Furniture Market Size to grow by USD 136.6 billion between 2024-2028
According to a research report “ Furniture Market” by Product (Home, Office, Others) Distribution Channel (Offline, Online) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 136.6 billion, at a CAGR of 4.15% during the forecast period. The global furniture market is experiencing significant growth due to shifting consumer demographics, particularly in emerging economies. By 2050, an estimated 2.5 billion people are projected to reside in urban and semi-urban areas, with a 90% increase in Asia and Africa. This demographic shift, coupled with rising wages and income levels in countries such as China and India, where the GNI per capita increased from USD2,510 in 2007 to USD21,250 in 2022 (World Bank Group), is driving the demand for furniture products. Consequently, vendors are poised to benefit from this trend, as the increasing population and income levels in these regions translate into substantial sales opportunities..
Browse market data tables, figures, and in-depth TOC on “Furniture Market” by Product (Home, Office, Others) Distribution Channel (Offline, Online) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the Home segment is projected to dominate the market size in 2024
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By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024
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APAC is forecasted to hold the largest market size by region in 2024
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The Furniture Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The furniture market is experiencing significant growth due to infrastructure expansion and construction development in response to the increasing global population. With infrastructure growth comes an increased demand for both residential and commercial furniture. Furniture manufacturers are responding by offering customization features for their metal furniture, allowing customers to tailor their pieces to their specific needs and preferences. One sector of the furniture industry that is seeing particular growth is hospital furniture. As healthcare facilities expand to meet the demands of an aging population, there is a greater need for durable, functional, and comfortable hospital furniture. Another trend in the furniture market is the production of blinds and shades, mattresses, kitchen cabinets, and household furniture with multifunctional, foldable, and portable features. These designs cater to the growing emphasis on mental and physical wellness, allowing individuals to create flexible and adaptable living spaces that promote relaxation and productivity. Additionally, the bedroom furniture segment is witnessing increased demand due to the importance of creating a comfortable and restful environment. Overall, the furniture market is poised for continued growth as infrastructure expansion and population growth fuel the need for new and innovative furniture solutions.
Market Research Overview
The furniture market is experiencing a wider range of product definitions to cater to varying tastes and budgets. With infrastructure growth and infrastructure expansion, the global population's disposable incomes have increased, leading to a surge in demand for furniture. Furniture manufacturers are responding by offering competitive prices and customization features in metal furniture, such as iron, aluminum, and stainless steel, as well as stylish designs in plastic, wood, and multifunctional furniture. Outdoor furniture has gained popularity, with garden designs incorporating elegant metal pieces for a sophisticated look. The hospitality sector and real estate industry are significant consumers of furniture, driving the market's future perspectives. Collaborative initiatives between furniture manufacturers and skilled workers ensure a superior customer experience. Augmented reality technology is revolutionizing the furniture buying process, allowing consumers to visualize how pieces will look in their homes before purchasing. Specialty stores, flagship stores, and home centers offer a range of furniture options, from hospital furniture to blinds and shades, mattresses, kitchen cabinets, and household furniture. Foldable and portable furniture caters to mental and physical wellness, while the market also includes a variety of multifunctional furniture, meeting the needs of modern living spaces. The future of the furniture market is bright, with ongoing infrastructure developments and a focus on innovation and sustainability.
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Technavio Research
Jesse Maida
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