In FY 2021, the Home Furniture market reached a valuation of US$ 162.0 Billion, and is likely to register a Y-o-Y growth rate of 5.0% in 2022, closing at US$ 171.72 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.0% CAGR, reaching US$ 307.52 Billion.
Home furniture refers to the category of products, which occupy the physical ambiance of a house. Home furnishing retailers include national chains and independent stores. The growing need for shifting and settling down has led to an upsurge in demand for home furniture.
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Increasing Demand for Furniture Built With Sustainability to Speed Up Market Expansion
Currently, formaldehyde-based products are primarily to blame for people’s skin irritation and lung issues. Thus, consumers are moving towards utilising formaldehyde-free couch sets and chairs made of sustainable materials like recycled textiles, bamboos, rattan, and others in order to prevent such scenarios.
For instance, an American e-commerce company named eBay Inc. reported a 171% increase in searches for the keyword “sustainable furniture” in the U.K. in 2020 compared to 2019. This increase in searches for sustainable products will help the industry grow in the future.
Arrival of Luxurious and Innovative Furniture Products to Promote Market Growth Chances
The market for such products will definitely increase as the companies’ opulent home comforts are regularly introduced and draw customers. For instance, in February 2020, the Italian manufacturer of home fixtures BAXTER and its Indian supplier Sources Unlimited introduced a line of luxury, well produced, and creative fixtures in India.
In order to efficiently offer customers products based on their demands for home design, businesses now concentrate on offering a personalised product buying experience to shop visitors. This is probably going to improve the affiliated companies’ brand perception, which will assist the expansion of the home furnishings sector.
“Prominent home furniture manufacturers are emphasizing on introducing polished surface products, given the importance attached to aesthetic appeal of home décor products. Additionally, production of beds & mattresses aimed at improving sleep posture are also generate substantial growth opportunities,” says a Fact.MR analyst.
This study on the global Home Furniture has product-, material-, and country-specific data, along with market size valuation and forecast price point assessment of the same.
A comprehensive estimate of the Home Furniture has been provided through an optimistic scenario as well as a conservative scenario, taking into account the Sales of Home Furniture during the forecast period. Price point comparison by region with the global average price is also considered in the study. The analysts have used numerous industry-wide prominent business intelligence tools to consolidate facts, figures, and market data into revenue estimations and projections in the Market Insights of Home Furniture.
Key stakeholders in Market including industry players, policymakers, and investors in various countries have been continuously realigning their strategies and approaches to implement them in order to tap into new opportunities. The Market survey of Home Furniture offers a comprehensive analysis of diverse features, including production capacities analysis of Home Furniture, demand, product developments, revenue generation, and Size of Home Furniture across the globe.
Prominent Home Furniture Players
- Ashley Furniture Industries
- La-Z-Boy Incorporated
- Flexsteel Industries Inc.
- Inter Ikea Systems B.V.
- Suofeiya Home Collection Co Ltd
- Nitori Co Ltd
- Basset Furniture Industries Inc.
- Steinhoff International Holding N.V
- Herman Miller Inc.
- Kimball International, Inc.
- Williams-Sonoma, Inc.
- Berkshire Hathaway