Home Furniture Market Size was valued at USD 645.8 Billion in 2022. The Home Furniture Market industry is projected to grow from USD 681.9 Billion in 2023 to USD 1054.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2024 - 2032). The increased per capita income of the middle class, growth in the infrastructure sectors, like real estate and tourism, and growing demand for affordable housing accommodation are expected to be significant market drivers for the Home Furniture Market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for Home Furniture is being driven by the growing need for shifting and settling down and the growing demand for sustainably made furniture. The growing necessity for relocation and settling down has spurred an increase in demand for home furniture. The rising demand for smart furniture is also anticipated to make a significant contribution to the Home Furniture Market's expansion. Deteriorating furniture quality has prompted consumers worldwide to invest in home furniture. With low lending rates and the proliferation of online stores in emerging markets, the global market share is expected to soar. The rise in single- and two-person households has led to a demand for small, portable furniture. Consumers are also seeking multi-functional, foldable, and technologically advanced furniture, particularly for compact spaces. As of 2022, the EU housed 198 million households, averaging 2.2 members per household. The number of single-person households without children in the EU surged by 30.7% from 2009 to 2022, while the total number of households in the EU increased by 10.3% during the same period. However, single adult households, defined as households comprising only one adult, with or without children, saw a much faster increase of 29.6% over the same period.
In recent times, individuals are increasingly experiencing skin irritation and respiratory issues attributed to formaldehyde-containing products. Consequently, consumers are transitioning towards formaldehyde-free furniture options crafted from sustainable materials like recycled textiles, bamboo, rattan, and others to mitigate such concerns. For example, in 2020, eBay Inc., an American e-commerce giant, noted a remarkable 171% increase in searches for 'sustainable furniture' on its platform in the U.K. compared to 2019. This surge in sustainable furniture searches indicates a growing market demand for eco-friendly alternatives. Furthermore, the growing adoption of modern interior designs, such as cubicles and anchoring points in corporate settings, is expected to drive demand for contemporary home furnishing items tailored to such environments. Additionally, the expanding popularity of leisure activities like gardening and planting presents new opportunities for garden chairs and patio tables among consumers seeking outdoor relaxation options.
As a result, it is anticipated that throughout the projection period, demand for the Home Furniture Market will increase due to the growing need for shifting and settling down and growing Demand for Sustainably-Made Furniture. Thus, driving the Home Furniture Market revenue.
The Home Furniture Market segmentation, based on Product, includes Living Room and Dining Room Furniture, Bedroom Furniture, Kitchen Furniture, Lamps and Lighting Furniture, and Plastic and Other Furniture. The living room and dining room furniture segment dominated the market, accounting for 58% of market revenue. Functioning as a showcase for personal style and preferences, the living room prompts consumers to seek visually striking and fashionable furniture and decor. This pursuit of aesthetic appeal leads to the popularity of higher-priced furniture options and contributes to revenue growth. Given its role as a central gathering space for families and guests, the living room experiences a high demand for comfortable and stylish furnishings. Activities such as socializing, watching TV, and relaxation further drive the need for attractive and functional living room furniture, thereby boosting sales and revenue.
The Home Furniture Market segmentation, based on Distribution Channels, includes Supermarkets/Hypermarkets, Specialty Stores, Online Retail Stores, and Other Distribution Channels. The specialty stores segment dominated the market, accounting for 58% of market revenue. The personalized expertise of staff in these stores ensures that customers discover furniture that aligns with their unique requirements, encompassing comfort, functionality, and aesthetics. The presence of specialty stores facilitates direct engagement with consumers, empowering them to make informed decisions and explore innovative furniture designs that effectively address the challenges associated with creating productive home office environments.
Figure 1: Home Furniture Market, by Distribution Channels, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Home Furniture market in North America can be attributed to several key factors. The demand for kitchen and dining furniture is influenced by several factors, including new home constructions, home remodeling projects, shifting consumer lifestyles, and evolving design preferences. Consumers typically look for furniture that offers a blend of functionality, durability, and aesthetic appeal. According to Oberlo, California hosts the highest number of furniture stores in the US, with 3,741 registered businesses, followed by Texas and Florida, with 3,307 and 3,042 furniture stores, respectively. In Canada, there are over 7,000 furniture manufacturing companies, with 97% of them being Canadian-owned and operated. In 2015, the country's furniture production sector employed 63,900 individuals. In 2019, the average household expenditure on household furnishings, equipment, and appliances in Canada amounted to 2,924 CAD. Specifically, households spent an average of 1,124 CAD on furnishings, 1,218 CAD on equipment, and 582 CAD on appliances. Kitchen and dining furniture is retailed through various channels, including furniture stores, department stores, specialty outlets, online retailers, and direct-to-consumer brands. The growth of e-commerce has expanded consumer options for purchasing furniture online, thereby contributing to the overall revenue of the market.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HOME FURNITURE MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Home Furniture Market accounts for the second-largest market share as the increasing emphasis on furnishing living spaces with innovative furniture is a key driver behind the rising demand for high-quality home furniture. European imports of home furniture surged from €35 billion in 2017 to €47 billion in 2021, demonstrating an average annual growth rate of 7.6%. Similarly, global imports climbed to €100 billion, with an average annual growth rate of 5.0%. Consequently, Europe now commands 43% of the total global imports of home furniture. The share of direct European imports from developing countries expanded from 36% to 41%. These imports, with an impressive average growth rate of 12% per year, reached €20 billion in 2021. This presents a lucrative opportunity for exporters from developing nations looking to enter the European market. The majority of Europe's imported home furniture is crafted from natural materials, with wood accounting for 57%, metal for 29%, rattan, bamboo, and cane for 2%, and other materials such as plastics comprising 12%. Further, the German Home Furniture Market held the largest market share, and the UK Home Furniture Market was the fastest-growing market in the European region.
