Furniture Market, by Material Type (Metal, Wood, Plastic, and Glass), by End-User (Residential and Commercial), by Distribution Channel (Online and Offline) and By Region - Global Opportunity Analysis and Industry Forecast, 2020 - 2030

Furniture Market size was valued at USD 640.8 billion in 2020 and is anticipated to reach USD 1053.7 billion by 2030 with the CAGR of 5.10% over the forecast period.Furniture is a moveable object which makes the life of people easily for sitting, sleeping, and dining. Some of the factors contributing to the increase growth of furniture market are high growth of urban population, widely used in corporate and government offices, increase in disposable income and others. Multifunctional furniture is now becoming very popularly as it has the ability to be transform into multiple types furniture which is really convenience and useful especially for people living in urban areas. Additionally, the increase in construction of big buildings in urban act as one of the major driving factor for the furniture market growth.

Market Segmentation:

The global furniture market is segmented as follows: On the basis of material type the market is classified into metal, wood, plastic, and glass. Furthermore, based on end-user the market is categorized into residential, and commercial. Additionally, by distribution channel the market is grouped into online, and offline. Moreover, by geography furniture market is divided into North America, Asia Pacific, Europe, and RoW.

Market Dynamics and Factors:

Increasing demand in homes and offices is one of the major driving factor for the growth of the furniture market. This is because especially in urban areas due to increase in disposable income people spend more on furniture to decorate their homes and offices. Inability to used good trees due to preservation of environment is one of the restraining factor for the furniture market. The increase in production of convenient furniture which has the ability to be transform in multiple furniture and is easy to move around  act as an immense opportunity for the growth of the market. Increase in cost of material use act as a major challenge for the growth of the market. This is because if the cost of materials like trees, steel, aluminum, and plastic increases the price of the furniture will also have to be increase which will have negative effect for the furniture market growth.

Geographic Analysis:

Asia Pacific is the number one revenue generator and is anticipated to continue in the coming years. According to research study, the Asia Pacific market is anticipated to grow by a CAGR of 5.5% during the forecast period. Some of the factors contributing to the growth of the furniture market are increase in construction of homes and offices, developing economy, presence of large population in this region and others. North America is the second dominating region in global furniture market and some of factors contributing to the growth of the market are it has an independent culture where people started to move out of their homes at the age of 18, has a better buying power as compared to other regions, has a really good advertising system to reached out to their potential customers, and among others.

Competitive Scenario:

The key players operating in furniture industry are Aaron’s, Inc., Alfa Vega, Artesanía 1810 Trading Company Limited, Badcock Home Furniture, Bassett Furniture Industries, Incorporated, Beco Industries, Brastilo, Christopher Guy, City Furniture, Content by Conran, and Dietiker

Furniture Market Report Scope