The global furniture market is anticipated to grow at a significant CAGR of around 4.6% during the forecast period. The continued expansion of the building and construction industry is a primary market factor driving the global furniture market. It intends to improve the furniture market's growth in the current predicted years in a seamless manner. It is because of reason that the smart city projects are subjected to a quick investment strategy. For instance, in February 2022, London based planet smart city group, a firm that specializes in major projects that construct smart communities and affordable housing. announced its plan to raise 60 million euros to expand it's business in various countries. Planet's projects already have potential to transform the way people live in cities. Its success in Brazil, in which the first households are moving into its neighborhood, has established a distinct offering in compared to the majority of the real estate industry, especially in the inexpensive market category.

Impact of COVID-19 Pandemic on Global Furniture Market

The COVID 19 pandemic had a detrimental impact on export demand of furniture in international market. Consumer markets in Asia, Europe and the US gradually declined, and consumption expectations fell substantially. Foreign trade companies were frequently confronted with cancellations of orders by international buyers, particularly in the furniture industry, that has seen a significant drop in export volume due to demand-side factors, economic recession, and reduced consumer demand induced by the severe COVID-19 pandemic in Europe and the U.S. As COVID-19 spreads over the world, a general public policy response was to impose the temporary shutdown of non-essential economic activity, which has had a negative influence on the furniture industry.  

Segmental Outlook 

The global furniture market is segmented based on the material and end use. Based on the material, the market is segmented into wood, metal, plastic and glass. Based on the end use, the market is sub-segmented into the residential  and  commercial. The above mentioned segments can be customized as per the requirements.

Global Furniture Market Share by Material, 2020 (%)

The Wood Segment Holds the Major Share in the Global Furniture Market

It is anticipated that on the basis of material, wood segment will hold prominent share in the market growth during the forecast timeframe. Considering wood is an abundantly available raw material that can be used to make practically any form of furniture, it is a popular choice. The majority of wooden furniture is made by transforming raw wood. Therefore, it will hold largest share in the global furniture market growth. 

Regional Outlooks

The global furniture market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  The market can be analyzed for particular region or country level as per the requirement.

Global Furniture  Market Growth, by Region 2021-2027

The Asia-Pacific Region Holds the Major Share in the Global Furniture Market

It is anticipated that the Asia-Pacific region will have prominent contribution in the growth of the global furniture market due to various factors such as, high population and the rapid increase in residential construction. The increasing disposable incomes and the expansion of the hospitality sector will also drive the market growth in this region. The leading players of this region are also introducing their own unique online platforms, and some have formed collaborations with e-commerce channels to expand their network infrastructure, which is anticipated to boost the furniture market's development I region. 

Market Players Outlook

The major companies serving the global furniture market include Ashley Furniture Industries, Inc., HNI Corp., Kimball International, Inc., KOKUYO Co., Ltd., Masco Corp., Durham Furniture Inc., Haworth, Inc., Inter IKEA Systems B.V., OKAMURA Corp., Stickley Furniture Inc., Steelcase Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, IKEA has partnered with ASUS republic of gamers to create a new line of affordable gaming furnitures that will elevate the home gaming experience. The new gaming range is being designed in Shanghai, China, at the IKEA product development centre. IKEA and ROG designers and engineers held several workshops in Shanghai with professional gamers and gaming enthusiasts to probe the household furniture requirements of gamers and identify the list of functions required to ensure a strong gaming experience at home.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global furniture market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.