Global Furniture market is expected to reach US$ 949.04 billion by 2029. The same is anticipated to rise at a CAGR of 7.8% over the next years. Growing disposal income of consumers tends to rise at a slow but steady rate in various countries in Asia Pacific region. Countries such as India and China are becoming attractive destinations for setting up production or furniture manufacturing plants due to easier availability of affordable yet high-quality labor force and raw materials. Another factor that is driving the growth of furniture market is urbanization wherein the demand is triggered for furniture among the population in the Asia Pacific region. Countries such as Malaysia, Indonesia and India are witnessing economic transition due to increasing demand among consumers to lead a better lifestyle. It has been reported that this transition has led to shift in population from villages to cities that will eventually lead to a better lifestyle. The migration factor has increased the demand for residential and commercial buildings that is ultimately driving the growth of overall furniture market.
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Growing emphasis of social e-commerce has fueled the ability of online shopping which has increased the demand of global furniture market. More than half of social network users in the United States use their mobile devices and complete the purchases easily with the help of a single app social commerce is an avenue to enhance the shopping experience, and lead the consumer from the product discovery process to purchasing with the help of artificial intelligence. The technology helps the consumers to choose according to their preferences. This works particularly well for lifestyle retail categories such as furniture. The technological transformation and automation have also streamlined the workflow of the supply chain such as brands, manufacturers and retailers. The 3D and CGI visuals enable the client/consumers see the products in a detailed manner that helps in driving the demand of furniture product sales. The recent trend towards augmented reality (AR) is also influencing the furniture industry. Furniture shopping is meant to be visual in nature and this trend would emerge as a means to bridge the gap between the brick & mortar store and online shopping experience. The biggest restraint for most open office spaces is lack of privacy. This should essentially include areas that feature boundaries, private spaces and acoustical properties to create private huddle spaces, dedicated meeting areas and singular seating environments. For instance, CORT specializes in renting furniture to businesses both small & medium enterprises and large enterprises. This gives a flexible option for the small & medium enterprises whose businesses are growing quickly. Visual and acoustical privacy furniture elements such as chairs with top and side panels, furniture that can be reconfigured at a moment’s notice and desk panels/dividers that help block visual distractions and sound are some products that help in increasing the demand for commercial furniture market.
The Covid-19 pandemic situation has primarily aided the demand for online shopping. The crisis has essentially led the importance of digitalization and automation on both demand (consumer) and supply (manufacturer) trends. Personalized shopping experiences and competitive prices are pushing furniture manufacturers to innovate on their existing workflows. The post-COVID scenario has led the consumers to make improvement in their living space. The pandemic situation has forced the population to stay at home causing a sudden explosion in working-from-home and home schooling amongst others. This has led to a spike in consumer spending on furniture and home furnishings driving the demand for furniture market.
Furniture Market:
By Material
- Wood
- Metal
- Plastic
- Glass
- Steel
- Plywood
- Others
By Distribution Channel
- Online
- Offline
By Price Range
- High end price furniture
- Medium price range furniture
- Low price range furniture
By Application
- Residential
- Living and Dining
- Bedroom and Mattress
- Décor
- Storage
- Work from Home
- Others
- Commercial
- Office
- Educational Institutions
- Public dining and entertainment-type venues (restaurants, hotels, pubs and cafes, etc.)
- Medical
- Others
- Others (Stools and Bar Stools, TV Stands and Outdoor Furniture, etc.)
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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