Global Furniture Market Report and Forecast 2024-2032

Global Furniture Market Outlook

The global furniture market size reached approximately USD 629.50 billion in 2023. The market is assessed to grow at a CAGR of 4.9% between 2024 and 2032 to attain a value of around USD 968.23 billion by 2032.

Key Trends in the Market

Furniture refers to mobile objects that are made from different materials like wood and plastic, among others. It holds objects at a convenient height and supports various human activities like sitting and sleeping. Furniture is also used to enhance the aesthetics of a space and for symbolic or religious purposes.

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• The increasing trend of sustainability is a significant furniture market trend. Key players are attempting to create a circular economy, responsibly source raw materials, and manufacture furniture from recyclable, durable, eco-friendly, and non-toxic materials to improve their ESG and drive carbon neutrality.

• The burgeoning trend of nature-inspired spaces and the growing popularity of neutral pallets and tones, especially in residential spaces, is boosting the demand for furniture made from natural materials like wood, ceramics, and stones, among others.

• 3D printing is increasingly used to streamline, simplify, and reduce costs associated with manufacturing and designing furniture. It also enables designers to use innovative materials and develop furniture with innovative geometrics, excellent ergonomics, and customised shape, size, and colour. In addition, advanced technologies like IoT, AI, AR, and VR, among others, are expected to support the furniture market development in the coming years.

• The increasing use of innovative materials such as cork, mycelium, and linoleum in furniture design and manufacturing is anticipated to fuel the market growth in the forecast period.

Furniture Market Analysis

Based on type, the market is segmented into metal, wood, plastic, and glass, among others. On the basis of end-use, the market can be divided into residential and commercial. By distribution channel, the furniture market segmentations include offline and online. The major regional markets for furniture include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global furniture market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• 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.

• Ethan Allen Global, Inc.

Market Share by Type

Wood furniture is expected to represent a significant portion of the furniture market share in the coming years as it offers ease of maintenance and enhanced durability. It is climate-resilient, eco-friendly, and versatile, and is extensively used to enhance the aesthetics, sophistication, and elegance of both residential and commercial spaces. Moreover, the growing availability of furniture made from different types of wood, including mahogany, cedar, and teak, among others, is boosting the segment’s growth.

Meanwhile, the demand for metal furniture is increasing owing to its affordability, enhanced functionality, and excellent cleanability. The exceptional durability of metal also makes such furniture appealing for outdoor use.

Furniture Market Share by Region

As per the furniture market analysis, the Asia Pacific is likely to experience robust growth in the forecast period due to rapid urbanisation, growing disposable incomes of the middle-class population, and the rising demand for furniture in the residential sector. Players in the region are using technologies to improve customer experience and offer aesthetically pleasing and durable designs.

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The increasing launch of luxury furniture ranges, along with the growing availability of diverse types of furniture on e-commerce platforms, is anticipated to further propel the market. Meanwhile, the furniture market demand in Europe and North America is likely to considerably grow amid the growing interest in home décor and the surging demand for aesthetically pleasing furniture.

Competitive Landscape

Steelcase Inc. is a prominent furniture company, based in Michigan, the United States. It was established in 1912, and it is involved in designing and manufacturing furniture for commercial purposes. Its products are sold in more than 770 locations around the world.

Haworth Inc. is one of the largest office furniture manufacturers in the world. It was founded in 1948 and is headquartered in Michigan, the United States. With a presence in over 150 countries, the company aims to develop high-quality furniture that can enhance the productivity of employees.

Kinnarps AB, established in 1942, is a company that designs, manufactures, and markets furniture for use in schools, hospitals, and offices, among others. Its furniture pieces are known for their quality, functionality, ergonomics, and aesthetics.

Other furniture market players include 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.

Key Highlights of the Report