Meticulous Research®—a leading global market research company, published a research report titled, ‘Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliner, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography - Global Forecasts to 2031’
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According to the latest publication from Meticulous Research®, the global home furniture market is anticipated to reach $720.9 billion by 2031, with a CAGR of 5.5% from 2024 to 2031. This growth is driven by increased demand for luxury furniture, a growing focus on customized home furniture, and rising disposable income. However, market growth is restrained by factors such as a preference for rental furniture and the availability of suitable raw materials at competitive prices.
The market is also expected to benefit from the growing emphasis on omnichannel presence, the adoption of technology for furniture visualization, and the rise in urban population. Conversely, the increasing demand for second-hand furniture presents a significant challenge. Additionally, rising demand for sustainable furniture and the development of smart furniture are prominent trends in the home furniture market.
Market Segmentation and Dynamics
By Product:
The market is segmented into beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, recliners, sofas & couches, dining tables, and other furniture. In 2024, the beds segment is expected to hold the largest share of over 26.0%, driven by the necessity of beds for rest, growing awareness about quality sleep, and lifestyle improvements. The wardrobes, cabinets, & shelves segment is projected to record the highest CAGR during the forecast period, driven by lifestyle changes, increased use of cabinetry in interior design, and rising disposable incomes.
By Material:
The market is divided into wood, metal, glass, plastic, and other materials. In 2024, the wood segment is expected to dominate with a share of over 64.0%, due to demand for handcrafted furniture, availability of various wood types, ease of processing, and dimensional stability.
The wood segment is also expected to record the highest CAGR, driven by rising demand for sustainable wood furniture, increased use of engineered wood, and a focus on eco-friendly materials like bamboo and acacia.
By Type:
The market is segmented into ready-to-assemble (RTA) furniture and prefabricated furniture.In 2024, the prefabricated furniture segment is anticipated to hold the larger share, driven by mass production, increased spending on home décor, and demand for furniture on e-commerce platforms.The RTA furniture segment is projected to record the highest CAGR, driven by affordability, customer inclination towards personalizing furniture, and reduced labor costs.
By Geography:
In 2024, Asia-Pacific is expected to account for the largest share of over 42.0%, driven by the availability of raw materials, presence of local players, numerous households, low-cost skilled workforce, and investments from key players.
The Asia-Pacific region is also expected to register the highest CAGR of 6.5%, driven by urban population growth, increased e-commerce spending, rapid housing development, and rising disposable income.
Key Players:
Key players in the home furniture market include Inter IKEA Group (Netherlands), MillerKnoll, Inc. (U.S.), The AZEK Company Inc. (U.S.), La-Z-Boy Incorporated (U.S.), Arhaus, Inc. (U.S.), Williams-Sonoma Inc. (U.S.), KARTELL S.p.A. (Italy), RH (Restoration Hardware) (U.S.), Ashley Furniture International (U.S.), Steelcase Inc. (U.S.), Ethan Allen Interiors Inc. (U.S.), The Lovesac Company (U.S.), Hooker Furnishings Corporation (U.S.), Westwing Group SE (Germany), and Flexsteel Industries, Inc. (U.S.).Buy Now@ https://www.meticulousresearch.com/Checkout/95960689?utm_source=pdf&utm_medium=social&utm_campaign=product&utm_content=29-07-2024
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