Will rising furniture demand spark a major market explosion

GUANGZHOU, China - Dec. 18, 2024 - PRLog -- With the deepening of globalization and the growing diversification of consumer lifestyles, the global furniture market is experiencing unprecedented development opportunities. From traditional craftsmanship to modern smart manufacturing, furniture is not just a necessity for daily living but serves as reflection of cultural heritage and personal style.

The ongoing expansion of the global furniture market reflects a rising demand for higher quality of life but highlights vast business potential and opportunities for growth. We analyzed the current state, development trends, and challenges of the global furniture market, along with reviewing market data and forecasting future trends.

The global furniture market is expected to generate US$766.2 billion in revenue by 2024, with compound annual growth rate of 5.02% forecasted from 2024 to 2028. The US holds the largest share of the international market.

Living room furniture commands the largest market share. In 2023, the global market for living room furniture was valued at approximately US$227.7 billion, followed by bedroom furniture and home décor. These three segments are expected to maintain their dominance through 2028.

Furniture plays a significant role in the global e-commerce market. In 2023, the global furniture e-commerce market size reached US$236 billion. By 2027, furniture e-commerce in the United States is projected to reach US$118.6 billion, in China US$85.28 billion, and in Europe US$83.47 billion.

Furniture can be categorized based on their function and setting, including living room furniture, bedroom furniture, kitchen and dining furniture (https://www.topmaxfurniture.com/dining-room-furniture/), outdoor furniture, home office furniture, and lighting.

Asia-Pacific region is the largest furniture market, accounting for 36% of the global share. With projected CAGR of 8.18% from 2022 to 2032, this region shows strong growth potential.

Europe and North America, representing 28% and 23% of the global market share, respectively. Together, Asia-Pacific, European, and Latin American regions make up over 80% of the global furniture market.

In the realm of furniture e-commerce, the US leads with a large market size, followed by China, where online retail revenue for furniture is around US$40.6 billion. In Europe, Germany and France are key players, with market sizes of US$1.037 billion and US$513 million, respectively.

By 2024, the US furniture market is expected to generate US$26.32 billion, with a CAGR of 3.82% from 2024 to 2029. Living room furniture remains the largest segment, projected to reach US$7.308 billion by 2024. And the European furniture market is expected to reach US$231.7 billion, growing at a CAGR of 2.26% between 2024 and 2029. The living room furniture segment leads, with a projected market size of US$60.87 billion by 2024. Household maintenance expenditure in Europe is predicted to hit US$1,037.76 billion by 2029, with furniture e-commerce revenue expected to grow significantly, reaching US$63.35 billion by 2029.