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Visibility Report Code :CR 1002
2016-2024
Global Furniture Market Outlook 2024: Global Opportunity & Growth Analysis, 20162024
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Executive Summary
Global Furniture Market Share (%), By Distribution Channel-20162024
Global Furniture Market Size (USD Billion), 2016-2024 XX
XX% CAGR: (2016-2024)
XX XX XX XX XX
XX XX XX
XX%
XX%
XX XX
2024
2016
XX
XX
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XX
XX
XX XX
XX%
XX%
XX XX 2016
2017
2018
2019
2020
2021
2022
2023
Online Channel
Source: Goldstein Research
In 2016,
XX%
Global Furniture market reached USD XX
With share in Global Furniture market, Offline Channel segment to post highest share by 2024 .
Billion expanded on the back of spiked absorption of furniture in residential sector
Global Furniture Market Share (%), By Residential & Commercial Sector-2016
Global Furniture Market Share (%), By Material Type-2016
XX%
Residential Sector
XX%
Offline Channel
Source: Goldstein Research
XX%
XX%
XX%
XX%
Global Residential Furniture Market Share (%), By Products -2016
Commerical Sector
Wood
Plastic
Glass
Leather
Metal
XX%
Seatin g Furn iture
Source: Goldstein Research
Bedro om Furn iture
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Source: Goldstein Research
Tables Furn iture Storage Furn iture Others
Major Players Presence-Regional Analysis
Major Players/ Industries
APAC
North America
Europe
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Latin America
Middle East & Africa
IKEA Williams-Sonoma Ashley Furniture Steel Case OKAMURA 9 to 5 Seating Godrej Interio Wipro
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High Penetration
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Medium Penetration
Low Penetration
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Rest of World
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Global Furniture Market Size (USD Billion) & Growth Analysis Global Furniture Market Size (USD Billion)-2016-2024
Global Furniture Y-O-Y Growth (%) Analysis-2016-2024 XX
XX
XX%
XX
XX
XX%
XX
XX
e l p
XX%
XX
XX% XX% XX% XX% XX% XX% XX% XX% XX% XX%
XX
XX
XX%
XX
XX XX
XX
XX
XX XX
XX%
m a S
XX%
XX
XX
XX%
XX% XX%
XX
XX%
2016e
XX
2016e
2017e
2018f
Source: Goldstein Research
2019f
2020f
2021f
2022f
2023f
2024f
2017e
2018f
2019f
2020f
2021f
2022f
2023f
Source: Goldstein Research
 Global Furniture market is anticipated to expand at a compound annual growth rate of XX% during the forecast period i.e. 2016-2024. Increasing number of office-based sectors including software, hospitals, and schools is rising the demand of the furniture sector. All these factors are attributed to the growth of the global market. Moreover, manufactures providing a wide variety of well-designed, versatile, fashionable, compact, vogue, and customized furniture for every use is boosting the demand of the furniture sector. People opting for furniture serving requirements such as customization have also increased the demand in the global market  The furniture market has been growing steadily year-over-year due to the rise in population, high penetration of organized retail, increase in the number of single-parent families, and the boom in the real estate industry worldwide. Revenue growth in the market will be driven by the rising demand for ready-to-assemble (RTA), eco-friendly, premium, and designer furniture. Copyright
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2024f
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Market Dynamics
Growth Drivers
Growth Barriers
m a S
e l p
er Highrtation po trans osts c
Consumer shifts in shopping preferences
The negative image of labor and the ability to attract a younger workforce
General Trend
Highly Complex
Moderately Complex
Waived
Housing Market Copyright
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Global Furniture Market Opportunity, 2016-2024 Revenue Revenue Opportunities Opportunities By By Product Product Type, Type, 2024 2024
XX XX
XX
XX
XX
Office furniture
Custom architectural woodwork and millwork
Industrial furniture
Mattresses, shades and blinds
Online Online Retail Retail Furniture Furniture Market Market Size Size (USD (USD Million), Million), 2015-2016 2015-2016
USD XX Million 2015
Most large furniture manufacturers are able to successfully compete in equally sized economies of scale, while smaller manufacturers are usually more successful at competing with specialty items or high-quality craftsmanship pieces
USD XX Million 2016
e l p
Retail and Designs: Many furniture manufacturers opt into selling to a network of retailers because they can gain knowledge about consumer trends and preferences, as well as promoting their brand. Designs are also fluctuating for home and office furniture manufacturers. As work styles change, there is an increased demand to offer flexibility to support numerous wires, cables and computer equipment in the office. As people incorporate a more open floor plan in their homes or add exercise rooms, furniture tastes and needs will also change
m a S
Household furniture
