The global furniture market size was evaluated at USD 702 billion in 2022 and is expected to hit around USD 1,255.99 billion by 2032, poised to grow at a CAGR of 5.99% during the forecast period 2023 to 2032.
Furniture generally refers to domestic or commercial equipment which is made from materials like wood, plastic, glass, marble, or pine. It can be used in living rooms in households or office cabinets for commercial purposes. Rising living standards in people and an increase in disposable income in upper and middle-class people tend to the higher demand for domestic luxury products. The rising population in urban and rural areas creates the need for furniture in day-to-day life these will anticipate the higher demand in the furniture market. Growing demand in the domestic as well as commercial sectors is anticipated to increase the growth of the market.
Furniture is the most essential part of households or the commercial also. The furniture is generally manufactured with various materials like wood, pine, marble glass, plastic, etc. There are many types of furniture that can be used for domestic as well as in commercial use like beds, sofas, couches, cabinets, chairs, tables, kitchen cabinets, dining table,s and of many types. Furniture can be made according to the need of the user. It can be made with the decorative process or it will be the simple as it is. Both domestic and commercial furniture are different from each other. Domestic furniture is made according to the size of the house or the choice of the consumer. While commercial furniture is made according to the business process it will an office cabinet or high-end industrial furniture is according to the requirement of the business.
The demand in the furniture market is increasing gradually due to the increase in disposable income of consumers and rising living standards in urban and rural areas resulting in the need for furniture like beds, sofas, couches, etc. The increasing demand in various industries like building and construction, hospitality, and domestic, and commercial industries. The rising infrastructural development in urban areas results in the growing demand for furniture in the domestic industry.
The growing real estate and construction industry in the urban area anticipated to grow the demand for the future. Increasing capital investment in the commercial sectors like office infrastructure and the rising need for office furniture like office cabinets, tables, chairs, tables, and various other types of equipment tends to drive the demand of the furniture market.
The development of e-commerce and new and stylish designs of furniture would attract consumers, and increase brand consciousness among the millennial generation in the furniture market would increase the market revenue in the upcoming period.
Report Scope of the Furniture Market:
|Market Size in 2023||USD 744.05 Billion|
|Market Size by 2032||USD 1,255.99 Billion|
|Growth Rate from 2023 to 2032||CAGR of 5.99%|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||By Product, By Material, and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Rising demand for furniture from the healthcare and commercial sectors
There are many types included in the furniture market. The furniture market could be divided into industrial, commercial, and domestic markets. All these market types and designs vary according to the size, needs, choices, and designs. The commercial sector is expected to lead the market owing to the rising demand for furniture in the office, malls, industries, factories, etc. Increasing demand for furniture in the office area like tables, chairs, office cabinets, and furniture in the cafeteria. Commercial furniture can be made from wood, glass, marble, pines, plastics, etc. The rise in the industrial and commercial industries in the urban area and continuous investment in the infrastructure of the office or industries anticipated the growth of the furniture market.
Additionally, the healthcare sector also contributes to the rise in the furniture market. The healthcare sector includes hospital furniture which includes patient-customized beds, doctor’s cabins, and furniture in the operation theaters, chairs, tables, etc. increase in the number of hospitals and other healthcare centers leads to a higher demand for furniture in the centers. The ever-growing healthcare sector is predicted to become one of the leading sectors in the furniture market.
Limitations with wooden furniture
Wooden furniture can be the greatest choice for furniture because of its durability and availability of raw materials. But there are some limitations in the wooden furniture also, it may gain moisture from the environment. Because of the moisture, it may create the fungus in it and become weakened by strength. Wooden furniture can be destroyed by the variety of pests that can be attracted to it. Pests like turbines, wood-devouring fungi, powder dust, carpenter bees, etc. can damage furniture and it is very expensive to eradicate. Wooden can be heavy material so it can be hard to move from one place to another it is also one of the hampering factors of the furniture market. Wood can be a greatly flammable in nature so it is not a good material for furniture in terms of safety concerns.
