Global Furniture Market 2023 Holding Highest 3.57% CAGR and 673850.88 USD Million Growth by 2030

PRESS RELEASE

Published June 7, 2023

Global “Furniture Market” 2023 | New Report | Machinery and Equipment Global Industry | (116 Pages Report) Furniture Market it is the Largest Market in the Machinery and Equipment Industry with Greatest Significant Growth in CAGR and the Future Prediction up to 2030. In this report evaluate the effects of increased worldwide inflation on market expansion, Analyze the consequences of the Russia-Ukraine conflict on the provision of its direct and indirect influence on the market, Comprehend the market's reaction to the COVID-19 pandemic and how it is adapting as the pandemic's impact subsides.

“According to the Market Research Report, the Furniture market is expected to surpass USD 673850.88 by 2030, which is an increase from its current value of USD 545958.9 in 2022. This growth is projected to have a compound annual growth rate (3.57%) between 2023 and 2030.” Ask for a Sample Report

In today's fast-paced business world, it's essential to stay informed about the latest trends and identify potential threats and opportunities to stay ahead of the competition. In this report, we will explore the importance of keeping up with key industry trends and provide tips on how you can quickly build competitive intelligence. For example, if you notice a growing demand for a particular product or service, you can adjust your offerings accordingly to our Furniture market research report. It also Recognize areas of growth and opportunities within the market, Aid decision-making using both historical and projected data, Formulate strategies based on anticipated future developments and attain a global perspective on market development.

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The following key players in the competitive landscape should be evaluated:

Several up-and-coming companies are constantly seeking innovative ways to attract more customers. These companies also invest in research and development to explore novel techniques.

Masco Corporation
Herman Miller, Inc.
Ashley Furniture Industries, Inc.
Heritage Home Group LLC
Inter IKEA Group
Raymours Furniture Company, Inc.
Williams-Sonoma, Inc.
Okamura Corporation
Steelcase Inc.
L. and J. G. Stickley, Inc.
Durham Furniture Inc.
Century Furniture LLC

Global Furniture Market Overview:

The Furniture market in the Asia-Pacific, North-America, South-America, Europe, Middle East and South Africa and Asia Pacific region is projected to achieve a significant CAGR during the forecast period of 2022 to 2030.
Growth of CAGR: The Furniture market is expected to grow by approximately 3.57% during the period of 2022 to 2030.
Furniture Market Types: The global Furniture market is divided into segments, with Domestic Furniture, Office Furniture, Hotel/Restaurant Furniture, Others, being the largest contributor to this market.
Furniture Market Applications: The Offline, Online segment was the leading contributor to the Furniture market in terms of applications, generating USD 545958.9 in 2022, and is projected to reach USD 673850.88 by 2030.

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Rising Demand in Furniture Market:

The global demand for Furnitures is increasing every year due to the development of highly efficient and technologically advancements, such as Domestic Furniture, Office Furniture, Hotel/Restaurant Furniture, Others, , which offer long-term functionality. This trend is fueling growth in the global Furniture market Size.

Competitive Landscape of Furniture Market:

Conducting a competitive analysis can provide valuable insights into businesses that are vying for the same target audience. This is crucial in establishing a competitive advantage that can generate consistent revenue. During the analysis, it is important to identify competitors based on their product lines or services as well as their market segments.

Market Analysis and Insight:

Market Overview of Global Furniture market:

The latest research study on the global Furniture market finds that the global Furniture market reached a value of USD 545958.9 million in 2022. It’s expected that the market will achieve USD 673850.88 million by 2028, exhibiting a CAGR of 3.57 Percentage during the forecast period.

