Furniture Market By Product Type (Tables, Chairs, Beds, Wardrobes, Sofas, Others), By Material Type (Wood, Plastic, Metal, Others), By End-use (Residential, Non-Residential), By Distribution Channel (Supermarkets, Hypermarkets, Specialty Stores, Online Channels, Departmental Stores) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Industry Outlook

The global market for furniture stood at US$ 491.2 Bn in 2017 and expected to reach US$ 726.7 Bn by 2026, expanding at a CAGR of 4.6% during the forecast period from 2018 to 2026. North America dominated the global furniture market in 2017, followed by Europe. However, Asia Pacific is identified as the fastest growing market for furniture during the forecast period.

Furniture is referred to portable objects that are intended to support human activities. They are made from a variety of materials that include wood, metal and plastic among others. Furniture contributes directly in improving the aesthetic value of homes and offices. The demand for various types of furniture has showcased tremendous growth over the past decade due to the growth of the construction sector all across the globe. For instance, the real estate industry in India is considered to be one of the most recognized sectors across the globe. Rising demand for office spaces and urban & semi-urban accommodations are some of the key drivers of the real estate sector in the country. According to the India Brand Equity Foundation (IBEF), the real estate sector in India expected to generate approximately US$ 180 Bn by 2020. These factors are greatly contributing to the growth of the furniture market in the country.

Moreover, the rising trend of home renting among millenials has resulted in the emergence of several furniture manufacturers who prefer in renting out their furniture. Rising home prices, growing student debts, and delay of millenials in starting a family has resulted in the purchase of homes being a low priority among this particular segment of population. This trend is prominent in the U.S. where more than 35% of the household heads rented their homes in 2016. Further, increasing number of single person households has paved the way for smaller homes which call for multi-functional, and space-saving furniture. These factors have greatly contributed to the growth of the furniture market. However, there is a prominent trend for pre-owned furniture, where price sensitive consumers usually prefer to buy pre-owned products, which is a key factor barring the growth of the furniture market.  

Market Synopsis: Value

Furniture Market

Based on Material, Wood is Expected to Continue Leading the Global Furniture Market in the Coming Years

Based on material, the global market for furniture was dominated by wood in 2017 and the segment is expected continue leading the furniture market throughout the forecast period. Growth in the real estate sector is high contributing to the growth of wood furniture across the globe. Moreover, changing lifestyle pattern of the millenials, rapid urbanization and longevity of baby boomers have augmented demand for wooden furniture. The wood segment is further bifurcated into softwood and hardwood, where the latter had a greater contribution to the total revenue of the furniture market in 2017. U.S. is a key market for wooden furniture, with growing demand for imports. Further, demand for wooden furniture in Europe is one the rise on account of growing demand for ethnic-design furniture for living rooms and bedrooms, small accent items and several ready-to-assemble products among others. Further, high demand for multi-functional and space saving furniture is also contributing to the growth of the wood furniture market in Europe. Moreover, demand for plastic furniture is also gaining significant traction in the market owing to their low cost, and they are particularly famous in countries in Asia Pacific.

Furniture Market

Online Channels, Based by Distribution Channel is Expected to Display Robust Growth in the Coming Years

Based by distribution channel, the online segment is expected to display the fastest growth during the forecast period from 2018 to 2026. Several companies are putting extra efforts on expanding their online channel network, by incorporating various benefits for consumers such as easy delivery and installation, same day delivery/pick-up and various others. Moreover, the growing trend of furniture rental is another key factor contributing to the growth of the online segment. Homeowners, with limited budget can rent their desired furniture through dedicated websites and it also takes a minimal toll on their pockets. Further, the manufacturers operating in the furniture industry also developed dedicated mobile apps that made purchase and renting of furniture much easier for the consumers, as they can browse and shop for such products through their smartphones.

