Furniture Market to Grow with a CAGR of 6.74% Globally through 2028

The global furniture market is a dynamic industry characterized by evolving consumer preferences, sustainability trends, and online sales growth, impacting traditional brick-and-mortar stores and supply chain logistics.

 

According to TechSci Research report, “Global Furniture Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Furniture Market stood at USD 672.5 Billion in 2022 and is anticipated to grow with a CAGR of 6.74% in the forecast period, 2024-2028. The global furniture market is a dynamic industry facing various challenges and opportunities. Major drivers include evolving consumer preferences, sustainability concerns, online retail growth, technological integration, and supply chain resilience. Key trends involve sustainable and eco-friendly designs, the rise of online shopping, multifunctional and space-saving solutions, smart furniture, global design influences, and customization. However, challenges like supply chain disruptions, changing consumer behavior, sustainability compliance, shorter product lifecycles, and economic fluctuations impact the industry. As the market continues to adapt, businesses must navigate these trends and challenges to succeed in an ever-evolving landscape. The global furniture market is propelled by several compelling drivers that collectively shape its trajectory and impact the strategies of industry participants. Evolving consumer preferences stand out as a primary force, steering the market toward designs that mirror changing lifestyles. As people increasingly prioritize comfort, functionality, and aesthetics in their living spaces, furniture manufacturers respond by innovating designs that align with these evolving expectations. Sustainability has emerged as a key driver, reflecting a broader societal shift toward eco-conscious choices. Consumers, more than ever, are seeking furniture that aligns with their environmental values. This has led to a surge in demand for sustainable materials, such as FSC-certified wood and recycled components. Manufacturers are compelled to adopt eco-friendly production processes, reduce waste, and embrace circular economy principles to meet this growing demand for sustainable furniture options. Online retail has transformed the furniture market, driven by the convenience it offers to consumers. The ease of browsing and purchasing furniture from digital platforms has significantly altered consumer behavior. The digitalization trend is accentuated by the COVID-19 pandemic, which accelerated the adoption of online shopping as lockdowns and social distancing measures prompted consumers to seek safer alternatives. Consequently, furniture companies are investing in user-friendly websites, virtual showrooms, and augmented reality applications to enhance the online shopping experience.

 

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Technological innovations play a pivotal role as a driver, with smart and tech-integrated furniture gaining traction. The rise of the smart home trend has influenced furniture designs, incorporating features like wireless charging stations, IoT connectivity, and automation. Consumers are drawn to furniture that seamlessly integrates with their connected lifestyles, enhancing functionality and convenience. This tech-driven evolution not only caters to the demands of modern consumers but also contributes to the broader narrative of the Internet of Things influencing various aspects of daily life. The global economic landscape and supply chain resilience are intertwined drivers influencing the furniture market. Economic conditions, including currency fluctuations and raw material price changes, impact production costs and, subsequently, retail prices. The COVID-19 pandemic underscored the vulnerabilities in global supply chains, prompting a reevaluation of sourcing strategies. As a result, businesses are now focusing on building more resilient supply chains that can adapt to disruptions, emphasizing the need for flexibility and agility in the face of unforeseen challenges. Multifunctional and space-saving designs are a response to the changing dynamics of urban living. With a global trend toward smaller living spaces, consumers seek furniture that maximizes utility without compromising on comfort. The demand for adaptable solutions has led to the creation of furniture with modular designs, built-in storage, and convertible features, catering to the practical needs of those living in compact environments. Global design influences are driving innovation and diversity in the furniture market. Consumers are exposed to a wide range of design aesthetics from around the world, leading to a fusion of styles and creating a rich tapestry of options. This globalized approach allows consumers to choose furniture that resonates with their cultural preferences and personal tastes. In conclusion, the global furniture market is navigating a landscape shaped by diverse drivers. From changing consumer preferences to the imperative of sustainability, the embrace of online retail, technological integration, economic factors, and the quest for multifunctional designs, these drivers collectively influence the strategies and offerings of furniture manufacturers and retailers worldwide. As the industry evolves, businesses that effectively harness these drivers will be better positioned to meet the dynamic demands of the market.

 

Major companies operating in Global Furniture Market are:

• IKEA
• Ashley Furniture Industries Inc.
• RH (Restoration Hardware)
• Williams-Sonoma, Inc.
• La-Z-Boy Inc.
• Raymour & Flanigan
• American Signature
• Oppein Home Group Inc.
• Jason Furniture (HangZhou) Co., Ltd
• Steelcase Inc.

 

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“The global furniture market is driven by evolving consumer preferences favoring comfort, functionality, and aesthetics. Sustainability is a compelling driver, with a growing demand for eco-friendly furniture materials and production practices. Online retail continues to expand, offering convenience and accessibility. Technological innovation leads to the integration of smart features in furniture. Economic factors impact costs and supply chain resilience, while multifunctional designs cater to urban living. Global design influences offer diverse style choices. These drivers collectively shape the furniture market, presenting both opportunities and challenges for industry stakeholders as they adapt to meet the evolving demands of consumers worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Furniture Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Beds, Tables & Desks, Sofa & Couch, Chairs & Stools, Cabinets & Shelves), By End User (Residential, Commercial), By Sales Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, Others), By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global Furniture Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Furniture Market.

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