Living and Dining Room Furniture - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

Living and Dining Room Furniture - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The Living and Dining Room Furniture Market size is estimated at USD 531.52 billion in 2024, and is expected to reach USD 667.32 billion by 2029, growing at a CAGR of 4.66% during the forecast period (2024-2029).

The living and dining room furniture market is a significant segment of the global furniture industry. It includes a wide range of products such as sofas, chairs, tables, cabinets, and other furniture items used in living and dining rooms. Various factors drive the market, such as the growing demand for comfortable and stylish furniture, the rising disposable income, and the increasing focus on home décor and interior design. Recently, there is a trend toward multifunctional furniture that can serve multiple purposes in smaller living spaces. It led to the development of innovative products such as sofa beds, storage ottomans, and extendable dining tables. Additionally, the popularity of online shopping made it easier for consumers to browse and purchase furniture items from the comfort of their homes.

Geographically, the Asia-Pacific region is expected to be the fastest-growing market for living and dining room furniture, driven by rising urbanization, increasing disposable income, and changing lifestyle patterns in countries such as China and India. North America and Europe are also significant markets for living and dining room furniture, driven by the high standard of living and the growing demand for stylish and comfortable furniture items.

The COVID-19 pandemic positively and negatively affected the living and dining room furniture market. On the one hand, the pandemic increased demand for home furnishings, as people spend more time at home and prioritize creating comfortable and functional living spaces. It resulted in a surge in sales for some furniture retailers and manufacturers. On the other hand, the pandemic also caused disruptions to global supply chains and manufacturing operations, leading to shortages and delays in the production and delivery of furniture products. It impacted the availability of certain items and caused price increases in some cases. Additionally, the economic uncertainty caused by the pandemic led some consumers to postpone or reduce their spending on non-essential items, including furniture.

Living And Dining Room Furniture Market Trends

Wooden Furniture for Living and Dining Room Segment

The Wooden Furniture market segment focuses on wood-made furniture in living and dining rooms. It includes bar, coffee, occasional side tables, dining and buffet tables, TV and media stands, bookshelves, wine and other cabinets, chests, and other living and dining room storage furniture. The United States accounted for the major market share in revenue this year.

Wooden furniture for the living and dining room segment is popular among consumers for many years. There are several reasons why wooden furniture is driving the market. The aesthetic appeal, durability, versatility, sustainability, and health benefits factors of wooden furniture for the living and dining room segment are driving the market and making it a popular choice among consumers.

Asia-Pacific is Anticipated to Witness the Highest Growth

Factors like escalating real estate growth, increasing residential construction, and growing personal disposable income in developing countries, are anticipated to boost the living room furniture market in Asia-Pacific over the forecast period. Moreover, the shortage of skilled labor, especially in China and India, the need for better transport facilities, and insufficient infrastructural facilities will likely hamper the market growth.

Growth in housing units, increasing middle-class population, rise in household expenditure, change in lifestyle, and the increased preference for branded furniture, are some of the major factors that will increase the demand for the market in the region during the forecast period.

Living And Dining Room Furniture Industry Overview

The report covers major international living and dining room furniture market players. In terms of market share, few of the major players currently dominate the market. However, demand is driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service.

Additional Benefits:

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