Furniture Market

North America Expected to Continue Dominating the Furniture Market During the Forecast Period

The global market for furniture is dominated by North America in 2017, followed by Europe. Both these regions are expected to retain their respective positions throughout the forecast period. U.S. is considered to be one of the most important markets for furniture, especially wooden. Furniture imports in the U.S. has grown rapidly over the past few years, especially for bedroom furniture, living/dining room furniture, and kitchen furniture among others. Moreover, demand is also rising for occasional furniture such as wall stands, accent pieces and various others. The demand for such products rely heavily on imports as these types of furniture are easy to ship and can easily be made available in newer designs. Moreover, the growing number of single households in the country is another factor contributing to the growth of the furniture market. In 2016, more than 25% of the households were reported to be single person households and this trend is expected to rise significantly over the next decade. This trend has given rise to space saving and multi-functional furniture.

Asia Pacific is expected to display the fastest growth during the forecast period with China, India and Japan expected to display promising growth in the coming years. Changing need and preferences of the consumers in Japan has given rise to increased imports of furniture in the country. Furniture imports are expected to grow in the coming years as consumers are focusing more on the quality of the product rather than using price as the major criteria. Demand for furniture, especially wooden furniture in the country has become more diversified as consumers are seeking products that would suit their individual lifestyles, including design and color preferences.

Furniture Market

Expansion is a Key Strategy for Companies Operating in the Furniture Market

Key players operating in the global furniture market include IKEA, Williams-Sonoma Inc., Durham Furniture Inc., Ashley Furniture Industries, Steelcase, Kinnarps, AFC Systems, Creative Wood, Wipro Furniture, and Godrej Industries among others.

In August 2018, IKEA, one of the largest players operating in the furniture industry opened up a 400,000 square feet store in Hyderabad, India. This expansion was a result of the growing demand for various types of furniture in the country. Further, IKEA is also planning to open up 25 new stores in India by 2025, which would create a strong base for the company in the country. Further, in 2018, IKEA also marked its maiden presence in Latvia, and expanded its presence in U.K., North America, Middle East and Asia Pacific. The company is expected penetrate into 15 more locations by 2019.

Furniture Market

Historical & Forecast Period

2016 – Historical Year

2017 – Base Year

2018-2026 – Forecast Period

Our study analyzed each market segment during the period from 2016 to 2026 with 2017 as the base year. Forecast period between 2018 and 2026 considered for the CAGR calculation.

Report Scope

The report enlightens the thorough outline of global furniture market by categorizing the market in different segment given below:

Product Type Segment (2016–2026; US$ Bn)

  • Tables
  • Chairs
  • Beds
  • Wardrobes
  • Sofas
  • Others (wall stands, benches, accent pieces, etc.)

Material Type Segment (2016–2026; US$ Bn)

  • Wood
    • Hardwood
    • Softwood
  • Plastic
  • Metal
  • Others (glass, fiber, etc.)

End-use Segment (2016–2026; US$ Bn)

  • Residential
  • Non-residential

Distribution Channel Segment (2016–2026; US$ Bn)

  • Supermarkets
  • Hypermarkets
  • Specialty Stores
  • Online Channels
  • Departmental Stores

Geography Segment (2016–2026; US$ Bn)

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • Rest of Middle East & Africa

Furniture Market

This research report describes leading continents and their major countries, along with profiles of key players operating in overall market and their planned developments. Our report further defines the overall market dynamics such as drivers, challenges, and opportunities prevalent in the market to understand global furniture market more explicitly. Our in-depth quantitative and quantitative analysis of each segment up to country level highlights revenue pockets and investment opportunities in the market.

Key questions answered in this report

  • Who are the major manufacturers and distributors operating in the furniture market?
  • What are the largest segments in the market during the forecast period from 2018 to 2026?
  • Which are the fastest growing segments in the market for the forecast period?
  • What are the current market trends in the furniture market and valuable opportunities for the players?
  • How are the regulatory frameworks affecting the global as well as regional markets?
  • Which are the key players operating in the global market and the strategies adopted by them?
  • What is the market size and trend in emerging and developed markets?
Choose License Type
Trusted By
Published Date:  Nov 2018
Category:  Consumer Goods
Report ID:   58170
Report Format:   PDF
Pages:   120
Rating:    4.4 (65)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
24/7 Research Support