According to the latest report by IMARC Group “Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global furniture market reached a value of US$ 651 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 676 Billion by 2027, exhibiting a CAGR of 3.4% during 2022-2027.
Furniture is a movable article that supports various human activities, including sleeping, seating, and dining. It includes tables, chairs, desks, and cabinets that are used in houses, offices, or institutions. Furniture has also become a necessity in the educational sector with the new age of interactive classrooms. Nowadays, furniture is made from recycled items, like salvaged wood, textiles and wood pallets, and natural materials such as bamboo, rattan and seagrasses due to the rising environmental concerns. In recent years, the demand for furniture has also increased as it enhances the aesthetics of a space and provides functionality and comfort to the user.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The global furniture market is primarily driven by the increasing demand from the real estate and hospitality industries. The rising disposable income levels and improving living standards are also encouraging consumers to spend on multi-utility furniture items with maximum storage space. Besides this, increasing investments in the tourism, healthcare, and education sectors are also fueling the demand for portable and adjustable furniture with easy reconfiguration. Furthermore, with the emerging work from home trend and online classes of children due to the outbreak of coronavirus disease (COVID-19), there has been a significant rise in the sales of ergonomically designed furniture, which helps prevent health and posture problems in adults and children. In addition to this, expanding e-commerce platforms have increased the availability of a variety of designs and models of furniture products, which is attracting a wider consumer base. Moreover, factors including the rising number of nuclear families, and the introduction of eco-friendly, versatile and multi-functional products that provide easy accommodation in small spaces, are also creating a favorable market outlook. Looking forward, the market is expected to grow at a CAGR of 3.4% during the forecast period (2022-2027).
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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