COVID-19 influence

The outbreak of COVID-19 has resulted in worldwide lockdown and shutdown of manufacturing facilities, disrupting the supply chain of Furniture. Strict ban on inter-state and international transportation of finished products has adversely affected the market size. Moreover, most of the exported furniture orders were canceled or delayed due to lockdown, further impacting the market growth. Due to the impact of the epidemic, the production of raw materials and equipment procurement and transportation supply are difficult to be in place, and upstream enterprises affect the work schedule of downstream enterprises. Equipment manufacturing and product manufacturing enterprises in Furniture industry are affected to different degrees, and the production and delivery work may be delayed to some extent. Meanwhile, if it fails to meet the customer's delivery time requirements according to the contract, it may lead to the customer looking for another enterprise and lose business.

Rising luxury office furniture and multi-functional furniture demand

Furniture including sculptural console lighting, freestanding desks, comfortable chairs and so on form an important part of the luxury office furniture, which has rapidly expanded in recent years. Likewise, rise in the economy worldwide, urban areas changing their course to develop steadily and firms and institutions, government bodies determined to improve working environment and other factors are promoting furniture sales. Similarly, rapid growth of office based sectors particularly software, hospitals, schools etc. is fueling the increasing need for office space. In addition, modular furniture is famous and effective way of optimizing expensive commercial space.

Besides this, consumers determined to pep up or downsize their apartment are driving sales in the furniture segment. Well designed and ornamental pieces are basically used in bedroom or living, in the kitchen area or at the entry. Today, home furniture serves requirements like customization, where home equipment or office files not in use are concealed. In addition, versatile multi-functional pieces are becoming popular over different office or home. In addition, leather sofas in prototypal styles and new age voguish ones that reek of innovation, are preferred for their chic quality. Their capability to revamp rooms is a forcible one and is used very astutely as well.

Fierce competition

With major manufacturers and suppliers in the Furniture industry competing at globally, the intensity of competition within the Furniture industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. Meanwhile, the local vendors in developing nations are providing tough competition to the global players based on product pricing. The fierce competition is not conducive to the sustainable development of the industry. At the same time, small companies or small retailers enter the business consequently as venturing into a Furniture business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established Furniture manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes. The fierce competition is not conducive to the sustainable development of the industry.

Moreover, the Furniture market is characterized by price competition. This in turn can result in reduced demand for Furniture, which in turn can intensify price competition in Furniture industry. This price competition could impact manufactures' ability to implement price increases or, in some cases, such as during an industry downturn, maintain prices. In addition, when market conditions warrant, suppliers may need to reduce prices to build or maintain their market share. If suppliers are unable to increase or maintain prices for products, their profit margins could decline. Such decline will be compounded to the extent suppliers are unable to maintain or reduce the cost of products, which may be especially difficult in the current environment given the volatility of the commodities markets.

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Global Furniture Market Segmentation:

The market research report for the Furniture industry has divided the worldwide projection mapping market into different segments based on the type, application, and region. In 2022, the Furniture market was dominated by the regular segment due to its increased usage. The conventional segment dominated the largest market share in nature analysis and accounted for the largest revenue share in the Furniture market in 2022. The B2B segment dominated the largest market share in end-user type analysis. Europe, Asia, North America, South America and Middle East areas dominated the market with the highest revenue share.

Global Furniture Market Types:

The Most interesting area of the global Furniture market is market types.

Domestic Furniture
Office Furniture
Hotel/Restaurant Furniture
Others

Global Furniture Market Application:

Offline
Online

COVID-19 Impact on Furniture Market:

Due to the COVID-19 pandemic, there has been an increased demand for Furniture in various industries to reduce operational costs, improve efficiency, and minimize maintenance. On the other hand, the adoption and investment in Furniture has continued to rise in sectors like Machinery and Equipment, where it enhances the overall customer experience, leading to growth in the Furniture market. Additionally, the pandemic has highlighted the significance of Furniture in all types of businesses, thus having a positive impact on the global Furniture market.

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Global Furniture Market Drivers and Restraints: -

Drivers:

Many Consumers are using Furniture as a substitute, the primary factors affecting the demand for Furniture globally are a rise in consumer demand. Throughout the forecasted period, the demand for a Furniture market boosting all over the world. Also, this research report helps to driving business growth.

