Home Furniture Market Forecast to Surpass $720.9 Billion by 2031

 


Meticulous Research®—a leading global market research company, published a research report titled, ‘Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliner, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography - Global Forecasts to 2031’

Download Free Sample Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5922?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=29-08-2024


Meticulous Research® has released a report projecting that the global home furniture market will reach $720.9 billion by 2031, with a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031. The market's growth is driven by a surge in demand for luxury and customized furniture, as well as rising disposable incomes globally. However, growth is tempered by the increasing popularity of rental furniture and challenges in sourcing raw materials at competitive prices.

The market is also expected to benefit from the growing adoption of omnichannel retail strategies, technological advancements in furniture design and visualization, and the continued urbanization trend. Despite these opportunities, the rising demand for second-hand furniture remains a significant challenge. Additionally, the demand for sustainable and smart furniture is gaining momentum, shaping future market dynamics.

Market Segmentation and Dynamics

By Product: The market is segmented into various product categories, including beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, recliners, sofas & couches, dining tables, and other furniture. The beds segment is anticipated to capture the largest market share of over 26.0% in 2024, driven by the essential role of beds in daily life, increased awareness of the importance of quality sleep, and improvements in living standards. The wardrobes, cabinets, & shelves segment is forecasted to experience the highest CAGR, spurred by lifestyle changes, greater emphasis on interior design, and rising disposable incomes.

By Material: Segmentation by material includes wood, metal, glass, plastic, and other materials. The wood segment is projected to lead the market with over 64.0% of the share in 2024, driven by demand for handcrafted and sustainable furniture, the variety of available wood types, ease of processing, and dimensional stability. The wood segment is also expected to see the highest CAGR, reflecting growing consumer preference for eco-friendly materials like bamboo and acacia and the increased use of engineered wood.

By Type: The market is categorized into ready-to-assemble (RTA) furniture and prefabricated furniture. The prefabricated furniture segment is expected to dominate in 2024, driven by mass production capabilities, increased spending on home décor, and the growing preference for online furniture shopping. The RTA furniture segment is projected to achieve the highest CAGR due to its cost-effectiveness, customization options, and reduced labor expenses.

By Geography: The Asia-Pacific region is expected to dominate the market in 2024 with a share of over 42.0%, driven by the availability of raw materials, the presence of numerous local manufacturers, a large number of households, a low-cost skilled workforce, and significant investments by key market players. The region is also anticipated to register the highest CAGR of 6.5%, fueled by rapid urbanization, increased e-commerce activity, fast-paced housing development, and rising disposable incomes.

Key Players: Leading companies in the global home furniture market include Inter IKEA Group (Netherlands), MillerKnoll, Inc. (U.S.), The AZEK Company Inc. (U.S.), La-Z-Boy Incorporated (U.S.), Arhaus, Inc. (U.S.), Williams-Sonoma Inc. (U.S.), KARTELL S.p.A. (Italy), RH (Restoration Hardware) (U.S.), Ashley Furniture International (U.S.), Steelcase Inc. (U.S.), Ethan Allen Interiors Inc. (U.S.), The Lovesac Company (U.S.), Hooker Furnishings Corporation (U.S.), Westwing Group SE (Germany), and Flexsteel Industries, Inc. (U.S.).

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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