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 a recent report by Meticulous Research®, the global home furniture market is projected to reach $720.9 billion by 2031, growing at a CAGR of 5.5% between 2024 and 2031. This growth is attributed to rising demand for luxury furniture, increased emphasis on customized home furnishings, and higher disposable incomes. However, challenges such as the growing preference for rental furniture and difficulties in sourcing affordable raw materials are expected to hinder the market’s expansion.
The sector is likely to benefit from an increased focus on omnichannel retail strategies, advanced visualization technologies for furniture, and the rise in urban populations. Nonetheless, the surging demand for second-hand furniture poses a significant obstacle. Sustainability and smart furniture innovations are also emerging as key trends.
Market Segmentation and Dynamics:
By Product:
The market is categorized into several segments including beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, recliners, sofas & couches, dining tables, and other types of furniture. In 2024, the beds segment is expected to capture the largest market share of over 26%, driven by the essential need for sleep solutions and a growing awareness of the importance of quality rest. The wardrobes, cabinets, & shelves category is anticipated to exhibit the fastest growth, propelled by evolving lifestyles and the increasing use of cabinetry in interior design.
By Material:
Furniture materials include wood, metal, glass, plastic, and others. The wood segment is forecast to dominate with over 64% market share in 2024, supported by the demand for handcrafted furniture and the versatility of various wood types. Additionally, the wood segment is expected to achieve the highest growth rate due to increasing interest in sustainable and engineered wood products.
By Type:
The market is divided into ready-to-assemble (RTA) and prefabricated furniture. The prefabricated furniture segment is expected to lead in 2024, driven by mass production efficiencies, the growing appeal of home décor, and rising demand on e-commerce platforms. Meanwhile, the RTA segment is forecast to experience the highest CAGR, driven by its affordability and the appeal of customizable furniture solutions.
By Geography:
In 2024, Asia-Pacific is predicted to hold the largest share of over 42%, fueled by local production, raw material availability, and a growing urban population. The region is also poised for the highest growth rate at 6.5%, supported by increased housing development and a surge in e-commerce.
Key Players:
Leading companies in the home furniture market include Inter IKEA Group (Netherlands), MillerKnoll, Inc. (U.S.), La-Z-Boy Incorporated (U.S.), Williams-Sonoma Inc. (U.S.), Ashley Furniture International (U.S.), and others.
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.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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