Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliners, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography

Description

List of Tables

Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliner, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography-Forecasts to 2031.

The research report titled, 'Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliner, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography-Forecasts to 2031,' provides in-depth analysis of home furniture market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The home furniture market is projected to reach $720.9 billion by 2031, at a CAGR of 5.5% from 2024 to 2031. The growth of the home furniture market is driven by factors such as the rising demand for luxury furniture, the increasing preference for customized home furniture, and the rise in disposable incomes. However, growing consumer preference for renting furniture and challenges in sourcing cost-effective raw materials restrain the market's growth.

Furthermore, the growing focus of key players on omni-channel presence, technological advancements enabling visualization of furniture placement, and the increasing urban population are expected to create market growth opportunities. However, the growing demand for second-hand furniture is a major challenge impacting the market's growth. Additionally, the rising demand for sustainable furniture and the development of smart furniture are prominent trends in this market.

The home furniture market is segmented by product (beds; tables & desks; chairs & stools; wardrobes, cabinets, and shelves; recliners, sofas, and couches; dining sets; and other furniture), material (wood (hard wood, soft wood, and engineered wood), metal, glass, plastic, and other materials), type (ready-to-assemble (RTA) furniture, and prefabricated furniture), and distribution channel (offline channel (superstores, hyperstores, and specialty stores), and online channel). The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on product, the home furniture 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 of over 26.0% of the home furniture market. The segment's large market share can be attributed to the rising demand for comfortable and ergonomic beds, driven by the growing awareness regarding the importance of quality sleep.

However, the wardrobes, cabinets, and shelves segment is expected to record the highest CAGR during the forecast period. This segment's growth is driven by factors such as evolving lifestyles, the increasing use of cabinetry in interior design and home decor, and the rise in disposable incomes.

Based on material, the home furniture market is segmented into wood, metal, glass, plastic, and other materials. In 2024, the wood segment is expected to account for the largest share of over 64.0% of the home furniture market. The wood segment is further segmented into hard wood, soft wood, and engineered wood. This segment's large market share can be attributed to the increased demand for handcrafted furniture, the availability and suitability of various types of wood for making furniture, the ease of processing wood, and their dimensional stability.

Moreover, the wood segment is projected to record the highest CAGR during the forecast period. This segment's growth is driven by increasing demand for sustainable wood furniture, the growing use of engineered wood, and companies' growing focus on using eco-friendly woods such as bamboo and acacia for making furniture.

Based on type, the home furniture market is segmented into ready-to-assemble (RTA) furniture and prefabricated furniture. In 2024, the prefabricated furniture segment is expected to account for the larger share of the home furniture market. This segment's large market share can be attributed to the strong focus of companies operating in the furniture industry on mass-producing furniture, the increase in spending on home decor by customers, and the rising availability of furniture on e-commerce platforms.

However, the ready-to-assemble (RTA) furniture segment is expected to record a higher CAGR during the forecast period. The growth of this segment can be attributed to the affordability of RTA furniture compared to prefabricated options and the increasing trend among customers to personalize & design their own furniture.

Based on distribution channel, the home furniture market is segmented into offline channel and online channel. In 2024, the offline channel segment is expected to account for the larger share of over 71.0% of the home furniture market. This segment's large market share can be attributed to the proliferation of startups offering home furniture, the increased focus of key market players on expanding retail store chains across cities, and customers' preference for the touch and feel of the product before purchase.

Moreover, the online channel segment is expected to record a higher CAGR during the forecast period. This segment's growth is driven by the increased use of e-commerce for purchasing furniture, the growing focus of retail furniture stores on establishing an omni-channel presence, evolving customer preferences, and the rising adoption of augmented reality (AR) technology by furniture retailers.

Based on geography, the home furniture market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 42.0% of the home furniture market. Asia-Pacific's significant market share can be attributed to the widespread availability of raw materials for furniture production, the presence of a low-cost and skilled workforce, and initiatives by key market players to expand their operations in the region.

Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 6.5% during the forecast period. The growth of this regional market is driven by the rise in urban population, rising disposable incomes, and increasing housing development initiatives across the region.

Key Players:

The key players operating in the home furniture market are 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.).

Key questions answered in the report-

Which are the high-growth market segments based on product, material, type, and distribution channel?
What was the historical market for home furniture?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, and opportunities in the home furniture market?
Who are the major players in the home furniture market?
What is the competitive landscape like?
What are the recent developments in the home furniture market?
What are the different strategies adopted by the major players in the home furniture market?
What are the key geographic trends, and which are the high-growth countries?
Who are the emerging players in the global home furniture market, and how do they compete with other players?

