Global Furniture Market Size To Grow USD 780.8 Billion By 2030 | CAGR 5.1%Category: Consumer Goods
Global Furniture Market worth $780.8 Billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Furniture Market Size is to grow from USD 548.38 billion in 2021 to USD 780.8 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period. Various factors such as rising disposable incomes, the expansion of the hospitality and housing sectors, developments in the commercial construction industry, and global growth for premium and high-end furniture are driving growth.
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Browse key industry insights spread across 209 pages with 119 market data tables and figures & charts from the report “ Global Furniture Market Size, Share, and COVID-19 Impact Analysis, By Products (Beds, Tables & Desks, Sofa & Couch, Chairs & Stools, Cabinets & Shelves, Others), By Materials (Wood, Metal, Plastic, Other Furniture), By Category (Indoor, Outdoor), By End-User (Residential Furniture, Office Furniture, Hospitality Furniture, Other Furniture) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030“ in detail along with the table of contents. https://www.sphericalinsights.com/reports/furniture-market
Furniture is a multifunctional item designed to aid in a variety of human activities such as sitting, sleeping, dining, and many others. It can now also be designed and used as a décor object. Additionally, the availability of internet platforms has made it simpler to buy and consume furniture. Since smartphones are becoming more widely used, internet costs have decreased, and there are now an increasing number of people shopping online globally. With the use of an online interactive room designer program, several businesses provide the ability to create your interior while relaxing at home. These elements are predicted to boost furniture sales through the e-commerce sector during the projected timeframe. Furthermore, it is anticipated that the need for office furniture would be fuelled by the growing capital investments in office infrastructure, which are primarily driven by the establishment of regional hubs in various nations.
The beds segment is witnessing a higher growth rate over the forecast period.
Based on products, the global furniture market is segmented into beds, tables & desks, sofas & couches, chairs & stools, cabinets & shelves, and others. Among these, the beds segment is witnessing a higher growth rate over the forecast period. Owing to technical advancements in the furniture and home industries, high-end furniture products are becoming more and more popular with consumers, which has significantly fuelled the growth of the beds segment.
The wood segment is witnessing significant CAGR growth over the forecast period.
On the basis of materials, the global furniture market is segmented into wood, metal, plastic, and other furniture. Among these, the wood segment is witnessing significant CAGR growth over the forecast period. Since wood is a naturally occurring raw material utilized to create almost all types of furniture products worldwide, this expansion is anticipated to boost. Wood also comes in a variety of colors and improves the visual appeal of interiors; additionally, because of its design adaptability, it can be used in any environment.
The indoor is witnessing significant growth over the forecast period.
Based on category, the global furniture market is segmented into indoor and outdoor. Among these, the indoor segment is expected to grow significantly over the forecast period owing to the rising consumer preferences for aesthetically pleasing interiors. The large consumer need for different styles of kitchen, lounge room, and hallway furniture for their frequent indoor recreational needs is what primarily drives the higher profits mostly from the indoor segment.
The residential furniture segment is dominating the market with the largest market share of 30% over the forecast period.
Based on end-user, the global furniture market is segmented into residential furniture, office furniture, hospitality furniture, and other furniture. Among these, the residential furniture segment dominates the market with the largest market share of 55% over the forecast period owing to a rise in house remodeling initiatives; this is probably encouraging the adoption of wood furniture in homes. Residential demand for couch sets and chairs for homes and backyards is expected to grow throughout the forecast period.
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Asia Pacific is dominating the market with the largest market share of 60%.
Asia Pacific is dominating the market with the largest market share of 60% owing to the large number of wood furniture manufacturers in countries such as China and India. Furthermore, a growing proportion of millennials in the market is expected to invest in various modern bedroom furniture products due to versatility and space-saving attributes, which are anticipated to propel industry development over the forecast period.
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