In 2023, the global furniture market attained a valuation of USD 541.52 billion, with projections indicating substantial growth to reach USD 780.43 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.36% during the period of 2024–2030, as reported by Fortune Business Insights™ in its comprehensive study titled "Furniture Market, 2024–2030."
Information Source: https://www.fortunebusinessinsights.com/furniture-market-106357
Top Key Companies Covered in the Furniture Market:
Market Dynamics
An upward trajectory in the demand for furniture is primarily attributed to the increasing trends in home decoration and renovation worldwide. This surge in demand is stimulating market growth significantly.
Report Coverage
The insights provided in the report stem from meticulous research conducted by our analysts. Extensive data gathering and analysis have been employed to estimate the market size and share across various segments at the global, regional, and country levels. Interviews with numerous stakeholders and access to global and regional databases have facilitated the delivery of precise information, enabling informed business decisions.
Segmentation
The global furniture market is segmented based on material, category, end-user, and region:
Material:
Category:
End-User:
Region:
Driving Factors
The market is being driven by:
Regional Insights
Asia Pacific: Leading Market Position till 2028
North America: Substantial Market Share
Europe: Significant Growth
Competitive Landscape
Key players in the market are employing effective strategies to promote their products and establish their market presence. Collaboration with other companies to introduce new products and expand market reach is one such tactic being pursued.
Industry Development
In May 2020, Theodore Alexander USA, Inc., a producer of console tables and chairs, partnered with Ralph Lauren Corporation, a prominent U.S.-based fashion company, to enhance its business by leveraging the partner's retail fashion stores in the U.S.