Scope of the Report:

Home Furniture Market Assessment-by Product

Beds
Tables & Desks
Chairs & Stools
Wardrobes, Cabinets, and Shelves
Recliners, Sofas, and Couches
Dining Sets
Other Furniture

Home Furniture Market Assessment-by Material

Wood
- Hard Wood
- Soft Wood
- Engineered Wood
Metal
Glass
Plastic
Other Materials

Home Furniture Market Assessment-by Type

Ready-to-assemble (RTA) Furniture
Prefabricated Furniture

Home Furniture Market Assessment-by Distribution Channel

Offline Channel
- Superstores
- Hyperstores
- Specialty Stores
Online Channel

Home Furniture Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Sweden
- Switzerland
- Netherlands
- Norway
- Austria
- Denmark
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Malaysia
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa

Product Code: MROTH - 1041239

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast
2.4. Assumptions for the Study

3. Executive Summary

3.1. Market Overview
3.2. Market Analysis, by Product
3.3. Market Analysis, by Material
3.4. Market Analysis, by Type
3.5. Market Analysis, by Distribution Channel
3.6. Market Analysis, by Geography
3.7. Competition Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Rising Demand for Luxury Furniture
  - 4.2.1.2. Growing Focus on Customized Home Furniture
  - 4.2.1.3. Increase in Disposable Income
- 4.2.2. Restraints
  - 4.2.2.1. Inclination towards Rental Furniture
  - 4.2.2.2. Issues Around Availability of Suitable Raw Material at Competitive Prices
- 4.2.3. Opportunities
  - 4.2.3.1. Growing Focus of Key Players on Omni-channel Presence
  - 4.2.3.2. Adoption of Technology to Visualize the Placement of Furniture
  - 4.2.3.3. Rise in Urban Population
- 4.2.4. Challenges
  - 4.2.4.1. Growing Demand for Second-hand Furniture
4.3. Trends
- 4.3.1. The Rise In Demand Of Sustainable Furniture
- 4.3.2. Development of Smart Furniture
4.4. Porter's Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Threat of Substitutes
- 4.4.4. Threat of New Entrants
- 4.4.5. Degree of Competition
4.5. Vendor Selection Criteria/Factors Influencing Buying Decisions
4.6. Value Chain Analysis

5. Home Furniture Market Assessment-by Product

5.1. Overview
5.2. Beds
5.3 Tables & Desks
5.4. Chairs & Stools
5.5. Wardrobes, Cabinets & Shelves
5.6. Recliners, Sofas & Couches
5.7. Dining Set
5.8. Other Furniture

6. Home Furniture Market Assessment-by Material

6.1. Overview
6.2. Wood
- 6.2.1. Hard Wood
- 6.2.2. Soft Wood
- 6.2.3. Engineered Wood
6.3. Metal
6.4. Glass
6.5. Plastic
6.6. Other Materials

7. Home Furniture Market Assessment-by Type

7.1. Overview
7.2. Ready-to-assemble (RTA) Furniture
7.3. Prefabricated Furniture

8. Home Furniture Market Assessment-by Distribution Channel

8.1. Overview
8.2. Offline Channel
- 8.2.1. Superstore
- 8.2.2. Hyperstore
- 8.2.3. Speciality Store
8.3. Online Channel

9. Home Furniture Market Assessment-by Geography

9.1. Overview
9.2. Europe
- 9.2.1. U.K.
- 9.2.2. Germany
- 9.2.3. France
- 9.2.4. Italy
- 9.2.5. Spain
- 9.2.6. Sweden
- 9.2.7. Switzerland
- 9.2.8. Netherlands
- 9.2.9. Norway
- 9.2.10. Austria
- 9.2.11. Denmark
- 9.2.12. Rest of Europe
9.3. Asia Pacific
- 9.3.1. China
- 9.3.2. Japan
- 9.3.3. India
- 9.3.4. South Korea
- 9.3.5. Singapore
- 9.3.6. Australia
- 9.3.7. Malaysia
- 9.3.8. Rest of Asia Pacific
9.4. North America
- 9.4.1. U.S.
- 9.4.2. Canada
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America
9.6. Middle East & Africa
- 9.6.1. Israel
- 9.6.2. UAE
- 9.6.3. Rest of Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies
10.5. Market Ranking by Key Players

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments)

11.1. Inter IKEA Group
11.2. MillerKnoll, Inc.
11.3. The AZEK Company Inc.
11.4. La-Z-Boy Incorporated
11.5. Arhaus, Inc.
11.6. Williams-Sonoma Inc.
11.7. KARTELL S.p.A.
11.8. RH (Restoration Hardware)
11.9. Ashley Furniture International
11.10. Steelcase Inc.
11.11. Ethan Allen Interiors Inc.
11.12. The Lovesac Company
11.13. Hooker Furnishings Corporation
11.14. Westwing Group SE
11.15. Flexsteel Industries, Inc.

(Note: SWOT analyses of the top 5 companies will be provided.)

12. Appendix

12.1. Available Customizations
12.2. Related Reports