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 noteworthy trend towards inorganic growth strategies, marked by a spike in mergers and acquisitions and strategic alliances among major players. This trend is fueled by the imperative to expand market presence, augment product offerings, and attain operational efficiencies. A notable instance of this trend is MasterBrand, Inc.'s acquisition of Supreme Cabinetry Brands, Inc. in May 2024, for USD520 million. This strategic maneuver extends MasterBrand's consumer base and enhances its dealer network, thereby improving operational efficiency and effectiveness. Furthermore, this acquisition broadens MasterBrand's portfolio with premium cabinetry offerings, specifically in the resilient and attractive kitchen and bath categories.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
215 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
Market growth 2025-2029 |
USD 157.8 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
4.2 |
Key countries |
US, China, Japan, India, South Korea, UK, Germany, Canada, France, and Australia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Furniture Market is witnessing a shift towards smart home solutions, with email marketing and logistics playing crucial roles in delivering these innovative products. Rental services, industry analysis, and pricing strategies are also key areas of focus. Subscription services and brand building are essential for customer retention, while flexible options, customer segmentation, and warranty ensure customer satisfaction. Manufacturing technology, DIY kits, upcycled furniture, and eco-friendly materials are trending. Content marketing, customer service, SEO, influencer marketing, PPC, and social media marketing are effective marketing strategies. Secondhand furniture, furniture distribution, and delivery services cater to various customer needs. For kids, for commercial spaces, office furniture, housing projects, staging, and offline stores offer diverse solutions. Care tips, assembly services, industry news, repair, and sustainable housing projects are additional offerings. Multifunctional, stylish, and culturally relevant designs cater to changing cultural trends.
The global home furnishings market encompasses businesses involved in the manufacturing and retail of furniture, home decor, floor coverings, and related products. According to Technavio, market size is determined by the consolidated revenue generated by manufacturers and marketers of consumer electronics, home furnishings, decorative items, household appliances, and other homeware. Market expansion will be fueled by several factors, including the surge in residential and commercial construction projects, leading to increased demand for new furniture and renovation projects in major economies such as the US, China, and India. Additionally, the trend towards modernizing living spaces and the growing interest from investors in the multi-brand retail sector are significant market growth drivers. Manufacturers focusing on enhancing customer experience through innovative designs and sustainable materials, such as wood, will further propel market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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Email: media@technavio.com
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