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 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 secure operational efficiencies. A prime illustration of this trend is the recent acquisition of Supreme Cabinetry Brands, Inc. by MasterBrand, Inc.'s subsidiary, MasterBrand Cabinets, LLC, for USD520 million in May 2024. This strategic maneuver extends MasterBrand's consumer base and enhances its dealer network, consequently improving operational efficiency and effectiveness. Moreover, this acquisition broadens MasterBrand's portfolio with premium cabinetry offerings, notably in the resilient and alluring 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

The Furniture Market is undergoing a digital transformation with the integration of smart home technology and email marketing. Industry analysis reveals pricing strategies, subscription services, and brand building as key trends. Customer segmentation, manufacturing technology, DIY kits, and content marketing are also shaping the industry. Influencer marketing, social media, and customer service are essential for engagement. Furniture distribution covers various segments: for kids, housing projects, offline stores, and commercial spaces. Market analysis, design trends, and buying guides cater to large spaces, while care tips, assembly services, and industry news address small spaces. Outdoor living and rental services complete the market landscape. Cultural trends influence design inspiration, and delivery services ensure seamless shopping experiences.

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's market analysis, the market size is determined by the collective revenue generated by manufacturers and retailers of consumer electronics, home furnishings, decorative items, household appliances, and other homeware. Factors fueling market expansion include the growing residential and commercial construction sectors, with infrastructure development leading to an increase in sales of new furniture and renovation projects in key regions such as the US, China, and India. Furthermore, the trend towards modernizing living spaces and the subsequent investor interest in multi-brand retail platforms are significantly influencing customer preferences, driving material trends, and elevating the average basket value.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/