Home furniture market size to grow by USD 105.01 billion from 2022 to 2027; A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio
NEW YORK, Jan. 27, 2023 /PRNewswire/ -- The global home furniture market size is estimated to increase by USD 105.01 billion between 2022 and 2027. The market's growth momentum will be progressing at a CAGR of 5.34% during the forecast period. Discover some insights on market size before buying the full report - Request a sample report
Global Home furniture market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
Key purchase criteria
Drivers of price sensitivity
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Global Home furniture market – Vendor Analysis
The global home furniture market is fragmented, with the presence of numerous players that offer differentiated products. Established vendors in the market have strong financial resources and technical expertise and focus on enhancing and customizing their products for end-users. Small-scale vendors compete with established vendors by adopting low-pricing strategies and strengthening their positions in local markets. Vendors are also adopting business strategies such as the expansion of retail channels and the launch of innovative products to gain a competitive advantage.
A few prominent vendors that offer home furniture in the market are:
Dare Studio Ltd.
Ethan Allen Interiors Inc.
Flexsteel Industries Inc.
Global Furniture USA Inc.
Inter IKEA Systems B.V.
Kimball International Inc.
MasterBrand Cabinets Inc.
NITORI Holdings Co. Ltd.
ROCHE BOBOIS SA
Stanley Lifestyles Ltd.
Steinhoff International Holdings NV
Williams Sonoma Inc.
Home furniture market - Segmentation Assessment
Technavio has segmented the market based on the distribution channel (offline and online), product (living room furniture, bedroom furniture, storage furniture, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The market growth will be significant in the offline segment during the forecast period. Offline stores allow consumers to touch and feel home furniture as a part of the buying process, thereby enabling consumers to physically experience the product before purchasing them. This is not possible in the case of online distribution channels. Hence, the offline distribution channel is the most preferred means for the distribution of home furniture items by vendors, manufacturers, and distributors operating in the market.
By geography, the global home furniture market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global home furniture market.
APAC will account for 42% of the market growth during the forecast period. The rapid growth of the real estate sector and increase in disposable incomes are driving the growth of the home furniture market in APAC.
Global Home Furniture Market – Market Dynamics
Leading Drivers –
The market is driven by increasing online sales. The increase in internet penetration across the globe has fueled the growth of e-commerce-based shopping and online retailing. Several vendors in the market have launched their new furniture-specialist online stores and some vendors are planning to open their new e-commerce-based outlets. Besides, the market is being flooded with a rising number of online startups and various other already-established companies venturing into the digital space to reach out to a larger customer base. All these factors are fostering the growth of the global home furniture market.
Key Trends –
The growing importance of innovative customized furniture is a key trend in the market. Consumers are becoming more aware of technologically driven smart furniture and are exhibiting high demand for customized furniture. To cater to the evolving demands of customers, some vendors are allowing their customers to design their own furniture patterns right from the fabric to the type of wood being used in the manufacturing. The market is also witnessing the advent of smart furniture with pull-out shelves, universal serial bus (USB) ports, and outlets to charge iPods, laptops, and smartphones. Furthermore, some vendors are integrating technologies such as IoT to enable customers to integrate smart furniture with smart homes. Many such developments are positively influencing the growth of the global home furniture market.
Major challenges –
Fluctuating labor costs and raw material prices are hindering the growth of the market. A major proportion of the price of furniture depends on manufacturing costs, labor costs, and raw material costs. Manufacturing of furniture involves the procurement and the use of several raw materials such as steel, iron, plastic, wood, glass, petroleum products, and paints. The prices of these raw materials are volatile and fluctuate with international prices. Any fluctuations in the prices of raw materials will have a direct impact on the price of the product as well as the profit margins of vendors. Such challenges are hindering the growth potential in the market.
Driver, trend, and challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!
What are the key data covered in this home furniture market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the home furniture market between 2023 and 2027
Precise estimation of the size of the home furniture market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the home furniture market industry across APAC, North America, Europe, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of home furniture market vendors
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Home Furniture Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 5.34%
Market growth 2023-2027
USD 105.01 billion
YoY growth 2022-2023 (%)
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 42%
US, Canada, China, Japan, and Germany
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Ashcomm LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Global Furniture USA Inc., Godrej Interio, Inter IKEA Systems B.V., Kimball International Inc., LaZBoy Inc., MasterBrand Cabinets Inc., MillerKnoll Inc., NITORI Holdings Co. Ltd., ROCHE BOBOIS SA, Roomstogo.com Inc., Stanley Lifestyles Ltd., Steelcase Inc., Steinhoff International Holdings NV, Wayfair Inc., and Williams Sonoma Inc.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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Table of contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global home furniture market 2017 - 2021
4.2 Distribution channel Segment Analysis 2017 - 2021
4.3 Product Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Distribution Channel
6.1 Market segments
6.2 Comparison by Distribution Channel
6.3 Offline - Market size and forecast 2022-2027
6.4 Online - Market size and forecast 2022-2027
6.5 Market opportunity by Distribution Channel
7 Market Segmentation by Product
7.1 Market segments
7.2 Comparison by Product
7.3 Living room furniture - Market size and forecast 2022-2027
7.4 Bedroom furniture - Market size and forecast 2022-2027
7.5 Storage furniture - Market size and forecast 2022-2027
7.6 Others - Market size and forecast 2022-2027
7.7 Market opportunity by Product
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC - Market size and forecast 2022-2027
9.4 North America - Market size and forecast 2022-2027
9.5 Europe - Market size and forecast 2022-2027
9.6 Middle East and Africa - Market size and forecast 2022-2027
9.7 South America - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 Japan - Market size and forecast 2022-2027
9.11 Germany - Market size and forecast 2022-2027
9.12 Canada - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Ashcomm LLC
12.4 Bernhardt Furniture Co.
12.5 Dare Studio Ltd.
12.6 Ethan Allen Interiors Inc.
12.7 Flexsteel Industries Inc.
12.8 Godrej Interio
12.9 Inter IKEA Systems B.V.
12.10 Kimball International Inc.
12.11 LaZBoy Inc.
12.12 MasterBrand Cabinets Inc.
12.13 MillerKnoll Inc.
12.14 Roomstogo.com Inc.
12.15 Steinhoff International Holdings NV
12.16 Wayfair Inc.
12.17 Williams Sonoma Inc.
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
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