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Online Sales: Popular online retailers range from Wayfair, Amazon and Overstock accounting for the majority of online furniture sales. Many furniture manufacturers, such as Basset, IKEA and La-Z-Boy, are following suit and making their furniture available for online purchase as well Of the total online retail market, online furniture pieces are growing the quickest of all online retail sales. So, this is a huge opportunity for small furniture manufacturers who make upscale or high-end furniture to either sell their products online or reach out to key online retailers to support their sales growth
Source: XXXX
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Global Seating Furniture Market, 2016-2024
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Global Seating Furniture Market Size (USD Billion)-2016-2024
Global Seating Furniture Market Y-O-Y Growth (%) Analysis-2016-2024 XX%
XX XX
XX
XX%
XX XX
XX
XX% XX% XX% XX% XX% XX% XX% XX% XX%
XX
XX%
XX
XX%
XX XX XX
XX
XX
e l p
XX%
XX
XX
XX%
XX%
XX
m a S
XX% XX%
XX
XX%
XX
XX%
2016
XX
2016
2017
2018
Source: Goldstein Research
2019
2020
2021
2022
2023
2024
Global Seating furniture Industry was USD XX billion in 2016, expected to attain the growth rate of XX% over the forecast period and reach USD XX Billion by 2024. The selected leading manufacturers, which account for XX% of the total furniture market, achieved a growth rate of XX% in 2016. North America dominates the seating furniture market owing to the major advancements in the furniture sector closely followed by Europe with XX% market share in global furniture market.
In addition, the rising consumer disposable income also boosts the demand of the furniture in the region. Owing to the changing life styles, China has emerged as the largest and the fastest growing furniture market in Asia Pacific. Copyright All Rights Reserved, Goldstein Research
2017
2018
2019
2020
2021
2022
2023
Source: Goldstein Research
Ready To Assemble Furniture Market, By Retail Formats
30.00%
Home RTA Furniture
70.00% Office RTA Furniture
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2024
Global Furniture Market Share (%), 2016 & Market Size (USD Billion), By Region,2016-2024 Sample Request Global Global Furniture Furniture Market Market Share Share (%) (%) -- By By Region, Region, 2016 2016
Global Global Furniture Furniture Market Market Size Size (USD (USD Billion) Billion) -- By By Region, Region, 2016-2024 2016-2024 XX XX
XX%
XX
XX%
XX%
XX XX
m a S XX
XX%
XX XX XX XX
North America
Europe
Source: Goldstein Research
Asia Pacific
Latin America
e l p
2016
XX
XX XX
XX%
2015
Middle East & Africa
XX
XX
XX
XX
XX
North America
Europe
Asia Pacific
XX XX XX
Latin America Middle East & Africa
Source: Goldstein Research
 Globally, domestic furniture accounts for XX per cent of the production value, whilst corporate/office furniture represents XX per cent, hotel furniture XX per cent and furniture parts XX per cent. The organized furniture industry is expected to grow by XX per cent every year. A large part of this growth is expected to come from the rapidly growing consumer markets of Asia, implying significant potential for growth in the Indian furniture sector The contract segment caters primarily to hotels and its growth is consequently linked to growth in tourism and development of new hotels. The furniture industry covers the entire gamut of activities, from sourcing, manufacturing and distribution, to sales and after sales. The key raw materials include wood, metal and plastic, with bamboo and cane also being used in some cases Copyright
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Porter’s Five Force Model
Customer cannot easily switch to substitute products. So substitutes are not a major threat to this industry. When there are actual and potential substitute products available then segment would be unattractive. Profits and prices are effected by substitutes so, there is need to closely monitor price trends. In substitute industries, if competition rises or technology modernizes then prices and profits decline.
The Barriers to Entry are significantly medium to high which means that it will be bumpy road for outside companies to enter into the industry. New entrant is require to offer the innovative and distinguish service or product in order to make place in the competitive space, only such a player tends to establish its market presence .
Intensity of competition among the existing competitors in the market. Intensity of rivalry depends on the number of competitors and their capabilities. Industry rivalry is high when: •There are number of small or equal competitors and less when there’s a clear market leader. •Customers have low switching costs •Industry is growing •Exit barriers are high and rivals stay and compete •Fixed cost are high resulting huge production and reduction in prices Copyright
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e l p
Threat of new entrants
m a S Bargaining power of suppliers
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Bargaining Power of buyers
Threat of substitute products or services
The power of Buyers is high and they are able to negotiate for better pricing due to the presence of unorganized sector. However on the supplier side, the power of Suppliers is also low as there are multiple supplier for a particular systems and these causes, for companies to compete on price when they do not have any point of differentiation.
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