Furniture Market to grow by USD 130.4 billion from 2022 to 2027 | Evolving consumer demographics in emerging economies to boost the market growth- Technavio

NEW YORK, Sept. 11, 2023 /PRNewswire/ — The furniture market size is expected to grow by USD 130.4 billion from 2022 to 2027, progressing at a CAGR of 4.11% as per the latest Technavio market research report. The report has been segmented by product (Home, Office, and Others), distribution channel (Offline and Online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The evolving consumer demographics in emerging economies are notably driving market growth. The process of rapid urbanization has yielded a steady increase in wages and income levels globally, notably prominent in nations like China and India. Based on data from The World Bank Group, China’s gross national income (GNI) per capita surged from USD 2,510 million in 2007 to USD 10,390 million in 2019. Governments in countries such as India are actively directing efforts toward the development of skyscrapers and affordable housing, expected to be a driving force behind the expansion of the global furniture market over the forecast period. The growth of double-income households in emerging economies is another pivotal factor shaping consumer demographics. This evolution in consumer demographics within emerging economies stands as a crucial stimulus to propelling the market’s growth during the projected forecast period. Discover insights on market size before buying full report- Download sample report

Furniture Market: Segment Overview
This market research report segments the furniture market by product (Home, Office, and Others), distribution channel (Offline and Online), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The furniture market share growth in the home segment will be significant during the forecast period. The migration of individuals to urban centers in developing economies like China and India is correlating with a higher propensity to procure furniture and furnishings for their residences. This trend is substantiating the upsurge in new product sales within the market. Furthermore, escalating governmental endeavors targeted at urban housing expansion, exemplified by initiatives like India’s Sardar Patel National Urban Housing Mission, are anticipated to accentuate the demand for home furniture during the forecast period.Geography Overview:
APAC is estimated to account for 48% of the global market growth during the forecast period. China and Japan stand as pivotal markets for the furniture industry in the APAC region. Anticipated market expansion within this region is poised to surpass that of other global markets. The advent of urbanization, coupled with rising disposable incomes within emerging economies, will be driving the growth of the furniture market in APAC throughout the forecast period. This comprehensive market research report furnishes intricate insights into competitive intelligence and identifies marketing gaps, and regional opportunities awaiting vendors. These insights will prove instrumental in formulating effective and strategic business plans.
For now, get a snapshot of the comprehensive report Download  Sample Report 
Recent trends influencing the market
The increasing number of strategic alliances and partnerships between vendors across the world is an emerging market trend. Prominent industry players like Herman Miller have been notably involved in merger and acquisition (M&A) activities over the past decade, effectively acquiring multiple other companies since the late 2000s. In alignment with this trend, vendors are directing their efforts toward optimizing operational efficiency. This strategic move serves a dual purpose: expanding its service spectrum to encompass comprehensive offerings, including home delivery, while concurrently establishing itself as an all-encompassing global lifestyle brand. A notable instance exemplifying this trend transpired in September 2018, when Steelcase orchestrated the acquisition of Orangebox Group Limited. This UK-based entity specializes in crafting furniture for workplaces. Such factors fuel the market growth during the forecast period.
Major challenges hindering the market growth
The high exposure to global economic factors is a significant challenge hindering market growth. Economic factors encompass a range of variables, including consumer spending capabilities, income levels, white-collar employment rates, business confidence, investments, trade volumes, corporate expenditures, and the expansion of global businesses. A decline in global economic growth, particularly in significant regions like APAC, North America, or Europe, would have an adverse impact on the worldwide furniture market. Economic slowdowns are typically accompanied by reductions in both commercial and residential construction activities. Consequently, the demand for new residential and office furniture would be constrained, directly affecting the sales of products offered by vendors. Such a factor is expected to pose a substantial obstacle to market growth throughout the forecast period.
Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find more insights from a sample report!
What are the key data covered in the Furniture Market reports:
Historic Market sizeCompany landscape and analysis including Ashley Furniture Industries LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., Okamura Corp., Roomstogo.com Inc., Steinhoff International Holdings NV, The Home Depot Inc., Wayfair Inc., and Williams Sonoma Inc.Access for a trial today and gain instant access to 17,000+ market research reports Technavio’s SUBSCRIPTION platformRelated Reports:
The online furniture market size is estimated to grow at a CAGR of 17.73% between 2022 and 2027. The market size is forecast to increase by USD 139.97 billion.
The Global Home Furniture Market size is estimated to grow by USD 105.01 million between 2022 and 2027 accelerating at a CAGR of 5.34%.
Furniture Market Scope
Report Coverage
Details
Page number
173
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 4.11%
Market growth 2023-2027
USD 130.4 billion
Market structure
Fragmented
YoY growth 2022-2023(%)
3.82
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
APAC at 48%
Key countries
US, China, Japan, Germany, and UK
Competitive landscape
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled
Ashley Furniture Industries LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., Okamura Corp., Roomstogo.com Inc., Steinhoff International Holdings NV, The Home Depot Inc., Wayfair Inc., and Williams Sonoma Inc.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ContactsTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@technavio.comWebsite: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/furniture-market-to-grow-by-usd-130-4-billion-from-2022-to-2027–evolving-consumer-demographics-in-emerging-economies-to-boost-the-market-growth–technavio-301923521.html
SOURCE Technavio 

