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Furniture - Worldwide

Worldwide

Highlights

The Furniture market worldwide is projected to generate a revenue of US$770.40bn in 2024.
Based on the Compound Annual Growth Rate (CAGR) from 2024 to 2029, the market is expected to grow at a rate of 3.74% annually.
Among the various segments in the market, the largest segment is Living Room Furniture, which is estimated to have a market volume of US$223.50bn in 2024.
When comparing revenue on a global scale, United States leads the way with a projected revenue of US$264bn in 2024.
Taking into account the total population figures, the per person revenue generated in 2024 is approximately US$99.42.
The furniture market in China is experiencing a surge in demand due to the urbanization and rising disposable income of its population.

Key regions:

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Furniture market Worldwide has been experiencing significant growth in recent years.

Customer preferences: for furniture have been shifting towards more modern and minimalist designs, as well as sustainable and eco-friendly materials. This trend is driven by a growing awareness of the importance of sustainable living and a desire for furniture that is both aesthetically pleasing and environmentally friendly. Additionally, there has been an increasing demand for multifunctional furniture that can maximize space in smaller living environments.

Trends in the market: One of the key trends in the Worldwide furniture market is the rise of online shopping. With the advent of e-commerce platforms, customers now have access to a wide range of furniture options from the comfort of their own homes. This convenience factor has led to a significant increase in online furniture sales, with many customers opting to purchase furniture online rather than visiting physical stores. This trend is expected to continue as more consumers become comfortable with online shopping and as e-commerce platforms continue to improve their user experience. Another trend in the Worldwide furniture market is the growing popularity of customization. Customers are increasingly looking for furniture that is unique and personalized to their individual tastes and preferences. This trend is driven by the desire for self-expression and the need for furniture that fits seamlessly into the overall design aesthetic of a space. As a result, many furniture retailers now offer customization options, allowing customers to choose from a range of materials, colors, and finishes to create their ideal piece of furniture.

Local special circumstances: the Worldwide furniture market is highly competitive, with both local and international players vying for market share. Local furniture manufacturers often face challenges such as high production costs and limited resources, which can impact their ability to compete with larger international brands. However, local manufacturers can also take advantage of their knowledge of local customer preferences and tailor their products to meet the specific needs of the market.

Underlying macroeconomic factors: also play a role in the development of the Worldwide furniture market. Economic growth and rising disposable incomes are key drivers of furniture sales, as consumers have more money to spend on home furnishings. Additionally, urbanization and population growth are leading to an increase in housing construction and renovation projects, which in turn drives demand for furniture. On the other hand, economic downturns and fluctuations in exchange rates can have a negative impact on the furniture market, as consumers may cut back on non-essential purchases. Overall, the Furniture market Worldwide is experiencing growth due to changing customer preferences, the rise of online shopping, and the demand for customization. Local special circumstances and macroeconomic factors also play a role in shaping the market. As the market continues to evolve, furniture retailers will need to stay attuned to these trends and adapt their strategies to meet the changing needs of customers.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.