Furniture Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company’s Furniture Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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The furniture and home furnishings stores market has experienced significant growth in recent years, expanding from $469.56 billion in 2023 to an expected $502.75 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%. This past growth is largely driven by rising consumer confidence, shifts in demographics, increases in disposable income, the expansion of e-commerce, heightened environmental consciousness, and higher rates of homeownership.
What Is the Projected Market Size of the Global Furniture Market and Its Growth Rate?
The furniture and home furnishings stores market is anticipated to experience robust growth in the coming years, projected to reach $653.17 billion by 2028 with a compound annual growth rate (CAGR) of 6.8%. This forecasted growth is expected to be driven by the rise in sustainable practices, increasing urbanization and demand for small-space solutions, more adaptable supply chains, advancements in digital marketing strategies, and broader global economic factors.
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What are the Key Drivers Fueling Growth in the Furniture Market?
Rising sales of new homes are projected to drive growth in the furniture and home furnishings stores market. A new home refers to a residence that has been newly constructed, extensively renovated, or built as a replacement for a demolished property. Furniture and home furnishings stores provide an extensive range of décor and furnishings designed to refresh and elevate the ambiance of living spaces.
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Who Are the Key Players Driving Growth in the Furniture Market?
Key players in the market include Ethan Allen Interiors Inc., Berkshire Hathaway Inc., The home depot, Inter Ikea Holding B.V., Wayfair Inc., Steinhoff International Holdings N.V., Office Depot, Williams-Sonoma Inc., Bed Bath & Beyond, Nitori Holdings Co. Ltd., Ingvar Kamprad Elmtaryd Agunnaryd Ltd., Ashley Furniture Industries Inc., Rooms To Go Incorporated, Restoration Hardware, Pottery Barn Inc., Steelcase Inc., Herman Miller Inc., HNI Corporation, La-Z-Boy Inc., Bob's Discount Furniture Inc., Heritage Home Group, Crate & Barrel Inc., Pier 1 Imports Inc., Raymour & Flanigan Furniture and Mattresses., Nebraska Furniture Mart Inc., Haverty Furniture Companies Inc., American Signature Inc., Bassett Furniture Industries Inc., Global Furniture Inc., West Elm India
What Are The Emerging Trends Shaping The Growth Of The Furniture Market?
Leading companies in the furniture and home furnishings stores market are launching ultra-sophisticated furniture showrooms to expand their presence globally. These showrooms are display spaces featuring furniture distinguished by exceptional refinement, luxury, and cutting-edge design.
What Are the Segments of the Global Furniture Market?
1) By Type: Furniture Stores, Home Furnishings Stores
2) By Ownership: Retail Chain, Independent Retailer
3) By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
Geographic Overview: North America at the Helm of the Furniture Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
How Is The Furniture Market Defined?
Furniture and home furnishings stores are retail locations that offer furniture, home décor, and appliances directly to end consumers from fixed point-of-sale sites. These businesses typically operate from spacious showrooms designed to effectively display their product offerings.
The Furniture Global Market Report 2024 from The Business Research Company includes the following key information:
•Market size data for both historical and future periods
•Analysis of both macro and microeconomic factors that have impacted the market over the past five years
•Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
•Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Furniture Market Report: Trends, Opportunities, Strategies, and More
The Furniture Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into furniture market size, furniture market drivers and trends, furniture competitors' revenues, and furniture market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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