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’
Download Free Sample Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5922?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=30-09-2024
A new report from Meticulous Research® reveals that the global home furniture market is expected to reach $720.9 billion by 2031, expanding at a CAGR of 5.5% between 2024 and 2031. This growth is driven by increased demand for luxury and customized furniture, along with rising disposable incomes globally. However, market expansion may be limited by the rising trend of rental furniture and challenges in securing raw materials at competitive rates.
Opportunities arise from the growing emphasis on omnichannel retailing, technological advancements in furniture visualization, and the booming urban population. Meanwhile, the rising popularity of second-hand furniture represents a challenge for the market. Noteworthy trends include the growing demand for sustainable products and innovations in smart furniture.
Market Segmentation and Dynamics:
By Product:
The market is divided into several product categories, including beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, and recliners. Beds are expected to command the largest market share in 2024, driven by the necessity for sleep and increased awareness of the importance of sleep quality. The wardrobes, cabinets, & shelves segment is poised for the fastest growth, propelled by changing lifestyles and increased investments in interior design.
By Material:
Furniture materials include wood, metal, glass, plastic, and others. The wood segment is expected to dominate in 2024, capturing over 64% of the market due to its versatility and strong consumer preference for handcrafted items. Moreover, the wood segment is forecast to see the highest growth due to rising demand for eco-friendly and sustainable options.
By Type:
The market is segmented into ready-to-assemble (RTA) and prefabricated furniture. Prefabricated furniture is anticipated to lead the market in 2024 due to its mass production and growing popularity in e-commerce. The RTA segment, however, is projected to witness the highest growth, driven by its affordability and customization options.
By Geography:
Asia-Pacific is expected to dominate the market in 2024, with over 42% of the market share, bolstered by a large urban population and strong local manufacturing capabilities. The region is also forecast to grow at the highest rate, with a CAGR of 6.5%, driven by urbanization and increased spending on home décor.
Key Players:
Leading companies in the home furniture industry include Inter IKEA Group, MillerKnoll, La-Z-Boy, Williams-Sonoma, Ashley Furniture, and several 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.
Contact Us:
Meticulous Research®
Email- [email protected]
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments on “Home Furniture Market Set to Achieve $720.9 Billion Valuation by 2031”