What is Global Furniture and Furnishing Market?
The Global Furniture and Furnishing Market is a vast and dynamic sector that encompasses a wide range of products designed to enhance the aesthetic and functional aspects of various spaces. This market includes everything from sofas, chairs, tables, and beds to decorative items like lamps, rugs, and wall art. The global reach of this market is extensive, with products being sold and used in every corner of the world. The market's value was estimated at US$ 486300 million in 2023 and is projected to grow to US$ 713170 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.2%. This growth is driven by various factors, including increasing consumer spending on home improvement and interior decoration, the rise of e-commerce, and the growing demand for eco-friendly furniture.
Home, Office, Hotel, Healthcare, Educational, Furnishing, Others in the Global Furniture and Furnishing Market:
The Global Furniture and Furnishing Market is segmented into various categories based on their usage. These include Home, Office, Hotel, Healthcare, and Educational furnishings, among others. Home furnishings constitute the largest segment, accounting for about 65% of the market. These products are designed to enhance the comfort, functionality, and aesthetic appeal of residential spaces. Office furnishings, on the other hand, are designed to create a conducive work environment and include items like desks, chairs, and storage units. Hotel furnishings are designed to provide comfort and luxury to guests and include items like beds, sofas, and decorative items. Healthcare furnishings are designed to provide comfort and support to patients and include items like hospital beds, chairs, and tables. Educational furnishings are designed to facilitate learning and include items like desks, chairs, and storage units.
Residential, Commercial in the Global Furniture and Furnishing Market:
The Global Furniture and Furnishing Market finds its usage in two main areas: Residential and Commercial. Residential usage includes furniture and furnishings used in homes, apartments, and other residential spaces. These products are designed to enhance the comfort, functionality, and aesthetic appeal of these spaces. They include items like sofas, beds, tables, chairs, and decorative items. Commercial usage, on the other hand, includes furniture and furnishings used in offices, hotels, restaurants, schools, hospitals, and other commercial spaces. These products are designed to create a conducive work or service environment and include items like desks, chairs, storage units, and decorative items.
Global Furniture and Furnishing Market Outlook:
Looking at the market outlook for the Global Furniture and Furnishing Market, it's clear that this sector is on a growth trajectory. In 2023, the market was valued at a whopping US$ 486300 million. Fast forward to 2030, and this figure is expected to reach an impressive US$ 713170 million. This represents a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period from 2024 to 2030. The top three companies in this market hold a share of about 8%. When it comes to product types, home furniture takes the lead, accounting for about 65% of the market.
| Report Metric | Details |
| Report Name | Furniture and Furnishing Market |
| Accounted market size in 2023 | US$ 486300 million |
| Forecasted market size in 2030 | US$ 713170 million |
| CAGR | 5.2% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | IKEA, Ashley Furniture Industries, Tempur Sealy International, Williams-Sonoma, Restoration Hardware, Steelcase, Herman Miller, Kuka Home, Oppein Home Group, Okamura, HNI Corporation, Sleep Number, Haworth, La-Z-Boy, Serta Simmons Bedding, KOKUYO, Sofia Furniture, Sleemon |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
