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=04-10-2024
According to a recent publication by Meticulous Research®, the global home furniture market is projected to reach $720.9 billion by 2031, growing at a CAGR of 5.5% from 2024 to 2031. This growth is fueled by increased demand for luxury furniture, a rising trend in customized home furnishings, and growing disposable incomes. However, factors such as the preference for rental furniture and challenges in obtaining raw materials at competitive prices are expected to restrain market growth.
Key growth drivers include the growing importance of omnichannel retailing, the use of technology for furniture visualization, and the expanding urban population. However, challenges like the increasing demand for second-hand furniture pose significant obstacles. Additionally, rising interest in sustainable furniture and the development of smart furniture are emerging as notable trends in the home furniture market.
Market Segmentation and Dynamics
By Product: The market is segmented into beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, recliners, sofas & couches, dining tables, and other furniture. In 2024, the beds segment is expected to account for the largest share, over 26.0%, driven by the essential nature of beds for rest, growing awareness of the importance of quality sleep, and improvements in lifestyle. The wardrobes, cabinets, & shelves segment is projected to see the highest CAGR during the forecast period due to changing lifestyles, increased use of cabinetry in interior design, and rising disposable incomes.
By Material: Materials in the market are classified into wood, metal, glass, plastic, and others. In 2024, the wood segment is anticipated to lead with over 64.0% market share, driven by the demand for handcrafted furniture, the availability of diverse wood types, ease of processing, and dimensional stability. Additionally, the wood segment is expected to grow at the highest CAGR, spurred by increased demand for sustainable wood furniture, the use of engineered wood, and an emphasis on eco-friendly materials like bamboo and acacia.
By Type: The market is divided into ready-to-assemble (RTA) and prefabricated furniture. In 2024, the prefabricated furniture segment is expected to hold the largest share due to mass production, rising spending on home décor, and the demand for e-commerce furniture. Meanwhile, the RTA furniture segment is projected to record the highest CAGR, driven by its affordability, consumers' preference for personalized furniture, and reduced labor costs.
By Geography: Asia-Pacific is forecasted to lead the market in 2024, with over 42.0% share, thanks to its abundant raw materials, presence of local manufacturers, a large number of households, low-cost skilled labor, and investments from major market players. The region is also expected to post the highest CAGR of 6.5%, propelled by urbanization, rising e-commerce spending, rapid housing development, and growing disposable incomes.
Key Players:
Prominent players in the home furniture market include Inter IKEA Group (Netherlands), MillerKnoll, Inc. (U.S.), The AZEK Company Inc. (U.S.), La-Z-Boy Incorporated (U.S.), Arhaus, Inc. (U.S.), Williams-Sonoma Inc. (U.S.), KARTELL S.p.A. (Italy), RH (Restoration Hardware) (U.S.), Ashley Furniture International (U.S.), Steelcase Inc. (U.S.), Ethan Allen Interiors Inc. (U.S.), The Lovesac Company (U.S.), Hooker Furnishings Corporation (U.S.), Westwing Group SE (Germany), and Flexsteel Industries, Inc. (U.S.).
The home furniture market presents strong growth opportunities, particularly in sustainable and smart furniture, alongside increasing consumer interest in customized and luxury home décor.
Buy Now@ https://www.meticulousresearch.com/Checkout/95960689?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=04-10-2024
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