Home Furniture Market 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=30-09-2024


Meticulous Research® reports that the global home furniture market is set to grow at a CAGR of 5.5%, reaching $720.9 billion by 2031. Key drivers include rising demand for luxury and customized furniture, along with increasing disposable income. Despite these growth factors, the market faces challenges from the growing preference for rental furniture and difficulties in accessing cost-effective raw materials.

The market is further bolstered by the shift towards omnichannel retail models, technological advancements like furniture visualization tools, and an expanding urban population. However, the rising popularity of second-hand furniture presents a growing challenge. Notably, sustainability efforts and smart furniture innovations are also becoming significant market trends.

Market Segmentation and Dynamics:

By Product:
The home furniture market is segmented into categories such as beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, recliners, sofas & couches, and dining tables. Beds are expected to dominate in 2024, accounting for over 26% of the market due to the need for sleep solutions and increased awareness of quality sleep benefits. On the other hand, the wardrobes, cabinets, & shelves segment is projected to experience the highest CAGR, driven by modern lifestyles and rising demand for custom cabinetry.

By Material:
Materials used in the market include wood, metal, glass, plastic, and others. In 2024, the wood segment is expected to hold more than 64% of the market, fueled by demand for handcrafted and eco-friendly furniture. Additionally, the wood segment is anticipated to record the highest CAGR, driven by innovations in sustainable wood products such as bamboo and engineered wood.

By Type:
The market is divided into ready-to-assemble (RTA) and prefabricated furniture. Prefabricated furniture is set to dominate in 2024, driven by the demand for mass-produced furniture and increasing e-commerce sales. The RTA segment, meanwhile, is expected to see the fastest growth, driven by affordability and customer preference for personalized solutions.

By Geography:
Asia-Pacific is forecast to account for over 42% of the global market in 2024, supported by local manufacturing, abundant raw materials, and a large urban population. The region is also set to experience the fastest growth, with a CAGR of 6.5%, driven by rapid urbanization and increased spending on home décor.

Key Players:
Major players in the market include Inter IKEA Group, MillerKnoll, La-Z-Boy, Williams-Sonoma, Ashley Furniture, and others.


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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