Categories: Market Research

Global Furniture Stores Market Size and Forecast 2024-2033|Steelcase Inc., HNI Corporation, Ashley Furniture Industries Inc., Inter IKEA Systems B.V., Herman Miller Inc

A wide angle of a furniture store with no people in. There is various different sofas and lamps and furniture on the shop floor for display purposes.

The Furniture Stores 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 Stores, The furniture stores market size has grown strongly in recent years. It will grow from $267.67 billion in 2023 to $288.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to housing market trends and homeownership rates, consumer spending and economic conditions, interior design trends and aesthetics, urbanization and small living spaces, population demographics and age groups.

The furniture stores market size is expected to see strong growth in the next few years. It will grow to $385.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to e-commerce and online furniture retail, sustainability and eco-friendly furniture, customization and personalization trends, flexible and multifunctional furniture designs, rising importance of home décor. Major trends in the forecast period include augmented reality for shopping, rise of direct-to-consumer brands, global supply chain challenges, health and wellness in design, experiential retail.

The increasing demand for furniture is expected to propel the growth of the furniture stores market going forward. Furniture refers to movable objects intended to support various human activities such as seating, eating, and storing items such as tables, chairs, desks, and cabinets. Due to rowing home decoration and renovation trends among the global population, the demand for furniture is rising which will propel the growth of the furniture stores. For instance, in February 2023, according to a report shared by Hollywood Mirror, a UK-based interior design company, the manufacturing of furniture generated about $3.22 billion. Additionally, in 2021, 5.58 million pieces of wooden bedroom furnishings were sold by UK manufacturers. Therefore, the increasing demand for furniture is driving the growth of the furniture stores market going forward.

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The furniture stores market covered in this report is segmented –

1) By Material: Wood, Metal, Plastic, Other Material types

2) By Price Range: High End Price Furniture, Medium Price Range Furniture, Low Price Range Furniture

3) By Distribution Channel: Home Centers, Flagships Stores, Specialty Stores, Online, Other Distribution Channels

4) By End-User: Residential, Office, Hotel, Other End-Users

Technological advancement is a key trend gaining popularity in the furniture stores market. Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in June 2022, IKEA, a Sweden-based home furnishings company, launched IKEA Kreativ, an AI-powered experience empowering customers to create lifelike room designs. IKEA Kreativ is software with spatial computing, machine learning, and 3D mixed reality technology that helps in room design. This advancement provides customers with the first lifelike, completely integrated way to design and visualize their living areas on smartphones and desktops.

The furniture stores market report table of contents includes:

1. Executive Summary

2. Furniture Stores Market Characteristics

3. Furniture Stores Market Trends And Strategies

4. Furniture Stores Market – Macro Economic Scenario

5. Global Furniture Stores Market Size and Growth

26. South America Furniture Stores Market

27. Brazil Furniture Stores Market

28. Middle East Furniture Stores Market

29. Africa Furniture Stores Market

30. Furniture Stores Market Competitive Landscape And Company Profiles

Top Major Players: