The global home furniture market is anticipated to grow at a CAGR of 5.6% during the forecast period (2022-2028). The home furniture consists of several products including a dining table, coffee table, chair, lamps, sofa set, and many others. The major factor attributing to the growth of the global home furniture market is the increasing sale of home furniture for new houses to make them livable due to the rapid construction of buildings across the globe due to increased investment in construction & infrastructure across the globe. According to the Institute of Civil Engineers (ICE), the global construction market is anticipated to reach around $8 trillion by 2030 due to the development activities of countries including the US, China, and India. Thus, increasing the demand for home furniture items.
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The production of home furniture made of metals including iron, aluminum, and others is also increasing due to increasing metal mining across the globe. According to an article published by World Economic Forum in collaboration with Visual Capitalist in October 2021, an estimation of around 3.24 billion tonnes of metal was mined in 2019. Among these, iron ore is the major produced metal accounting for around 3 billion tonnes of iron ore mined representing 93.5% of total metal production. Adding to it, around 207 million tonnes of industrial metal and around 1.3 million tonnes of technology & precious metal were produced in 2019. Thus, propelling the growth of the global home furniture market.
Some major players in the market include Inter IKEA Systems B.V., La-Z-Boy Inc., Godrej Interio, Bernhardt Furniture Co., and Ashcomm LLC, among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in May 2020, Theodore Alexander USA Inc. partnered with Ralph Lauren Corp., a fashion products company. This partnership will support Theodore to expand its business through Ralph’s retail store in the US.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Material
- By Product
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Inter IKEA Systems B.V., La-Z-Boy Inc., Godrej Interio, Bernhardt Furniture Co., Ashcomm LLC, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Home Furniture Market Report by Segment
By Type
- Dining Room Furniture
- Living Room Furniture
- Bedroom Furniture
- Kitchen Furniture
- Others
By Material
- Wood
- Iron
- Aluminum
- Plastic
- Others
By Product
- Dining Table
- Chair
- Bed
- Sofa Set
- Others
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