Redding, California - June 17, 2024

Home Furniture Market to be Worth $720.9 Billion by 2031

Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliners, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography - Global Forecast to 2031

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’

According to this latest publication from Meticulous Research^®, the home furniture market is projected to reach $720.9 billion by 2031, at a CAGR of 5.5% from 2024 to 2031. The growth of the home furniture market is driven by increased demand for luxury furniture, a growing focus on customized home furniture, and the rise in disposable income. However, the inclination towards rental furniture and issues around the availability of suitable raw materials at competitive prices are factors restraining the growth of this market.

Furthermore, the growing focus of key players on omni-channel presence, adoption of technology to visualize the placement of furniture, and rise in urban population are expected to generate growth opportunities for the stakeholders in this market. However, the growing demand for second-hand furniture is a major challenge impacting market growth. Additionally, the rise in demand for sustainable furniture and the development of smart furniture are prominent trends in the home furniture market.

Based on product, the home furniture market is segmented into beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves; recliners, sofas & couches; dining table, and other furniture. In 2024, the beds segment is expected to account for the largest share of above 26.0% of the home furniture market. The segment’s large market share is mainly attributed to factors such as the necessity of a bed for resting, growing awareness regarding the need for quality sleep, and increased focus of customers on improving their lifestyles.

However, the wardrobes, cabinets, & shelves segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by changes in lifestyles, the increasing use of cabinetry in interior design and home décor, and the rise in disposable incomes.

Based on material, the home furniture market is segmented into wood, metal, glass, plastic, and other materials. In 2024, the wood segment is expected to account for the largest share of above 64.0% of the home furniture market. The wood segment is further segmented into hard wood, soft wood, and engineered wood. The segment’s large share is mainly attributed to factors such as increased demand for handcrafted furniture, availability & suitability of several wood types for manufacturing furniture, ease of processing, and dimensional stability.

Moreover, the wood segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by increasing demand for sustainable wood furniture, the growing use of engineered wood, and companies' growing focus on using eco-friendly woods such as bamboo and acacia for manufacturing furniture.

Based on type, the home furniture 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 of the home furniture market. The segment’s large share is mainly attributed to the strong focus of companies operating in the furniture industry on mass-producing furniture, the increase in spending on home décor by customers, and increased demand for furniture on e-commerce platforms.

However, the ready-to-assemble (RTA) furniture segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by its affordability compared to prefabricated furniture, the growing inclination of customers to personalize and design furniture on their own, and reduced labor charges.

Based on distribution channel, the home furniture market is segmented into offline channel and online channel. In 2024, the offline channel segment is expected to account for the larger share of above 71.0% of the home furniture market. The segment’s large share is mainly attributed to the growing number of local players, the increased focus of key players on expanding retail store chains across cities, and the growing customer preference for the touch and feel of the product.

Moreover, the online channel segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the increased use of e-commerce furniture sales, the growing focus of retail furniture stores on omni-channel presence, evolving customer preferences, and the growing adoption of AR technology by furniture retailers.

Based on geography, the home furniture market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 42.0% of the home furniture market. The segment’s large share is attributed to the availability of raw materials such as wood in the region, the presence of local players, the presence of a large number of households, the availability of low-cost and skilled workforce, and the growing investment of key players for expanding operations in the region.

Moreover, the Asia-Pacific region is projected to register the highest CAGR of 6.5% during the forecast period. This region's growth is mainly driven by a rise in urban population, increased spending on e-commerce platforms, rapid housing development across the region, and growing disposable income.

Key Players:

Some of the key players operating in the home furniture market are 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.).

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Key questions answered in the report-

• Which are the high-growth market segments based on product, material, type, and distribution channel?
• What was the historical market for home furniture?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the home furniture market?
• Who are the major players, and what shares do they hold in the home furniture market?
• What is the competitive landscape like in the home furniture market?
• What are the recent developments in the home furniture market?
• What are the different strategies adopted by the major players in the home furniture market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the home furniture market, and how do they compete with the other players?

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