Furniture Market to Reach Valuation of USD 800.3 Billion by 2030 – The Thriving Real Estate Industry in the Current Scenario and the Increase in Disposable Income Drives the Market Growth

In terms of revenue, the Global Furniture Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.5% from 2023 to 2030.

Several factors drive the global Furniture market. The growing population and increasing urbanization have led to an increase in consumer demand for residential and commercial spaces, which, in turn, has fueled the demand for Furniture. Additionally, significant rises in disposable incomes and changing lifestyles have increased the willingness of consumers to spend on home décor and Furniture. Another important driver is the increase in online retailing. The accessibility and convenience of e-commerce platforms have made it easier for customers to browse and buy Furniture. Moreover, the expansion of the middle class in emerging economies has shown an increased demand for affordable and stylish Furniture. The shift towards environmentally friendly and sustainable Furniture options has also influenced market growth. Consumers are concerned about the environmental effect of their purchases and, therefore, seek out Furniture made from eco-friendly materials. Lastly, the growth of the hospitality and tourism sectors has boosted demand for Furniture in hotels, restaurants, and other establishments. The increasing number of hotels and restaurants globally has positively impacted the Furniture market.

Key Highlights from the Report

· Based On Raw Material, the wood market segment is anticipated to dominate the Furniture market with the largest market share in the forecast period considering its popularity and longevity. 

· By Category, the Indoor market segment accounted for the maximum CAGR during the forecast period because of the rising home decoration and renovation trends among the global population.

· Based on End-User, the residential market segment dominated the Furniture market, which is anticipated to continue. owing to the rise in the global economy, which has increased the spending capacity of consumers, which, in turn, has led to a rise in sales of branded Furniture items in the market, is responsible for its rapid rise.    

· In terms of Region, Asia Pacific held the major market share in 2022 and is likely to be the most gainful market in the future. Elements including the growing population, a significant rise in disposable income, and changing lifestyle preferences are aiding this market expansion.  

Market Dynamics

The global Furniture market encompasses product production, sales, and distribution worldwide. It includes various categories such as residential, office, outdoor, and commercial Furniture. The market is driven by changing consumer lifestyles, growing urbanization, and increasing disposable incomes in emerging economies. 

Additionally, the demand for eco-friendly and sustainable Furniture options has increased. E-commerce has emerged as a significant channel for Furniture sales with the increasing popularity of online shopping.

The market is highly competitive, with companies constantly innovating and introducing new designs and styles to attract customers. Critical trends in the Furniture market include the growing popularity of eco-friendly and sustainable Furniture, the rise of online sales channels, and the increasing demand for multifunctional Furniture that maximizes space utilization. The COVID-19 pandemic has significantly impacted the global Furniture market, with disruptions in the supply chain and changes in consumer spending patterns. 

However, as people spend more time at home during lockdowns, there has been an increased demand for home office Furniture and products that enhance comfort in living spaces. However, Wooden Furniture is a popular choice due to its durability and availability of materials. However, it is susceptible to moisture, leading to fungus growth and weakened strength. Additionally, pests such as termites, fungi, powder dust, and carpenter bees can cause damage, requiring costly eradication. The weight of wood makes it difficult to move, hindering the Furniture market. Moreover, wood's flammability raises safety concerns, making it less suitable for Furniture. 

Asia Pacific Furniture market is expected to witness a noteworthy development with a significant growth rate over the analysis period. The growing population, significant rise in disposable income, and changing lifestyle preferences have contributed to the considerable growth of the Furniture market in this region. China is the leading market in the Asia Pacific region, mainly due to its massive population and increasing urbanization. The country has a solid manufacturing base and is a global Furniture exporter. Other countries in the region, such as India and Japan, also have a substantial market share in the Furniture industry. The Asia Pacific region offers immense opportunities for Furniture manufacturers and retailers due to the growing demand for residential and commercial Furniture. Increasing consumer awareness about sustainable and eco-friendly Furniture has also boosted the market in this region. Overall, the Asia Pacific region is poised to maintain its dominance in the global Furniture market, driven by economic growth, population expansion, and changing consumer preferences. 

The Global Furniture Market is Segmented as follows

• Raw Material
  • Wood
  • Metal
  • Plastic
  • Other Raw Materials
• Category
  • Indoor
  • Outdoor
• End-User
  • Residential
  • Office
  • Hotel
  • Other End-Users
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Furniture Market is

Harman Miller Inc. (U.S.), Steelcase Inc. (U.S.), HNI Corporation (U.S.), Ashley Furniture, Industries Inc. (U.S.), Duff & Phelps LLC. (U.S.), Global Furniture USA (U.S.), ZouYou (China), P & C ArteMobili SA (Brazil), Saudi Modern Factory Co. (Saudi Arabia), DEDON GmbH (Germany), Dare Studio (England)

The Global Furniture Market Scope can be Tabulated as below