NEW YORK, Sept. 11, 2023 /PRNewswire/ — The furniture market size is expected to grow by USD 130.4 billion from 2022 to 2027, progressing at a CAGR of 4.11% as per the latest Technavio market research report. The report has been segmented by product (Home, Office, and Others), distribution channel (Offline and Online), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The evolving consumer demographics in emerging economies are notably driving market growth. The process of rapid urbanization has yielded a steady increase in wages and income levels globally, notably prominent in nations like China and India. Based on data from The World Bank Group, China’s gross national income (GNI) per capita surged from USD 2,510 million in 2007 to USD 10,390 million in 2019. Governments in countries such as India are actively directing efforts toward the development of skyscrapers and affordable housing, expected to be a driving force behind the expansion of the global furniture market over the forecast period. The growth of double-income households in emerging economies is another pivotal factor shaping consumer demographics. This evolution in consumer demographics within emerging economies stands as a crucial stimulus to propelling the market’s growth during the projected forecast period. Discover insights on market size before buying full report- Download sample report

Furniture Market: Segment Overview

This market research report segments the furniture market by product (Home, Office, and Others), distribution channel (Offline and Online), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

The furniture market share growth in the home segment will be significant during the forecast period. The migration of individuals to urban centers in developing economies like China and India is correlating with a higher propensity to procure furniture and furnishings for their residences. This trend is substantiating the upsurge in new product sales within the market. Furthermore, escalating governmental endeavors targeted at urban housing expansion, exemplified by initiatives like India’s Sardar Patel National Urban Housing Mission, are anticipated to accentuate the demand for home furniture during the forecast period.

Geography Overview:

APAC is estimated to account for 48% of the global market growth during the forecast period. China and Japan stand as pivotal markets for the furniture industry in the APAC region. Anticipated market expansion within this region is poised to surpass that of other global markets. The advent of urbanization, coupled with rising disposable incomes within emerging economies, will be driving the growth of the furniture market in APAC throughout the forecast period. This comprehensive market research report furnishes intricate insights into competitive intelligence and identifies marketing gaps, and regional opportunities awaiting vendors. These insights will prove instrumental in formulating effective and strategic business plans.

For now, get a snapshot of the comprehensive report Download  Sample Report 

Recent trends influencing the market

The increasing number of strategic alliances and partnerships between vendors across the world is an emerging market trend. Prominent industry players like Herman Miller have been notably involved in merger and acquisition (M&A) activities over the past decade, effectively acquiring multiple other companies since the late 2000s. In alignment with this trend, vendors are directing their efforts toward optimizing operational efficiency. This strategic move serves a dual purpose: expanding its service spectrum to encompass comprehensive offerings, including home delivery, while concurrently establishing itself as an all-encompassing global lifestyle brand. A notable instance exemplifying this trend transpired in September 2018, when Steelcase orchestrated the acquisition of Orangebox Group Limited. This UK-based entity specializes in crafting furniture for workplaces. Such factors fuel the market growth during the forecast period.

Major challenges hindering the market growth

The high exposure to global economic factors is a significant challenge hindering market growth. Economic factors encompass a range of variables, including consumer spending capabilities, income levels, white-collar employment rates, business confidence, investments, trade volumes, corporate expenditures, and the expansion of global businesses. A decline in global economic growth, particularly in significant regions like APAC, North America, or Europe, would have an adverse impact on the worldwide furniture market. Economic slowdowns are typically accompanied by reductions in both commercial and residential construction activities. Consequently, the demand for new residential and office furniture would be constrained, directly affecting the sales of products offered by vendors. Such a factor is expected to pose a substantial obstacle to market growth throughout the forecast period.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find more insights from a sample report!

What are the key data covered in the Furniture Market reports:

Historic Market sizeCompany landscape and analysis including Ashley Furniture Industries LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., Okamura Corp., Roomstogo.com Inc., Steinhoff International Holdings NV, The Home Depot Inc., Wayfair Inc., and Williams Sonoma Inc.Access for a trial today and gain instant access to 17,000+ market research reports Technavio’s SUBSCRIPTION platform

Related Reports:

The online furniture market size is estimated to grow at a CAGR of 17.73% between 2022 and 2027. The market size is forecast to increase by USD 139.97 billion.

The Global Home Furniture Market size is estimated to grow by USD 105.01 million between 2022 and 2027 accelerating at a CAGR of 5.34%.

Furniture Market Scope

Report Coverage

Details

Page number

173

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.11%

Market growth 2023-2027

USD 130.4 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

3.82

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 48%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Ashley Furniture Industries LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., Okamura Corp., Roomstogo.com Inc., Steinhoff International Holdings NV, The Home Depot Inc., Wayfair Inc., and Williams Sonoma Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/furniture-market-to-grow-by-usd-130-4-billion-from-2022-to-2027–evolving-consumer-demographics-in-emerging-economies-to-boost-the-market-growth–technavio-301923521.html

SOURCE Technavio

 

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