Billion-Dollar Furniture Market to exhibit growth at a CAGR of 4.11% through 2023-2027

The Furniture Market is a billion-dollar industry in making with a forecasted revenue of USD 130.4 Bn. It is estimated the market will witness growth at a CAGR of 4.11% between 2022 and 2027. Evolving consumer demographics in emerging economies, growth of organized detail, and increase in residential and commercial construction are some of the eccentric growth drivers of the Furniture Market.

Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers that are likely to impact the market in focus. 

Furniture Market Segment Analysis 

Furniture Market: Segmentation Analysis

• The market segmentation of the Furniture Market can be done by product (home, office, and others), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and the Middle East and Africa.
• It is estimated that 48% of the growth of the global market during the forecast period will be generated from APAC owing to the onset of urbanization and rising disposable income in developing countries, mainly due to different government policies and initiatives including the Smart Cities Mission, the Swachh Bharat Mission (SBM), the Sardar Patel National Urban Housing Mission, etc in India.
• As per the forecast, the home segment is estimated to witness significant growth owing to factors such as rising disposable income among consumers and the increasing penetration of e-commerce in emerging economies are fuelling the growth of the living room segment which in turn contributes to the home segment.

Core Companies of the Furniture Market

When it comes to the core companies some of the prominent names worth mentioning are  Ashley Furniture Industries LLC, Bernhardt Furniture Co., Dare Studio Ltd., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., etc that comes with wide variety of products and services. Our report includes qualitative and quantitative analyses of market leaders with a wider understanding of the business ecosystem.

For more insights into this market: Download Technavio's Sample Report. Our custom reports provide market insights at the global and regional level along with pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerating at a CAGR of almost 4.11%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by USD 130.4 mn through 2023-2027.
    
3. What is a key factor driving this market?
   Evolving consumer demographics in emerging economies will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   APAC, Europe, North America, South America, and the Middle East and, Africa are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   48% growth will originate from APAC