The furniture market witnessed a valuation of USD 541.52 billion in 2023, with projections indicating a surge to USD 780.43 billion by 2030, boasting a compound annual growth rate (CAGR) of 5.36% between 2024 and 2030. This data stems from Fortune Business Insights™ through its report titled "Furniture Market, 2024-2030." Analysts attribute this growth trajectory primarily to escalating interests in home decoration and renovation worldwide, driving robust demand for furniture products.

Top Key Companies Covered in the Furniture Market:

• Harman Miller Inc. (Michigan, U.S.)
• Steelcase Inc. (Michigan, U.S.)
• HNI Corporation (Lowa, U.S.)
• Ashley Furniture Industries Inc. (Wisconsin, U.S.)
• Duff & Phelps, LLC. (New York, U.S.)
• Global Furniture USA (New Jersey, U.S.)
• ZouYou (Shenzhen, China)
• P & C ArteMobili SA (Nova Prata, Brazil)
• Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
• DEDON GmbH (Luneburg, Germany)
• Dare Studio (Worthing, England)

Information Source: https://www.fortunebusinessinsights.com/furniture-market-106357 

Report Coverage

The report offers valuable insights obtained by thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the virtual reality market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.

Segmentation

By Material, the global market is divided into:

• Wood
• Metal
• Plastic
• Others

By Category, the market is segregated into:

• Indoor
• Outdoor

By End-User, the market is categorized into:

• Residential
• Office
• Hotel
• Others

By Region, the global market is branched into:

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Driving Factors

Steady Launch of Groundbreaking and Lavish Furniture Pieces to Spur Growth

The sporadic unveiling of high-end home amenities by companies is expected to captivate consumers, leading to increased purchases and thereby driving demand for such products. A notable instance occurred in February 2020 when BAXTER, an Italian company specializing in home furnishings, in collaboration with its Indian provider, Sources Unlimited, introduced innovative, luxurious, and finely crafted furniture items in India. This initiative is anticipated to stimulate growth in the furniture market.

Regional Insights

Asia Pacific to Hold Dominant Position in the Market through 2028

In 2020, the Asia Pacific market boasted a value of USD 223.9 billion, with the primary contributors being numerous wood furniture manufacturers situated in countries like China and India.

North America commands a considerable portion of the market share due to the widespread use of such products among the populations of the United States and Canada, resulting in substantial revenue generation from these regions.

The remarkable growth observed in Europe is attributed to the increasing adoption of wood-based furnishing pieces by the populace in countries such as the United Kingdom and Germany.

Competitive Landscape

Collaborations among Corporations to Safeguard Their Brand Values in the Global Market

Key players in the market consistently employ strategic tactics to promote their products and solidify their positions within the industry. One effective strategy involves collaborating with other companies to introduce innovative products, thereby extending their market reach to end-users.

Industry Development

May 2020: Theodore Alexander USA, Inc., who is a console table and chair products producer, teamed up with Ralph Lauren Corporation, a vital U.S.-based fashion products company, to extend its business through the partner’s retail fashion stores based in the U.S.