Furniture Market Size & Share, by Product (Beds, Tables & Desks, Sofa, Couch, Chairs & Stools, Cabinets & Shelves); Material (Metal, Wood, Plastic, Glass); Application (Residential, Commercial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6170
  • Published Date: Jun 12, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Furniture Market size was valued at USD 700 Billion in 2023 and is poised to reach USD 1300 Billion by the end of 2036, registering around 5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of furniture is estimated at USD 720 Billion. The growing trend of renovation and home decor is driving growth in the market. As per the International Energy Report, with the utilization of advanced technologies, renovation of 20% of the existing building stock to zero carbon level is a crucial task set to be achieved by 2030.


Furniture Market Overview
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Furniture Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising demand for modern sustainable furniture - Due to growing awareness about sustainability, consumer choice is rapidly changing. Also, the sustainable processes opted for the manufacturing of advanced types of furniture adhere to the environmental norms and support the net zero carbon target.
  • Expansion of the construction sector - The day-by-day increasing urban population demands new construction. This demand simultaneously connects with the surge of premium furniture that may offer space and a luxurious appearance. Moreover, the construction sector of India is poised to reach USD 1400 Billion by 2025 and this growth is driven by the development of smart cities.
  • Increasing disposable income - People are becoming financially more stable nowadays with the rise in disposable income and can afford a better lifestyle. This change eventually adds growth to the furniture market since advanced multifunctional furniture that caters to distinct needs is highly demanded. As per the U.S. Energy Information Administration’s data, the disposable income of the United States is poised to reach nearly USD 0.07 million by 2050.

Challenges

  • Disruptions in the supply chain - No effective coordination can affect the whole supply chain management. The production process involves various vendors and suppliers and taking a ground detail from them about the raw material, delivery, etc. can be a hassle.
  • Shortage of labor - Many furniture manufacturing companies face challenges with the delivery and production tasks in the labor shortage situation. Another factor adding to this situation is the aging skilled workforce.

Furniture Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

5%

Base Year Market Size (2023)

USD 700 Billion

Forecast Year Market Size (2036)

USD 1300 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Furniture Segmentation

Product (Beds, Tables & Desks, Sofa, Couch, Chairs & Stools, Cabinets & Shelves)

Beds segment is poised to dominate around 35% furniture market share by the end of 2036. The segment is growing owing to the changing consumer preferences, aging population, and lifestyle variations. There are many types of beds available in the market e.g. single, double, queen size, king size, etc. offering comfort and covering desired space. Additionally, the older population finds bed a comfortable option for giving full rest to the body. According to a report, the bed sector has generated a revenue of around USD 8 billion globally in 2024.

Material (Metal, Wood, Plastic, Glass)

By the end of 2036, wood segment is expected to hold over 6% furniture market share. The segment growth is attributed to the investments in residential construction and the presence of large-scale manufacturers. Also, wood furniture is highly durable and reports say that the estimated revenue generated by wood in 2024 is USD 174 billion.

Application (Residential, Commercial)

The residential segment is anticipated to hold a significant share in the coming years. Rising disposable income, the flourishing e-commerce sector, the increasing real-estate sector, and lifestyle changes are the primary growth drivers for the segment. Nowadays, consumers are willing to spend their money on home furniture that has low cost and is ready to assemble. According to IBEF, the real estate sector will reach a value of USD 9.30 Billion by 2040 simultaneously increasing the demand for residential furniture.

Our in-depth analysis of the market includes the following segments:

          Product

  • Beds
  • Table & Desks
  • Sofa
  • Couch
  • Chairs & Stools
  • Cabinets & Shelves

          Material

  • Metal
  • Wood
  • Plastic
  • Glass

          Application

  • Residential
  • Commercial

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Furniture Industry - Regional Synopsis

APAC Market Statistics

Asia Pacific region in furniture market is expected to dominate revenue share of around 40% by the end of 2036. The region is growing due to the advancements in the construction sector and the demand for smart furniture. Economic growth and the increasing disposable income are responsible for the furniture market growth in China. According to a report, China was the leading furniture exporter with an export value of around USD 80 billion in 2022. The growth driving for Korea is the increase in purchasing capacity and demand for office furniture. In 2024, the market of South Korea is reportedly around USD 10 Billion. The market in India is expected to reach USD 32.7 Billion by 2026 owing to the increasing demand from people living in urban areas and the presence of skilled labor.

North American Market Analysis

North American region in furniture market is set to exhibit around 6% CAGR from 2024 to 2036. The region is flourishing owing to the demand for sustainable furniture, expansion for commercial and residential sectors, and rising demand for home furnishings. As per a recent analysis, North America is estimated to generate a revenue of nearly USD 292 Billion in 2024. High demand for Bedroom furniture and the expanding affordability are driving growth in the market in the United States. The furniture market in the United States is expected to grow at a CAGR of 4% from (2024-29). The market in Canada is being driven by high-rise demand from the commercial sector and the production of customized wooden furniture. In 2021, the market size of institutions and offices in Canada generated a revenue of USD 3.323 Billion.

Research Nester
Furniture Market size
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Companies Dominating the Furniture Landscape

    The furniture market is dominated by key market players who are gaining traction in the market by understanding the changing consumer preferences over time.

    • IKEA
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Williams Sonoma
    • Raymour & Flanigan
    • American Signature
    • Steelcase Inc.
    • ZuoYou
    • Herman Miller Inc.
    • HNI Corporation
    • Kimball Internaional, Inc.
    • Haworth Inc.

In the News

  • IKEA has launched a new cookware range that has ceramic non-stick coated pans and pots that do not constitute PFAS (per – and poly-fluoroalkyl substances) and aims to eliminate PTFE (Polytetrafluoroethylene) from its cookware and bakeware range by 2026.
  • Steelcase Inc. announced the opening of its new Worklife Center in Dallas in April 2024. This center will consist of a wide range of furnishings and will also become a one-of-a-kind showroom that values basic human needs by providing them with privacy and wellness space. 

Author Credits:  Parul Atri


  • Report ID: 6170
  • Published Date: Jun 12, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of furniture was over USD 700 billion.

The market size for furniture is projected to cross USD 1300 billion by the end of 2036 expanding at a CAGR of 5% during the forecast period i.e., between 2024-2036.

The major players in the market are IKEA, Williams Sonoma, Steelcase Inc., ZuoYou, HNI Corporation, Haworth Inc., and others.

In terms of products, the beds segment is anticipated to account for the largest market share of 35% during 2024-2036.

In the year 2023, the industry size of furniture was over USD 700 billion.
Furniture Market Report Scope
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