Surge in disposable income, rise in infrastructure investment in both the residential and commercial sectors, and growing inclination of customers toward modular furniture drive the global furniture market.
Allied Market Research published a report, titled, ” Furniture Market by Type (RTA, Residential, and Commercial) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global furniture industry was estimated at $556.36 billion in 2020, and is anticipated to hit $877.43 billion by 2031, registering a CAGR of 3.8% from 2022 to 2031.
Drivers, restraints, and opportunities-
Surge in disposable income, rise in infrastructure investment in both the residential and commercial sectors, and growing inclination of customers toward modular furniture drive the global furniture market. On the other hand, increase in raw material prices and environmental restrictions associated with deforestation impede the growth to some extent. However, development of eco-friendly raw materials, developments in the E-commerce industry, and upsurge in disposable income of individuals are expected to create lucrative opportunities in the industry.
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Covid-19 Scenario-
- The outbreak of the pandemic led to huge disruptions in the supply chain. Also, the majority of manufacturing units came to temporary closure in order to comply with the concurrent rules & regulations, especially in the initial period. This, in turn, impacted the global furniture market negatively.
- However, the market is anticipated to revive soon.
The residential segment to dominate by 2031-
By type, the residential segment contributed to more than two-fifths of the global furniture market share in 2020 and is anticipated to retain its dominance by 2031. Improved global economy has heightened the expenditure capability of consumers which has heightened the sale of furniture items, this in turn, is driving the growth of the segment. The commercial segment, however, would showcase the fastest CAGR of 4.1% during the forecast period. Rising government expenditure on public facility propels the segment growth.
The specialty stores segment to rule the roost-
By distribution channel, the specialty stores segment accounted for nearly half of the global furniture market revenue in 2020 and is anticipated to retain the lion’s share by 2031. This is owing to the fact that wide range of furniture category is offered in specialty stores. However, the e-commerce segment would cite the fastest CAGR of 4.4% during the forecast period. This is owing to increase in association of internet and e-shopping with consumers in the developing economies.
North America held the major share in 2020-
By geography, North America garnered the major share in 2020, generating nearly two-fifths of the global furniture market. Surge in disposable income of people and growth of the real estate and hospitality industries in the region drive the market in the region. Simultaneously, Asia-Pacific would portray the fastest CAGR of 4.6% from 2022 to 2031. This is attributed to rapid rise in westernization and increase in infrastructural growth in the region.
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Key Players in the industry-
- Durham Furniture Inc.
- Masco Corporation
- Inter IKEA Systems BV
- Steelcase Inc.
- Okamura Corporation
- Haworth, Inc.
- HNI Corporation
- Kimball International, Inc.
- L. & J.G. STICKLEY, INC.
- Heritage Home Group LLC
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