Furniture and Furnishing Market Summary
The furniture and furnishing industry is a manufacturing sector in global with a long history. It includes the production of household, office and kitchen furniture, as well as mattresses, bedding and parts of furniture. A large variety of raw materials are used in production, including wood, rattan, plastic and metal. Wooden furniture is the industry’s leading category in terms of production and exports.
According to the new market research report "Global Furniture and Furnishing Market Report 2023-2029", published by QYResearch, the global Furniture and Furnishing market size is projected to grow from USD 552.37 Billion in 2023 to USD 750.64 billion by 2029, at a CAGR of 5.24% during the forecast period.
- Global Furniture and Furnishing MarketSize(US$ Million), 2018-2029
Based on or includes research from QYResearch: Global Furniture and Furnishing Market Report 2023-2029.
Market Drivers:
- Economic growth and consumer confidence: Economic growth usually leads to an increase in people's consumption levels, increasing demand for furniture and decorations. As the economy develops, consumer confidence will also increase and they will be willing to spend more money to purchase high-quality, high-grade furniture and decorations.
- Population growth and urbanization: As the population grows and urbanization accelerates, people's demand for housing and living environment continues to increase. Factors such as the establishment of new families and urban population mobility will promote the development of the furniture and decorations market.
- Influence of design innovation and trends: The furniture and decoration market is greatly affected by design innovations and trends. The introduction of novel design concepts, styles and materials can stimulate market demand and attract consumers to purchase new styles of furniture and decorations.
- Development of e-commerce and online channels: With the popularity of e-commerce and online shopping, the way consumers purchase furniture and decorations has changed. The convenient online shopping experience attracts more consumers, driving the growth of the online furniture and decorations market.
Restraint:
- Fierce competition: The furniture and decoration market is highly competitive. There are many brands and products, and the competition pressure is high. Some companies may use price wars, promotional activities and other means to compete for market share, thereby affecting the price level and profit margin of the entire market.
- New technology and material challenges: With the continuous emergence of new technologies and new materials, the furniture and decoration market is facing new challenges. Consumers may be more inclined to choose products with innovative designs and functions, which poses competitive pressure on traditional furniture and decoration companies.
- Supply chain issues: The instability of the global supply chain may cause furniture and decoration companies to face raw material shortages, delivery delays and other problems, affecting production and sales plans, thereby affecting market supply and demand.
- Global Furniture and Furnishing Top10Players Ranking and Market Share（Continually updated）
Based on or includes research from QYResearch: Global Furniture and Furnishing Market Report 2023-2029.
This report profiles key players of Furniture and Furnishing such as IKEA, Ashley Furniture Industries, Tempur Sealy International, Williams-Sonoma, Steelcase, Herman Miller, etc.
In 2023, the global top five Furniture and Furnishing players account for 8.88% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Furniture and Furnishing.
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