The global furniture market size was USD 541.52 billion in 2023. The market is projected to grow USD 780.43 billion by 2030 at a CAGR of 5.36% in the 2024-2030 period. This information is provided by Fortune Business Insights™, in its report, titled, “Furniture Market, 2024-2030.”

According to our analysts, rising home decoration and renovation trends among the global population are principally promoting the demand for such products.

Information Source: https://www.fortunebusinessinsights.com/furniture-market-106357 

Top Key Companies Covered in the Furniture Market:

• Harman Miller Inc. (Michigan, U.S.)
• Steelcase Inc. (Michigan, U.S.)
• HNI Corporation (Lowa, US)
• Ashley Furniture Industries Inc. (Wisconsin, U.S.)
• Duff & Phelps, LLC. (New York, U.S.)
• Global Furniture USA (New Jersey, U.S.)
• ZouYou (Shenzhen, China)
• P & C ArteMobili SA (Nova Prata, Brazil)
• Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
• DEDON GmbH (Luneburg, Germany)
• Dare Studio (Worthing, England)

Report Coverage

The report offers valuable insights obtained by thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the virtual reality market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.

Segmentation

By Material, the global market is divided into:

• Wood
• Metal
• Plastic
• Others

By Category, the market is segregated into:

• Indoor
• Outdoor

By End-User, the market is categorized into:

• Residential
• Office
• Hotel
• Others

By Region, the global market is branched into:

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Driving Factors

Steady Launch of Groundbreaking and Lavish Furniture Pieces to Spur Growth

Intermittent presentation of companies’ elite home facilities is anticipated to entice people to purchase them, consequently fueling the demand for these products. For example, in February 2020, BAXTER, which is an Italian home fitting products company, along with Sources Unlimited, its Indian provider, unveiled radical, lavish, and greatly crafted fixture items in India. This is expected to spur the furniture market growth.

Regional Insights

Asia Pacific to Hold Dominant Position in the Market through 2028

Asia Pacific market was worth USD 223.9 billion in 2020. The largest furniture market share of the Asia Pacific region is accredited to several wood furniture producers in nations such as China and India.

North America holds a substantial share of the market owing to the large usage of such products among the U.S. and Canadian populations, leading to greater product incomes from such regions.

Significant growth of the European region is accredited to the rising utilization of wood-based furnishing pieces among the population in nations such as the U.K. and Germany.

Competitive Landscape

Collaborations among Corporations to Safeguard Their Brand Values in the Global Market

Fundamental players in the market are incessantly choosing operative tactics to endorse their products and institute their positions in the market. One such tactic is to unveil novel products by teaming up with other companies to expand their reach to end-users.

Industry Development

May 2020: Theodore Alexander USA, Inc., who is a console table and chair products producer, teamed up with Ralph Lauren Corporation, a vital U.S.-based fashion products company, to extend its business through the partner’s retail fashion stores based in the U.S.