Restraints:

The Furniture playing crucial role in Machinery and Equipment industry growing in billions around the world. Especially which area highly growing and which player dominating in this industry to be found in this research report. In some areas of the Machinery and Equipment business, this may reduce the demand.

Regional Analysis Outlook Covered in Furniture Market Research Report:

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

Latin America

Brazil
Mexico
Argentina

Middle East and South Africa

UAE
Saudi Arabia
South Africa

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Key Questions Answered in the Furniture Market are:

Who are the players in the market?
What are the main drivers, growth/decline factors, and challenges?
How is the industry expected to evolve in the forecast period?
What are the consumption patterns in various regions?
Which product types and areas of application are expected to experience significant demand in the near future?
What factors make the market a good long-term investment?
What strategies are the top firms using to gain market share in mature markets?

Key Offerings:

Industry Size and Revenue Projections for 2023-2030
Industry Dynamics, including Emerging Trends, Growth Drivers, and Investment Opportunities
In-depth Industry Segmentation by Application, Type, and Region
Competitive Analysis, featuring Top Competitors and other Leading Players.

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Detailed TOC of Global Furniture Market Report 2023:

Table of Content

1. Market Definition and Statistical Scope
1.1 Objective of the Study
1.2 Furniture Market Definition
1.3 Market Scope
1.3.1 Market Segmentation by Type, Downstream Industry and Marketing Channel
1.3.2 Major Geographies Covered (North America, Europe, Asia Pacific, Middle East and Africa, Latin America)
1.4 Years Considered for the Study (2018-2029)
1.5 Currency Considered (U.S. Dollar)
1.6 Stakeholders

