed furniture, which helps prevent health and posture problems in adults and children. In addition to this, expanding e-commerce platforms have increased the availability of a variety of designs and models of furniture products, which is attracting a wider consumer base. Moreover, factors including the rising number of nuclear families, and the introduction of eco-friendly, versatile and multi-functional products that provide easy accommodation in small spaces, are also creating a favorable market outlook. Looking forward, the market is expected to reach a value of US$ 685.6 Billion by 2028.
- Based on the material, the market has been segmented into metal, wood, plastic, glass, and others.
- On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, specialty stores, online stores, and others.
- The market has been categorized based on the end use into residential and commercial segments.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Durham Furniture Inc., Haworth Inc. (Haworth International Ltd.), HNI Corporation, Inter IKEA Systems B.V. (Interogo Foundation), Kimball International Inc., Kohler Co., Masco Corporation, Okamura Corporation, Steelcase Inc., and Stickley Furniture Inc.
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