Latest News- Furniture Market: Home is expected to lead the Product segment during 2025-2029

The Furniture Market is being driven by Evolving consumer demographics in emerging economies

The Furniture Market is expected to grow at a CAGR of 4.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 157.8 billion. The global furniture market is experiencing a notable trend towards inorganic growth strategies, with a heightened emphasis on mergers and acquisitions and strategic alliances among major players. This trend is driven by the imperative to expand market presence, augment product offerings, and optimize operational efficiencies. A prominent illustration of this trend is MasterBrand, Inc.'s acquisition of Supreme Cabinetry Brands, Inc. for USD520 million in May 2024. This strategic acquisition enables MasterBrand, through its subsidiary MasterBrand Cabinets, LLC, to expand its consumer base and dealer network, thereby enhancing operational efficiency and effectiveness. Furthermore, this acquisition extends MasterBrand's portfolio with a premium range of cabinetry offerings, notably in the resilient and attractive kitchen and bath categories. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Home
  • Office
  • Others
• Distribution Channel
  • Offline
  • Online
• Application
  • Commercial
  • Residential
• Material
  • Wood
  • Metal
  • Plastic
  • Glass
  • Upholstered
  • Others
• Style
  • Traditional
  • Modern/Contemporary
  • Rustic
  • Industrial
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Evolving consumer demographics in emerging economies
• Growth of organized detail
• Increase in residential and commercial construction

However, the market also witnesses some limitations, which are as follows:

• High volatility in raw material prices
• Supply Chain Complexity
• Long replacement cycle for furniture

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Market Scope in Furniture Market Research Report

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Research Analysis Overview

In the dynamic furniture market, material selection and component sourcing are crucial for creating high-quality furniture. Style trends and interior design principles guide furniture design, while space planning and retail strategies ensure customer satisfaction. Commercial fit-outs and contract furniture solutions cater to businesses, adhering to industry standards and safety regulations. The furniture product lifecycle includes waste management, packaging materials, and shipping methods. Modular systems, customized options, and restoration services add value, while maintenance tips, cleaning methods, and repair techniques preserve furniture's longevity. Wood preservation, metal finishing, fabric treatment, foam manufacturing, and upholstery stitching techniques enhance the overall quality of furniture.

Market Research Overview

The global home furnishings market encompasses businesses involved in the manufacturing and marketing of furniture, home decor, floor coverings, and related products. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers and retailers of consumer electronics, home furnishings, decorative items, household appliances, and other homeware merchandise. Key growth drivers for the home furnishings sector include the expansion of residential and commercial construction sectors, with an increasing number of new residential and commercial projects leading to heightened demand for new furniture and renovation projects in major economies such as the US, China, and India. Solid wood furniture and upholstered pieces will continue to be popular choices, with advancements in woodworking techniques and furniture manufacturing processes contributing to enhanced product offerings and customer appeal.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/