The global furniture products market was valued at USD 443.7 billion in 2022 and is expected to expand at a CAGR of 6.2% from 2023 to 2030. Consumer’s preference for durable and stylish furniture items is driving the market growth. The rising disposable income is enabling consumers to spend more on furniture items. Moreover, the growing demand for ergonomic furniture is providing an impetus to the market. Ergonomic furniture is designed to reduce the physical stress and strain caused due to prolonged sitting on furniture. Furthermore, the bringing in of advanced technology such as 3D printing is aiding the production of custom furniture, which is further boosting the demand for furniture products.

In addition, the emergence of e-commerce channels is providing a platform where buyers can explore a wide range of products and compare the prices of different products. This is leading to an increase in online furniture sales and providing a new platform for furniture retailers. The rising trend of home renovation and improvement projects is also driving the market growth. The increasing popularity of DIY projects is also driving the market for furniture products.

Moreover, the increasing trend of minimalism is leading to a shift from traditional furniture to modular furniture. The growing demand for modular furniture is due to its easy installation and maintenance. Furthermore, the advent of the sharing economy is providing an impetus to the furniture market. The emergence of shared furniture models is leading to a reduction in ownership costs, which is expected to result in an increase in the demand for furniture products.

The growing popularity of smart furniture is providing a boost to the market. Smart furniture is integrated with technology, such as Wi-Fi, Bluetooth, and voice commands, and enables enhanced user experience. Furthermore, the increasing focus on sustainability and the use of eco-friendly materials is expected to drive the market growth. The use of recycled and recyclable materials, such as plastic and bamboo, is encouraging the use of eco-friendly furniture items. In addition, the increasing use of 3D printing technology is providing a wide range of options to customize furniture products according to the customer’s needs.

The bedroom furniture segment held the largest share of the market in 2020. Bedroom furniture is essential for any home, as it is used for a variety of purposes including sleeping, storage, and dressing. The segment’s growth is driven by rising awareness about styling and home décor, and increasing demand for multi-functional furniture such as storage beds, bunk beds, and other types of beds with storage. Furthermore, increasing disposable income and changing lifestyle of consumers are also contributing to the growth of the segment.

The living room furniture segment is expected to register the fastest CAGR of 4.1% over the forecast period. The segment’s growth is driven by the rising trend of modernizing living rooms, which has led to increasing demand for contemporary furniture. Moreover, growing awareness among consumers regarding the importance of comfortable seating and ergonomics is another factor driving the segment’s growth. In addition, the increasing demand for luxurious and stylish living room furniture, is another factor propelling the segment’s growth.

The furniture market is mainly driven by the offline/store-based segment. The offline segment accounted for a major share of the global market in 2022. The increasing number of stores and increasing consumer preference for physical shopping are some of the major factors driving the growth of this segment. The furniture stores offer a wide range of furniture products, from classic to modern, allowing customers to choose from a variety of options. Moreover, the stores provide customers with the opportunity to touch and feel the products before purchasing them. Furthermore, the availability of physical stores across the globe has increased the convenience of shopping for furniture products.

The online segment is anticipated to expand at the highest CAGR of 10.1% over the forecast period. The growth of the segment is mainly attributed to the increasing internet penetration across the globe. Furniture manufacturers are increasingly focusing on developing their own e-commerce platforms, thereby providing customers with a convenient and hassle-free shopping experience. Moreover, the development of furniture rental companies, such as Feather and Fernish, has also increased the popularity of online furniture stores. In addition, the availability of discounts and offers by online stores is further expected to drive the growth of the segment.

The residential segment accounted for the largest revenue share of 78.7% in the year 2022. The increasing number of nuclear families, rising disposable income, and changing lifestyle are the key factors driving the demand for residential furniture products. Furthermore, the growing trend of home renovation, coupled with the rising popularity of online shopping, is anticipated to boost the demand for residential furniture products in the forecast period.

The commercial segment is anticipated to expand at the highest CAGR of 5.9% over the forecast period. The increasing commercial activities and the rapid expansion of hospitality sectors such as hotels and restaurants are propelling the demand for commercial furniture products across the globe. Furthermore, the increasing trend of workplace design and construction of new offices is boosting the demand for office furniture, which is expected to drive the segment during the forecast period.

The Asia Pacific is expected to dominate the market and accounted for the largest revenue share of over 43.2% in 2022. The rising trend of urbanization and increasing disposable income are some of the key factors driving the growth of the market in the region. The growth of the e-commerce industry has also been a major factor in the growth of the furniture industry in the Asia Pacific. For instance, in December 2021, Alibaba Group launched a new furniture e-commerce platform, X Furniture, in China.

The North American market is also expected to witness significant growth in the coming years. The rising trend of home décor and the increasing trend of smart homes are some of the key factors driving the growth of the market in the region. For instance, in February 2022, Wayfair, Inc. announced the launch of its first-ever virtual reality app for furniture shopping. Moreover, the increasing focus of companies on product innovation is likely to drive the market further.

In this part of the furniture products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your furniture business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a furniture products business comes from sales of furniture products, customized furniture orders, and product rentals. Here you will find a list with a description of each of them and other possible sources of profit such as discounts, product warranties, and the sale of product accessories.

Projecting Expenses

In this section, all the regular expenses related to keeping the furniture products business running will be described. The list of operating expenses includes salaries, materials and supplies, advertising, rent, insurance policies, utilities, and others.

Several leading companies are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives taken by these companies are:

– In November 2021, IKEA launched the SKOGHALL range of outdoor furniture in the United States.

– In December 2021, Ashley Furniture Industries Inc. launched a new line of living room furniture.

– In January 2022, La-Z-Boy Incorporated launched a range of recliners and sofas.

Some of the prominent players in the furniture market include:

– IKEA
– Ashley Furniture Industries Inc.
– La-Z-Boy Incorporated
– Steelcase Inc.
– Herman Miller, Inc.
– Haworth, Inc.
– Inter IKEA Systems B.V.
– HNI Corporation
– Kimball International
– Knoll, Inc.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global furniture products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Bedroom Furniture
– Living Room Furniture
– Kitchen & Dining Furniture
– Office Furniture
– Outdoor Furniture

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Offline
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Drivers of the Furniture Products Market?
[A]: The furniture products market is driven by factors such as increased urbanization, rising disposable income, and the popularity of e-commerce. Additionally, growing demand for ergonomic furniture, increasing awareness about health and wellness, and the emergence of smart furniture are also contributing to market growth.

[Q]: What are the major segments in the Furniture Products Market?
[A]: The furniture products market is segmented into type, material, application, and region. The type segment is divided into indoor furniture, outdoor furniture, and office furniture. The material segment is classified into wood, metal, plastic, and others. The application segment is bifurcated into residential and commercial.

[Q]: What are the Major Regions in the Furniture Products Market?
[A]: The major regions in the furniture products market are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to be the largest market due to the presence of key players in the region and increasing demand for home décor products.

[Q]: Who are the Key Players in the Furniture Products Market?
[A]: Some of the key players in the furniture products market are Ashley Furniture Industries Inc., Herman Miller Inc., Steelcase Inc., Havertys, and IKEA.

[Q]: What are the Opportunities for New Entrants in the Furniture Products Market?
[A]: The furniture products market is expected to be highly competitive in the coming years. New entrants can focus on product innovation, technological advancements, and strategic partnerships to gain a foothold in the market. Additionally, new entrants can also focus on customizing their products to meet the specific needs of customers.