Global Furniture and Home Goods Market Report and Forecast 2024-2032

Global Furniture and Home Goods Market Outlook

The global furniture and home goods market size was approximately USD 579.23 billion in 2023. The market is assessed to grow at a CAGR of 5.2% between 2024 and 2032, reaching a value of USD 914.10 billion by 2032.

Key Trends in the Market

Furniture and home goods are products that support everyday functions of people and provide them with improved comfort. Serving a variety of purposes, they are generally made from materials like wood, plastics, glass, metal, and fabrics, among others. Besides their functionality, they are considered an essential element for decorating and beautifying home interiors.

• The growing trend of home renovation and decoration is contributing to the furniture and home goods market demand. This is being supported by the increasing consumer disposable incomes and rising living standards, which drives the demand for products that enhance the aesthetic appeal of home and the comfort of occupants.

• The demand for sustainable furniture and home goods is on the rise as a result of rising environmental consciousness among people. As a result, manufacturers are offering products made from sustainable materials like wood and are exploring new options as well like bamboo, recycled textiles, and rattan, among others.

• One of the key furniture and home goods market trends includes the increasing investments by leading companies in product marketing and enhancing and diversifying their existing portfolio to cater to the evolving customer demands. The leading players like IKEA have significantly expanded their in store facilities that allow consumers to try out products before making a purchase, thereby enhancing their overall experience. Moreover, players are also expanding their online presence and incorporating technologies like AR and VR to help customers better visualise products and capitalise upon the growing trend of online shopping.

Market Analysis

Based on type, the market is segmented into organised and unorganised. On the basis of material type, the market can be divided into wooden, plastics and polyurethane, fibres, metal, and stone, clay, and melamine, among others.

The furniture and home goods market segmentation, based on application, includes sofa and bed, chairs and dining table, home décor items, lighting products, kitchen and dining, bedding and bath, rugs, among others. Based on distribution channel, the market can be divided into supermarkets and hypermarkets, onsite, single and multi-brand retail, and e-commerce, among others.

The major regional markets for furniture and home goods include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global furniture and home goods market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• IKEA Global

• Harman Miller Inc.

• Steelcase Inc.

• HNI Corporation

• Home Centre

• Ashley Furniture Industries

• Dulf & Phelps

• Wayfair LLC

• Pottery Barn

• Deodon GmbH

• Others

Market Share by Material Type

As per the global furniture and home goods market analysis, the demand for furniture and home goods made from wooden materials has been high and is poised for further expansion. This can be attributed to the cost-effective, durable, and sustainable nature of the material. In the coming years, the demand for materials with lower environmental footprint and sustainable design is expected to surge owing to rising environmental concerns globally, thereby contributing to the segment growth.

Meanwhile, the plastics and polyurethane segment is also witnessing a steady growth due to the rising demand for lightweight, versatile, and portable furniture that is simple to set up in limited space as a result of lifestyle changes and increasing focus of customers on optimising the available space.

Market Share by Distribution Channel

The single and multi-brand retail stores account for a significant furniture and home goods market share. The growth of the segment can be attributed to the fact that physical stores provide consumers with the opportunity to try-out and get better knowledge of the product from sales representative. However, the way consumers shop for furniture is evolving and as a result manufacturers are focusing on expanding their offerings through both brick and mortar and online stores. Many Retailers in the home goods sector are expanding their online presence and are integrating advanced technologies like augmented and virtual reality (AR and VR) to provide greater convenience to consumers and distinguish themselves from their competitors. The technology allows customers to try a product and better visualise furniture and home goods in their home before making a final purchase.

Competitive Landscape

IKEA Global, founded in 1943 and currently headquartered in the Netherlands, is a home furnishings retailer that specialises in the production of low-priced, functional goods in compact form so that consumers can assemble them at home as per their convenience. The company has been one of the leading global furniture retailers since 2008 and has more than 400 stores globally.

Harman Miller Inc. is a furniture company based in America. Known for their design innovations, the company offers problem-solving designs and solutions that are functional as well as appealing for diverse settings including office and healthcare.

Steelcase Inc., headquartered in Grand Rapids, Michigan, US, is an American manufacturer of furniture, storage, and partitioning systems. The company offers solutions for offices, classrooms, hospitals, and residential interiors to help people deliver an improved performance while enabling organisations achieve their strategic goals.

Other furniture and home goods market players include HNI Corporation, Home Centre, Ashley Furniture Industries, Dulf & Phelps, Wayfair LLC, Pottery Barn, and Deodon GmbH.

Key Highlights of the Report