2. Research Findings and Conclusion

3 Key Companies’ Profile
3.1 Competitive Profile
3.1.1 Global Furniture Sales and Market Share by Companies
3.1.2 Global Furniture Revenue and Market Share by Companies
3.2 Masco Corporation
3.2.1 Brief Introduction of Masco Corporation
3.2.2 Masco Corporation Sales, Growth Rate and Global Market Share from 2018-2023
3.2.3 Masco Corporation Related Products/Service Introduction
3.2.4 Masco Corporation Business Overview/Recent Development/Acquisitions
3.3 Herman Miller, Inc.
3.3.1 Brief Introduction of Herman Miller, Inc.
3.3.2 Herman Miller, Inc. Sales, Growth Rate and Global Market Share from 2018-2023
3.3.3 Herman Miller, Inc. Related Products/Service Introduction
3.3.4 Herman Miller, Inc. Business Overview/Recent Development/Acquisitions
3.4 Ashley Furniture Industries, Inc.
3.4.1 Brief Introduction of Ashley Furniture Industries, Inc.
3.4.2 Ashley Furniture Industries, Inc. Sales, Growth Rate and Global Market Share from 2018-2023
3.4.3 Ashley Furniture Industries, Inc. Related Products/Service Introduction
3.4.4 Ashley Furniture Industries, Inc. Business Overview/Recent Development/Acquisitions
3.5 Heritage Home Group LLC
3.5.1 Brief Introduction of Heritage Home Group LLC
3.5.2 Heritage Home Group LLC Sales, Growth Rate and Global Market Share from 2018-2023
3.5.3 Heritage Home Group LLC Related Products/Service Introduction
3.5.4 Heritage Home Group LLC Business Overview/Recent Development/Acquisitions
3.6 Inter IKEA Group
3.6.1 Brief Introduction of Inter IKEA Group
3.6.2 Inter IKEA Group Sales, Growth Rate and Global Market Share from 2018-2023
3.6.3 Inter IKEA Group Related Products/Service Introduction
3.6.4 Inter IKEA Group Business Overview/Recent Development/Acquisitions
3.7 Raymours Furniture Company, Inc.
3.7.1 Brief Introduction of Raymours Furniture Company, Inc.
3.7.2 Raymours Furniture Company, Inc. Sales, Growth Rate and Global Market Share from 2018-2023
3.7.3 Raymours Furniture Company, Inc. Related Products/Service Introduction
3.7.4 Raymours Furniture Company, Inc. Business Overview/Recent Development/Acquisitions
3.8 Williams-Sonoma, Inc.
3.8.1 Brief Introduction of Williams-Sonoma, Inc.
3.8.2 Williams-Sonoma, Inc. Sales, Growth Rate and Global Market Share from 2018-2023
3.8.3 Williams-Sonoma, Inc. Related Products/Service Introduction
3.8.4 Williams-Sonoma, Inc. Business Overview/Recent Development/Acquisitions
3.9 Okamura Corporation
3.9.1 Brief Introduction of Okamura Corporation
3.9.2 Okamura Corporation Sales, Growth Rate and Global Market Share from 2018-2023
3.9.3 Okamura Corporation Related Products/Service Introduction
3.9.4 Okamura Corporation Business Overview/Recent Development/Acquisitions
3.10 Steelcase Inc.
3.10.1 Brief Introduction of Steelcase Inc.
3.10.2 Steelcase Inc. Sales, Growth Rate and Global Market Share from 2018-2023
3.10.3 Steelcase Inc. Related Products/Service Introduction
3.10.4 Steelcase Inc. Business Overview/Recent Development/Acquisitions
3.11 L. and J. G. Stickley, Inc.
3.11.1 Brief Introduction of L. and J. G. Stickley, Inc.
3.11.2 L. and J. G. Stickley, Inc. Sales, Growth Rate and Global Market Share from 2018-2023
3.11.3 L. and J. G. Stickley, Inc. Related Products/Service Introduction
3.11.4 L. and J. G. Stickley, Inc. Business Overview/Recent Development/Acquisitions
3.12 Durham Furniture Inc.
3.12.1 Brief Introduction of Durham Furniture Inc.
3.12.2 Durham Furniture Inc. Sales, Growth Rate and Global Market Share from 2018-2023
3.12.3 Durham Furniture Inc. Related Products/Service Introduction
3.12.4 Durham Furniture Inc. Business Overview/Recent Development/Acquisitions
3.13 Century Furniture LLC
3.13.1 Brief Introduction of Century Furniture LLC
3.13.2 Century Furniture LLC Sales, Growth Rate and Global Market Share from 2018-2023
3.13.3 Century Furniture LLC Related Products/Service Introduction
3.13.4 Century Furniture LLC Business Overview/Recent Development/Acquisitions

4. Global Furniture Market Segmented by Type
4.1 Global Furniture Sales, Revenue and Growth Rate by Type 2018-2023
4.2 Domestic Furniture
4.3 Office Furniture
4.4 Hotel/Restaurant Furniture
4.5 Others

5 Global Furniture Market Segmented by Downstream Industry
5.1 Global Furniture Sales, Revenue and Growth Rate by Downstream Industry 2018-2023
5.2 Offline
5.3 Online

6 Furniture Industry Chain Analysis
6.1 Value Chain Status
6.2 Upstream Raw Material Analysis
6.3 Midstream Major Company Analysis (by Manufacturing Base, by Product Type)
6.4 Distributors/Traders
6.5 Downstream Major Customer Analysis (by Region)
6.6 Value Chain Under Regional Conflicts

7. The Development and Dynamics of Furniture Market
7.1 Driving Factors of the Market
7.2 Factors Challenging the Market
7.3 Opportunities of the Global Furniture Market (Regions, Growing/Emerging Downstream Market Analysis)
7.4 Technology Status and Developments in the Furniture Market
7.5 Industry News
7.6 Market Investment Scenario Strategic Recommendations
7.7 COVID-19 Impact on Furniture Industry
7.7.1 Furniture Business Impact Assessment - Covid-19
7.7.2 Supply Chain Challenges
7.7.3 Market Trends and Potential Opportunities of Furniture in the COVID-19 Landscape
7.8 Industry SWOT Analysis

Continued…

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