Meticulous Research®—a leading global market research company, published a research report titled, ‘Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliner, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography - Global Forecasts to 2031’
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According to the latest publication from Meticulous Research®, the global home furniture market is projected to reach $720.9 billion by 2031, growing at a CAGR of 5.5% from 2024 to 2031. This growth is driven by the increased demand for luxury furniture, a growing focus on customized home furniture, and rising disposable income. However, factors such as the inclination towards rental furniture and the availability of suitable raw materials at competitive prices are restraining market growth.
Furthermore, the growing emphasis on omni-channel presence, adoption of technology to visualize furniture placement, and the rise in urban population are expected to generate growth opportunities for stakeholders in this market. However, the increasing demand for second-hand furniture poses a significant challenge. Additionally, the rising demand for sustainable furniture and the development of smart furniture are prominent trends in the home furniture market.
Market Segmentation and Dynamics
By Product:
The home furniture market is segmented into beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, recliners, sofas & couches, dining tables, and other furniture. In 2024, the beds segment is expected to account for the largest share of over 26.0% of the market, driven by the necessity of beds for resting, growing awareness about the importance of quality sleep, and customers' focus on lifestyle improvements. The wardrobes, cabinets, & shelves segment is anticipated to record the highest CAGR during the forecast period, driven by lifestyle changes, the increasing use of cabinetry in interior design, and rising disposable incomes.
By Material:
The market is segmented into wood, metal, glass, plastic, and other materials. In 2024, the wood segment is expected to hold the largest share of over 64.0%, attributed to the demand for handcrafted furniture, availability of various wood types, ease of processing, and dimensional stability. The wood segment is also projected to record the highest CAGR, driven by increasing demand for sustainable wood furniture, growing use of engineered wood, and companies focusing on eco-friendly materials like bamboo and acacia.
By Type:
The market is segmented into ready-to-assemble (RTA) furniture and prefabricated furniture. In 2024, the prefabricated furniture segment is expected to account for the larger share, driven by companies' focus on mass production, increased spending on home décor, and demand for furniture on e-commerce platforms. The RTA furniture segment is anticipated to record the highest CAGR, driven by its affordability, customer inclination towards personalizing furniture, and reduced labor costs.
By Geography:
In 2024, Asia-Pacific is expected to account for the largest share of over 42.0%, driven by the availability of raw materials, presence of local players, numerous households, low-cost and skilled workforce, and key players' investments in the region. The Asia-Pacific region is also projected to register the highest CAGR of 6.5%, driven by urban population growth, increased e-commerce spending, rapid housing development, and rising disposable income.
Key Players:
Key players in the home furniture market include Inter IKEA Group (Netherlands), MillerKnoll, Inc. (U.S.), The AZEK Company Inc. (U.S.), La-Z-Boy Incorporated (U.S.), Arhaus, Inc. (U.S.), Williams-Sonoma Inc. (U.S.), KARTELL S.p.A. (Italy), RH (Restoration Hardware) (U.S.), Ashley Furniture International (U.S.), Steelcase Inc. (U.S.), Ethan Allen Interiors Inc. (U.S.), The Lovesac Company (U.S.), Hooker Furnishings Corporation (U.S.), Westwing Group SE (Germany), and Flexsteel Industries, Inc. (U.S.).
About Meticulous Research®:
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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