Global Furniture Market to Grow at a CAGR of 4.9% in the Forecast Period of 2024-2032

The global furniture market is majorly being driven by the rising infrastructure development activities. The different factors driving the market include increased disposable incomes, growth in the real estate and hospitality sectors, and the rising demand for luxury and quality furniture in certain consumer sectors. In addition, increased government expenditure in infrastructure development contributes to the demand from the residential and commercial sectors that can drive the demand for products in the near future. Governments in the Middle East, particularly the government of Saudi Arabia, are concentrating on real estate development through several residential and commercial projects, eventually supporting their economy. Moreover, high investment in the tourism, health, and education sectors has driven the expansion, which will ultimately drive the domestic demand for furniture in the infrastructure sector in Saudi Arabia.

In the coming years, the market is expected to be driven by rising innovation in products and design. In January 2021, Kimball International Inc (NASDAQ: KBAL), one of the key players in the global furniture market, launched its new furniture concept WorkAble, a solution that will build the capability to take and use a wall or space which was once unused. WorkAble was conceived as a forward-looking approach with increased functionality that can be easily integrated with technology with the growing importance of open-plan environments. Brian Graham, San Francisco artist, worked with Kimball to develop a solution that utilizes the wall, making it as usable as possible. The aesthetic is basic and innovative with materials like unique work tools, pegboard, cork, chalkboard, or PET, accessories, among other work surfaces.

The wood segment holds the largest market share in the global furniture market and is projected to grow over the forecast period at the fastest CAGR. This growth will continue to speed up because wood is among the naturally abundant raw materials and could be used in almost every form of furniture.

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Market Analysis by Type, End-Use, Distribution Channel, and Regions:

• The types of furniture include metal, wood, plastic, glass, among others.

• Furniture finds its end-uses in the residential and commercial sectors.

• The distribution channels include offline and online channels.

• The regional markets for furniture include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global furniture market is being driven by rapid technological advancements in internet services and e-commerce.

• The rapidly growing construction sector is boosting the demand for furniture.

• The availability of furniture on online e-commerce platforms is driving the market growth.

• The availability of cost-effective furniture for multi-purposes is propelling the market growth.

• The increasing disposable incomes of the consumers is also a driving factor for the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global furniture market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the regions, types, distribution channels, and end-uses of furniture.

• The EMR report also provides an insight into the trade data of the global furniture market.

• An assessment of the key demand and price indicators has also been provided within the report.

The major key players in the global furniture market include companies like Steelcase Inc., Haworth Inc., Kinnarps AB, Poltrona Frau S.p.a., VITRA INTERNATIONAL AG, Knoll®, Inc., NOWY STYL Sp. z o.o., Design Holding Group, Nitori Co., Ltd., Hooker Furnishings, Natuzzi S.p.A., and Ethan Allen Global, Inc. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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