Furniture Market Size, Top Manufacturers, Trends, Growth 2024-2032

IMARC Group, a leading market research company, has recently releases report titled “Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global furniture market size reached US$ 660.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 701.7 Billion by 2032.

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Factors Affecting the Growth of the Furniture Industry:

  • Lifestyle Changes:

Significant lifestyle shifts on account of remote work trends and an increased emphasis on home aesthetics. With a growing number of individuals working from home, there is a heightened need for comfortable and functional home office furniture. Ergonomically designed chairs, spacious desks, and storage solutions are becoming essential for creating productive workspaces within homes. Additionally, the desire for stylish and well-designed furniture is intensifying as people spend more time in their living environments.

  • Sustainable and Eco-friendly Practices:

Increasing environmental awareness among individuals is driving the demand for furniture that is produced using sustainable practices and materials. Companies in the furniture industry are increasingly adopting sustainable and eco-friendly practices, such as sourcing wood from responsibly managed forests, using recycled materials, and reducing waste in their manufacturing processes. These initiatives not only resonate with environmentally conscious individuals but also demonstrate a commitment to corporate social responsibility. Eco-friendly furniture options are gaining popularity, offering a range of benefits, including reduced environmental impact and healthier indoor air quality.

  • E-commerce Expansion:

The expansion of e-commerce platforms is making it easier for people to browse and purchase furniture from the comfort of their homes. The convenience of e-commerce platforms is also playing a pivotal role in this transformation. Shoppers can now explore a vast array of furniture options, read reviews, compare prices, and make purchases from the comfort of their homes. This shift is breaking down geographical barriers, allowing customers to access a broader selection of products from various vendors, both domestic and international. The ability to visualize furniture in virtual spaces through augmented reality (AR) and virtual reality (VR) technology is also enhancing the online shopping experience.

Top Companies Operating in Global Furniture Industry:

  • Durham Furniture Inc.
  • Haworth Inc. (Haworth International Ltd.)
  • HNI Corporation
  • Inter IKEA Systems B.V. (Interogo Foundation)
  • Kimball International Inc.
  • Kohler Co.
  • Masco Corporation
  • Okamura Corporation
  • Steelcase Inc.
  • Stickley Furniture Inc.

Furniture Market Report Segmentation:

By Material:

  • Metal
  • Wood
  • Plastic
  • Glass
  • Others

Based on the material, the market has been segregated into metal, wood, plastic, glass, and others.

By Distribution Channel:

  • Supermarkets and Hypermarkets
  • Specialty Stores
  • Online Stores
  • Others

Specialty stores exhibit a clear dominance as they offer a wide range of furniture options and personalized customer service, making them an appropriate choice for many buyers.

By End User:

  • Residential
  • Commercial

Residential represents the largest segment due to the increasing demand for home furnishings.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America dominance in the market, owing to substantial investment in research operations, leading to advanced technological developments in this field.

Global Furniture Market Trends:

Technological innovations are revolutionizing the production of furniture. Smart furniture equipped with features, such as built-in charging ports, wireless connectivity, and adjustable settings is gaining popularity. These tech-savvy furniture pieces offer convenience and customization, appealing to people seeking modern and connected living experiences. Home renovation and remodeling projects are becoming increasingly popular, particularly with homeowners spending more time indoors. As people invest in upgrading their living spaces, the demand for new furniture to complement these renovations is rising. This trend is creating opportunities for furniture manufacturers and retailers to provide fresh designs and solutions that align with updated home aesthetics.

Other Key Points Covered in the Report:

  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations

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