Home Furniture Market
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
Home Furniture Market Outlook
The global home furniture market to register positive growth from 2021-2031, reaching US$ 290 Bn in value and registering 1.8x growth. By 2021, sales are anticipated to be valued at US$ 162 Bn.
|Market Size Value in 2021||US$ 162 Bn|
|Project Market Forecast Value in 2031||US$ 290 Bn|
|Global Growth Rate (2021-2031)||6%|
|Market Share of China||60%|
Amongst all product types, sales of beds & mattresses will experience maximum growth, reaching US$ 43 Bn by 2031.
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Demand Analysis of Home furniture from 2016 to 2020 Vs Market Projections for 2021 to 2031
Historically, from 2016 to 2020, sales of home furniture experienced a growth rate of 2.5% annually in 2020. Wherein, highly populated countries such as China, India, the U.S., and Brazil held significant share in the global market.
Increasing focus on decorating living spaces with creative furniture is one of the main factors boosting demand for premium quality home furniture. In addition, the market is benefiting from integration of smart sensing technology in furniture coupled with increased comfortable designs.
Due to the aforementioned trends and increased offerings, the global market for home furniture is projected to rise at a robust 6% CAGR during 2021–2031, and reach US$ 290 Bn by the end of this period.
Is Smart Technology Playing a Key Role in Boosting Sales of Home Furniture?
Integrating home furniture with sensors and other smart technology can be a convincing recommendation for manufacturers to fulfil the needs of corporate buyers, especially in the hospitality sector. The approach of remote-controlled home furniture is a valid example. There is mounting interest for home furniture incorporated with easy-to-use electronic technology that improves the degree of solace for clients.
Apart from this, there is ascending interest for multi-purpose home furnishings, particularly among private purchasers. Some multi-purpose furniture includes couch cum beds, water-driven beds, foldable tables, etc. These multi-purpose furniture products are attracting retail clients who need to utilize their spaces well.
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Will Emergence of Smart Home Furniture Catalyse Market Expansion?
With increasing urbanization, demand for smart and technology integrated furniture is gaining traction. Charging phone lamps, tablet coffee tables, color -hanging side boards, and smart beds are examples of smart furniture. Furthermore, as adaptability of renewable energy is gaining traction, demand for solar-powered rockers is experiencing a sudden surge.
With the emergence of Internet of Things, pairing of a basic household item with IoT transforms it into an item with totally new highlights. For instance, Eliot is fundamentally a table whose height can be changed by engines incorporated into the table legs.
Will China Influence Prices of Home Furniture Products?
In 2020, China accounted for a lion’s share of the market, due to fact that urbanisation levels reach 60.6% in 2019, due to ascending population and advancing number of local manufacturers. A revenue share worth 60% is projected for the Chinese market.
Beijing, with the adoption of the economy scale of production concept, is not only capable of meeting regional demand but also stands as a leading supplier at reasonable prices. Regional manufacturers in other countries are facing problems to compete with Chinese players.
Aside from domestic sales, China's furniture exports have been steadily increasing. Exports of furniture and furniture parts totalled US$ 58.3 Bn in 2019, up 5.3% year-on-year, according to the Statistical Communiqué on the 2019 National Economic and Social Development.
In 2019, per capita disposable income increased 8.9% over the previous year. The furniture market has grown tremendously as a result of this increasing purchasing power. Revenue of furniture manufacturers increased 1.5% year-on-year to US$ 111.3 Bn in 2019, according to data issued by the National Bureau of Statistics, while overall profits increased 10.8% year-on-year to US$ 7.2 Bn.
How will the U.S Generate Demand for Home Furniture in Forthcoming Years?
In the recent years, U.S. has witnessed an upsurge in construction activities. This, in turn, has propelled the sales of home furniture. Availability of various customized furniture options is further boosting the sales of home furniture. In addition, studio apartments along with penthouse apartments has increased the demand of flexible and compact furniture.
Furthermore, manufactures of home furniture offer a wide range of colour pallets through the medium of books and websites to the consumers. This, in turn, has increased the viability of choosing furniture options. Thus, according to Fact.MR, due to the above mentioned factors, home furniture is expected to possess 25% market share throughout the U.S.
Demand for Enhanced Comfort Spurring Beds & Mattresses Sales?
Beds & mattresses accounted for a majority of market share with a valuation of US$ 30 Bn in 2019, and is expected to exceed US$ 43 Bn by 2031, and is predicted to grow at promising CAGR of close to 7%. Prospects are especially lucrative for beds & mattresses designed to improve sleep posture and reduce structural deformities.
Prominent manufacturers are incorporating high-resilience (HR) foam, helping generate more durable and longer-lasting mattresses. Moreover, viscoelastic foams are used to improve pressure distribution while enhancing breathability and heat dissipation. Recently, in 2021, online sleep solutions brand Durfi launched a new line of hemp seed oil infused cotton candy memory foam mattresses in India which provides enhanced relaxation from anxiety, insomnia, depression, etc.
Demand for Wooden Home Furniture to Outpace Other Categories?
By material type, demand for wooden furniture is anticipated to remain highly prominent, attributed to their strength and durability and high aesthetic appeal. Furthermore, rising sustainability concerns are prompting consumers to opt for more environmentally friendly furniture. A CAGR worth 6% is projected for this segment.
A series of new product launches have peppered the wooden furniture landscape in recent months. For instance, in August 2021, introduced a limited edition collection of its Stine Aas Cleo chairs, incorporating a dye-finish which accentuates the natural tone and grain of its ash wood surface.
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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
- In August 2021, Flexsteel Industries Inc. announced the opening of a 4th manufacturing facility in Mexico, in Mexicali, which is expected to be the largest plant in the whole country. With this initiation, the company intends to double its volume output to US$ 1 billion over the next 5 years
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered
- Beds and Mattresses
- Sofas and Armchairs
- Entertainment Units
- Storage Units
- Tables and Desks
- Dining Home Furniture
- Kitchen Home Furniture
- Wooden Home Furniture
- Metal Home Furniture
- Glass Home Furniture
- Plastic Home Furniture
- Home Furniture Sold at Retail Stores
- Home Furniture Sold Direct to Consumers
- Home Furniture Sold at Manufacturer Stores
- Home Furniture Sold through e-Commerce Stores
- Home Furniture Sold at Discount stores
- Home Furniture Sold at Rental Stores
- Home Furniture Sold at Club Stores
- Home Furniture Sold at DIY Stores
- FAQs -
As of 2021, the market for home furniture reached nearly US$ 162 Bn
The home furniture industry is expected to surpass a CAGR of 6% from 2021-2031.
The home furniture market is expected to reach nearly US$ 290 Bn by 2031
From 2016 to 2020, home furniture demand surged at a CAGR of 2.5%, according to Fact.MR
Increasing urbanization along with ease of choosing from a wide variety of options are the key trends driving home furniture sales.
Ashley Furniture Industries, La-Z-Boy Incorporated, Flexsteel Industries, Inc and Inter Ikea Systems B.V. are some prominent home furniture manufacturers
Bed and mattresses are expected to register a CAGR of 7%, reaching US$ 43 Bn by 2031
As per Fact.MR, home furniture sales in the U.S is expected to account for 25% of the global market
China is slated to emerge as the largest home furniture market, capturing 60% of total revenue
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