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Home Furniture Market

Home Furniture Demand to Largely Bank on Increases Beds & Mattress Sales, Reaching US$ 43 Bn by 2031: Fact.MR

Published : 03 Nov 2021 Industry: Consumer Goods

Fact.MR predicts the sales of home furniture US$ to exceed 290 Bn by registering a CAGR of 6% through the sales indicator period. Increasing urbanization has led to search for comfortable and technology integrated furniture. This is due to the fact that more people are migrating to cities, especially in developing economies. This has resulted in providing a boost to the demand for home furniture.

Historically, from 2016 to 2020, the home furniture industry registered a CAGR of 2.5% by the end of the aforementioned period. The onset of COVID-19 pandemic disrupted supply chain on a global level. In addition, due to lockdowns across various regions, the sales of home furniture witnessed a dip in the initial stages. With the world getting back to normalcy, the sales of home furniture are expected to retrieve.

Furthermore, integration of smart technology and sensors is opening up newer target market opportunities in developed countries. In addition to technological integration, material also plays an important role in home furniture. Increasing adoption of mobility services will impact new furniture sales over the coming years. Increase in number of home furniture rental service providers will result in providing numerous growth opportunities for market players.

Key Takeaways from the Market Study

  • Beds and mattresses to experience maximum sales, reaching US$ 43 Bn by 2031
  • Demand for wooden home furniture to accelerate fastest, registering a CAGR of 6% 
  • Retail home furniture sales to reach a valuation worth US$ 25 Bn by 2031-end
  • U.S to be an opportunistic market, expected to capture 1/4th of global home furniture revenue
  • China to be the largest home furniture market, accounting for 60% of total sales

“Prominent home furniture manufacturers are emphasizing on introducing polished surface products, given the importance attached to aesthetic appeal of home décor products. Additionally, production of beds & mattresses aimed at improving sleep posture are also generate substantial growth opportunities,” says a Fact.MR analyst.

Competitive Landscape

Prominent home furniture manufacturers are reliant on capacity expansion initiatives, enabling them to serve a broader customer base and enhancing manufacturing capabilities to increase output. Notable developments are as follows:

  • Ashley Furniture Industries announced plans to initiate a new manufacturing facility in Pottsville, Pennsylvania, in March 2021. The new 100,000 square feet facility will serve as a furniture production site. This latest addition augments its already existing network of 11 production facilities servicing the U.S
  • Likewise, in July 2021, La-Z-Boy Incorporated announced an investment of over US$ 30 million over a 2-year period in its Neosho, Missouri manufacturing facility, helping scale up production efficiency and shorten lead times for customers and consumers, as well as strengthening their manufacturing footprint

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global home furniture market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The study indulges essential insights on the market on the basis of product type (beds and mattresses, sofas and armchairs, entertainment units, storage units, upholstery, tables and desks, dining home furniture, kitchen home furniture and others), material type (wooden, metal, glass, plastic and others) and sales channel (retail stores, direct to consumers, manufacturer stores, e-commerce stores, discount stores, rental stores, club stores and DIY stores) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

Fact.MR’s Domain Knowledge in Consumer Products

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the consumer products industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Sanjeevani Dubey

Fact.MR

Sr. Consultant - Consumer Products

E-mail: sanjeevani@factmr.com

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Home Furniture Market Analysis by Product Type (Beds and Mattresses, Sofas and Armchairs, Entertainment Units, Storage Units), by Material Type (Wooden Home Furniture, Metal Home Furniture, Glass Home Furniture), by Sales Channel & Regional Forecast, 2021-2031