Industry

Furniture Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Steelcase Inc., HNI Corporation, Ashley Furniture Industries Inc., Inter IKEA Systems B.V., Herman Miller Inc.

The Furniture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Furniture Global Market Report 2024, The furniture market size has grown strongly in recent years. It will grow from $752.22 billion in 2023 to $805.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to globalization of furniture manufacturing, economic growth and housing, sustainable and eco-friendly practices, demographic changes, rise of diy culture.

The furniture market size is expected to see strong growth in the next few years. It will grow to $1040.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to growing flexible and multifunctional designs, sustainable and circular furniture practices, wellness-oriented furniture, rental and secondhand furniture markets, focus on luxury and high-end furniture. Major trends in the forecast period include smart furniture integration, modular and customizable furniture, retro and vintage revival, biophilic design in furniture, multifunctional and space-saving designs.

The increasing real estate industry is expected to propel the growth of the furniture market going forward. The real estate sector encompasses various facets related to properties, including their construction, renting, valuation, promotion, and administration, spanning across commercial, residential, agricultural, and industrial properties. In the commercial real estate sector, businesses require furniture for offices, hotels, restaurants, retail stores, and other commercial spaces. As new commercial properties are developed or existing ones are renovated, there is a continuous demand for commercial furniture, including office desks, chairs, and restaurant seating. For instance, in September 2022, according to Trade Arabia, a Bahrain-based online business news and information portal, the nation outlined its intentions to construct in excess of 555,000 residential units, around 275,000 hotel rooms, over 4.3 million square meters of retail area, and more than 6.1 million square meters of fresh office space, all anticipated to be completed by 2030. Therefore, the increasing real estate industry will fuel furniture market growth.

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The furniture market covered in this report is segmented –

1) By Type: Institutional And Office Furniture, Household Furniture And Kitchen Cabinet, Mattresses, Blinds And Shades
2) By Type of Material: Metal, Wood, Other Materials
3) By Distribution Channel: Exclusive Showrooms, Online, Hypermarkets, Other Distribution Channels

Subsegments Covered: Institutional Furniture, Office Furniture, Household Furniture, Kitchen Cabinet, Mattresses, Blind And Shade

Major companies operating in the furniture market are focused on developing innovative products, such as transition ranges, to increase their profitability in the market. Transition range products are aimed at encouraging households to be more sustainable with their purchases by choosing longer-lasting items that can be used repeatedly. For instance, in September 2023, Inter IKEA Systems B.V., a Netherlands-based manufacturer and provider of wood-based furniture, launched three new collections as part of its Transitions range, which include Vivid Wonderland, Glorious Green, and Simple Serenity. The collections include items that create a feeling of tranquility and introduce elements of nature into the living space, such as gentle and natural fabrics, green decorative accents, and indoor plants.

The furniture market report table of contents includes: