Home Furniture - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

Home Furniture - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The Home Furniture Market size is estimated at USD 641.80 billion in 2024, and is expected to reach USD 830.49 billion by 2029, growing at a CAGR of 5.29% during the forecast period (2024-2029).

Home furniture refers to products that occupy a house's physical ambiance. Home furnishing retailers include national chains and independent stores. The growing need for shifting and settling down has led to an upsurge in demand for home furniture. Increasing demand for smart furniture is also projected to contribute to the global home furniture market's growth significantly. Increasing deterioration in furniture quality has led customers to purchase home furniture globally. Low lending rates and the penetration of online stores in emerging economies may surge the global market share. The global market is highly adaptive as per the changing trends and observes increasing competition from new entrants. The number of single- and two-person households has been growing, resulting in the demand for small, portable furniture. Consumers have also sought multi-purpose, foldable, and technology-driven furniture, especially in smaller spaces.

Changing consumer preferences, influenced by evolving design trends, sustainability concerns, and technological advancements, impact the demand for home furniture. Modern and contemporary designs, eco-friendly materials, and smart furniture with integrated features are gaining popularity among consumers. Personalization and customization options also play a role in meeting individual consumer needs.

The COVID-19 outbreak acted as a massive restraint on the home furniture manufacturing market in 2020, as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. However, with various economies steadily lifting their respective lockdowns, a steady recovery trend is expected in the upcoming years, with the home furniture industry showcasing a decent rise in revenues.

Home Furniture Market Trends

Living Room Furniture is Generating the Majority Revenue

Living room furniture is a significant contributor to the overall revenue generated in the furniture industry. The living room is often considered the focal point of a home, and people typically invest in high-quality and aesthetically appealing furniture for this space. Living room furniture includes essential pieces such as sofas, couches, coffee tables, and entertainment centers that are larger and more expensive than other furniture items. These key pieces have a higher price point, contributing to a larger revenue share. The living room is often seen as a showcase where people express their style and preferences through furniture and decor. Consumers are willing to invest in visually appealing and trendy living room furniture to create an inviting, well-designed space. This emphasis on aesthetics contributes to higher-priced furniture options and revenue generation. Living room furniture is in high demand as it is a central gathering space for families and guests. People spend significant time in the living room, engaging in activities like socializing, watching TV, and relaxing. The demand for comfortable and stylish living room furniture drives sales and revenue.

United States is Generating Majority Revenue for the Segment Kitchen and Dining Furniture

The kitchen and dining furniture market in the United States is a significant segment within the overall furniture industry. It includes furniture items specifically designed for kitchen and dining spaces, such as dining tables, chairs, bar stools, kitchen islands, buffets, and cabinets.The kitchen and dining furniture market in the United States is substantial, reflecting the importance of these spaces in households. The market size is influenced by factors such as population size, consumer preferences, disposable income levels, and overall economic conditions.The demand for kitchen and dining furniture is driven by several factors, including new home construction, home renovations, changing consumer lifestyles, and evolving design trends. Consumers often seek furniture that combines functionality, durability, and aesthetic appeal.Kitchen and dining furniture is sold through various distribution channels, including furniture stores, department stores, specialty stores, online retailers, and direct-to-consumer brands. The growth of e-commerce has provided consumers with more options for purchasing furniture online, contributing to the overall revenue of the market.

Home Furniture Industry Overview

The report covers major international players operating in the global home furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. The market is highly competitive and fragmented, with a mix of large multinational companies, regional players, and small-scale manufacturers. Key players in the global home furniture market often focus on product innovation, quality, branding, and customer experience to gain a competitive edge. Online and brick-and-mortar retailers play a significant role in distributing furniture products to consumers. The List of major players are Ikea, La-Z-Boy, Godrej Interio, Bernhardt, and Ashley Furniture Industries Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support