The Asia-Pacific Home Furniture Market is expected to grow at the fastest CAGR from 2024 to 2032. The surge in market expansion can be attributed to the rising disposable income among the middle and upper-class demographics. Additionally, the escalating demand for living room furniture, followed closely by bedroom and kitchen and dining furniture, is anticipated to drive accelerated growth within the market. China's furniture retail sector has maintained a consistent upward trajectory, with retail sales surpassing nearly 19.5 billion yuan in 2019 and sustaining growth from 2018 to 2020. Furthermore, the rapid pace of urbanization, coupled with the burgeoning IT industry in the region, is poised to fuel market expansion throughout the forecast period. Urbanization remains a prominent megatrend in the Asia-Pacific region, with over 54% of the global urban population, exceeding 2.2 billion individuals, residing in Asia. Projections indicate a 50% surge in Asia's urban population by 2050, adding approximately 1.2 billion more people to urban areas. Moreover, China’s Home Furniture Market held the largest market share, and the Indian Home Furniture Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Home Furniture market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Home Furniture industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Home Furniture industry to benefit clients and increase the market sector. In recent years, the Home Furniture industry has offered some of the most significant advantages to the residential sector, enhancing comfort, functionality, and aesthetic appeal of living spaces. Major players in the Home Furniture Market, including Ikea, Ashley Furniture Industries Inc., Heritage Home Group, La-Z-Boy, Godrej Interio, Stanley Furniture, Ethan Allen, Bernhardt, Flexsteel, Nitori Co. Ltd, are attempting to increase market demand by investing in research and development operations.
IKEA, a global leader in life at home, was founded in Sweden in 1943 and has since become a worldwide retailer of affordable, well-designed products and solutions for every room in the home. The values and optimism shared by millions of co-workers and customers around the world align with our commitment to champion sustainable living, responsible sourcing, and supporting communities in need. IKEA is dedicated to India for the long term, with Delhi NCR, Mumbai, and Bangalore identified as fast-growing cities for Ingka Group globally. In India, the ambition is to reach 100 million people by 2022 through a strong omnichannel presence, including big IKEA stores, smaller city-center outlets, and online platforms. The IKEA Hyderabad store has been completed over two years, and expansion plans include an online presence in Mumbai, Pune, and Hyderabad, with a new store in Navi Mumbai, which opened in December 2020, and two smaller stores planned for Mumbai in 2021.
Ashley Furniture Industries Inc (Ashley) is a prominent furniture manufacturer, distributor, and marketer, offering a diverse range of furniture products for various living spaces. Their extensive product line includes furniture for living rooms, dining rooms, bedrooms, home offices, and home accents. From chairs and ottomans to occasional tables, recliners, sofas, and loveseats, Ashley provides a comprehensive selection. Additionally, they offer a wide array of accessories such as lamps, rugs, wall art, and other home decor items. Under the Ashley and Ashleysleep brands, the company markets its products both through traditional retail channels and online platforms. With a presence across the Americas, Europe, the Middle East, Africa, and Asia-Pacific regions, Ashley continues to expand its reach globally. In March 2021, Ashley Furniture Industries unveiled plans to establish a new manufacturing facility in Pottsville, Pennsylvania. Spanning 100,000 square feet, this state-of-the-art facility will bolster its existing network of 11 production facilities, catering to the demands of the US market.
Key companies in the Home Furniture Market include
Home Furniture Industry Developments
April 2023: Ashley Furniture HomeStore celebrated the Grand Opening and Ribbon Cutting of its new showroom in Phnom Penh, Cambodia, situated at Chip Mong 271 Mega Mall on the 2nd floor, Unit 203, 204, 205 Street 271, Prek Ta Nou Village, Sangkat Chak Angrer Leu, Khan Mean Chey, covering an area of 356.78 square meters.
November 2022: Godrej Interio, a division of Godrej and Boyce, announced plans to annually inaugurate 100 stores over the next three to four years. The company emphasizes the importance of providing customers with a touch-and-feel experience in the furniture business and aims to expand its presence significantly.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 645.8 Billion |
| Market Size 2023 | USD 681.9 Billion |
| Market Size 2032 | USD 1054.5 Billion |
| Compound Annual Growth Rate (CAGR) | 5.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Distribution Channels, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Ikea, Ashley Furniture Industries Inc., Heritage Home Group, La-Z-Boy, Godrej Interio, Stanley Furniture, Ethan Allen, Bernhardt, Flexsteel, Nitori Co. Ltd |
| Key Market Opportunities | ·      The growing preference for sustainable and eco-friendly products |
| Key Market Dynamics | ·      Developments in the commercial construction industry. |
Frequently Asked Questions (FAQ) :
The Home Furniture Market size was valued at USD 681.9 Billion in 2023.
The Home Furniture Market is projected to grow at a CAGR of 5.60% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Ikea, Ashley Furniture Industries Inc., Heritage Home Group, La-Z-Boy, Godrej Interio, Stanley Furniture, Ethan Allen, Bernhardt, Flexsteel, Nitori Co. Ltd
The Living Room and Dining Room Furniture segment dominated the market in 2023.
The Specialty Stores segment had the largest share in the global market.
Research Analyst Experienced business professional with a demonstrated history of working in the cfnb industry. skilled in market research, and market estimation. strong professional with a masters focused in marketing management.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