E-commerce has future opportunities in the furniture market
The emergence of online/e-commerce sites for furniture shopping is expected to open a plethora of opportunities in the furniture market during the forecast period. The presence of online sites for furniture shopping even made it possible for the global furniture market to sustain itself during the critical period of the Covid-19 pandemic. Indian market currently constitutes 3% of the overall online furniture market. While better internet connectivity, an increase in digitization and the digital economy support the e-retailer market to growth. The online furniture market is boosted due to the availability of customized design of furniture and affordability in cost. The growing awareness among the young generation of online shopping is also one of the major opportunities for the furniture market.
In the product segment, the bed segment has dominated the market in terms of market share in 2022. Shifting consumer preferences to luxurious home and bedroom decor are expected to maintain the dominance of bed segment during the forecast period. The expansion of furniture models, especially in the bed segment is observed to fuel the growth of the segment. Increasing trends in home interior projects across the globe are likely to drive market growth.
Tables and Desks show significant growth during the forecast period. The increased infrastructure of the commercial sectors results in a higher demand for tables and desks in the market. Additionally, the growing hospitality and hotels and restaurants in the urban area result in an increase in the segments' demand in the furniture market.
Sofas and couches is another attractive segment of the global furniture market. The growth of the segment is attributed to the high rise in the living standards of consumers which leads to the demand for sofas and couches, especially in the domestic sectors.
Wood material for furniture covers the largest market area in the field of the materials in furniture market. The properties of wood are one of the top factors which increase the demand for the material in the furniture market. The durability of wood-based furniture is high compared to other materials used for furniture. The raw material for the wood-based material is easy and efficient. There are some types of wood materials that would be used in the manufacturing of furniture including wooden panels, plywood, and particleboard. Wood material is used in the manufacturing of almost every time of furniture product including beds, sofas, kitchen furniture as well as commercial furniture.
Plastic furniture is estimated to grow during the forecast period. Due to its durability and low-cost material, there is a high demand for plastic-based furniture in the market. Though its lightweight property it is easily movable from one place to another it is also one of the major market growth factors in the furniture market.
Residential sectors show the highest growth in the furniture market. Increase in population and owing to the increased population there is continuous growth in the residential construction that will increase the demand of the furniture market. An increase in the demand for kitchen furniture, bedroom, and living room furniture leads to a higher demand in the furniture market in the residential sector.
Commercial sectors is expected to increase drastically over the forecast period. Due to the ever-going commercial sectors like restaurants, pubs, bars, and hospitals, there is an ever-growing demand for furniture which will significantly increase the demand for the furniture market in the commercial sector.
Asia Pacific is the largest marketplace for furniture products, the region is expected to dominate the global furniture market during the forecast period. It is anticipated to grow by 8.18% during the forecast period.
The growth of Asia Pacific in the market is attributed to the rising disposable income of the upper and middle-class consumers in the region. The increase in the demand for the domestic and commercial sectors for furniture will also be one of the top factors that are impacting the growth of the market. The increasing need for furniture in domestic sectors will accelerate the demand in the furniture market. Increasing construction industries in developing nations like India, China, and Japan will be anticipated to boost the demand for the furniture market.
North America expected to show a significant growth in the furniture market in the upcoming period. Increasing consumption of furniture in various industries like commercial, healthcare, domestic, and others, will anticipate the demand of the furniture market. The rapidly growing e-commerce businesses along with the availability of convenient online shopping for furniture products are considered major drivers for the market.
Middle East and Africa are the fastest growing regions in the global furniture market. Growing infrastructural development in countries like UAE and Saudi Arabia will significantly drive the furniture market in the upcoming era. Major market competitors are investing in these regions for better infrastructure. In addition, the emerging economies in the Middle East and Africa are observed to fuel the growth of furniture market during the analyzed period.
Market Key Players:
Segments Covered in the Report:
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client