Current situation and development trend of furniture industry

GUANGZHOU, China - Dec. 25, 2024 - PRLog -- The global furniture market demonstrates the dominance of China and the United States in furniture manufacturing.

1. Output Value: China and the U.S. Lead the Global Market

The global furniture output value rebounded to $460 billion in 2018. Although the IMF revised global growth projections, the global economy is expected to grow by 3.5% in 2020. In 2018, China and the U.S. accounted for 40% of the global market share, with $184 billion combined—$106 billion from China and $78.2 billion from the U.S.

Chinese furniture manufacturing industry grew rapidly, becoming the world's largest producer by 2010. From 2015 to 2017, China's market share reached 30%. Despite a slight decline in 2018, China remains the world leader and is expected to retain this position.

2. Trade: Dominance of the U.S. and China in Imports and Exports

a. Total Trade Volume: Stable Growth for China and the U.S.

In 2018, global furniture trade reached $150 billion, with a modest 2.52% CAGR. China was the world's largest furniture exporter with $54.27 billion in 2018, while the U.S. led as the largest importer at $26.7 billion. Nearly 55% of the U.S. furniture imports come from China. China achieved a net export of $50.9 billion, while the U.S. was the world's largest net importer with $21.9 billion.

b. Brand Perspective: Europe and the U.S. Lead in High-End Manufacturing

Germany leads in industrial manufacturing and woodworking machinery, influencing Europe's furniture market. With nearly 400 factories for advanced woodworking machinery, Germany's manufacturing capabilities outpace those of Italy, Japan, and the U.S.

In terms of high-end brands, Italy remains a global leader in luxury furniture, known for its craftsmanship and design. Despite China surpassing Italy in export volume, Italy retains its position as a top producer of high-end furniture, particularly in Europe and the U.S.

China and the U.S. dominate the global furniture manufacturing (https://www.topmaxfurniture.com/products/) market through output value and trade, with China leading exports and the U.S. controlling imports. Europe, particularly Italy and Germany, leads in high-end furniture craftsmanship and technology.