Furniture Market size was valued at USD 700 Billion in 2023 and is poised to reach USD 1300 Billion by the end of 2036, registering around 5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of furniture is estimated at USD 720 Billion. The growing trend of renovation and home decor is driving growth in the market. As per the International Energy Report, with the utilization of advanced technologies, renovation of 20% of the existing building stock to zero carbon level is a crucial task set to be achieved by 2030.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5% |
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Base Year Market Size (2023) |
USD 700 Billion |
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Forecast Year Market Size (2036) |
USD 1300 Billion |
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Regional Scope |
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Product (Beds, Tables & Desks, Sofa, Couch, Chairs & Stools, Cabinets & Shelves)
Beds segment is poised to dominate around 35% furniture market share by the end of 2036. The segment is growing owing to the changing consumer preferences, aging population, and lifestyle variations. There are many types of beds available in the market e.g. single, double, queen size, king size, etc. offering comfort and covering desired space. Additionally, the older population finds bed a comfortable option for giving full rest to the body. According to a report, the bed sector has generated a revenue of around USD 8 billion globally in 2024.
Material (Metal, Wood, Plastic, Glass)
By the end of 2036, wood segment is expected to hold over 6% furniture market share. The segment growth is attributed to the investments in residential construction and the presence of large-scale manufacturers. Also, wood furniture is highly durable and reports say that the estimated revenue generated by wood in 2024 is USD 174 billion.
Application (Residential, Commercial)
The residential segment is anticipated to hold a significant share in the coming years. Rising disposable income, the flourishing e-commerce sector, the increasing real-estate sector, and lifestyle changes are the primary growth drivers for the segment. Nowadays, consumers are willing to spend their money on home furniture that has low cost and is ready to assemble. According to IBEF, the real estate sector will reach a value of USD 9.30 Billion by 2040 simultaneously increasing the demand for residential furniture.
Our in-depth analysis of the market includes the following segments:
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Product |
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Material |
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Application |
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APAC Market Statistics
Asia Pacific region in furniture market is expected to dominate revenue share of around 40% by the end of 2036. The region is growing due to the advancements in the construction sector and the demand for smart furniture. Economic growth and the increasing disposable income are responsible for the furniture market growth in China. According to a report, China was the leading furniture exporter with an export value of around USD 80 billion in 2022. The growth driving for Korea is the increase in purchasing capacity and demand for office furniture. In 2024, the market of South Korea is reportedly around USD 10 Billion. The market in India is expected to reach USD 32.7 Billion by 2026 owing to the increasing demand from people living in urban areas and the presence of skilled labor.
North American Market Analysis
North American region in furniture market is set to exhibit around 6% CAGR from 2024 to 2036. The region is flourishing owing to the demand for sustainable furniture, expansion for commercial and residential sectors, and rising demand for home furnishings. As per a recent analysis, North America is estimated to generate a revenue of nearly USD 292 Billion in 2024. High demand for Bedroom furniture and the expanding affordability are driving growth in the market in the United States. The furniture market in the United States is expected to grow at a CAGR of 4% from (2024-29). The market in Canada is being driven by high-rise demand from the commercial sector and the production of customized wooden furniture. In 2021, the market size of institutions and offices in Canada generated a revenue of USD 3.323 Billion.
The furniture market is dominated by key market players who are gaining traction in the market by understanding the changing consumer preferences over time.
Author Credits: Parul Atri
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