Forecast: Home Furniture Market to Reach $720.9 Billion by 2031

Home Furniture Market Projected to Reach $720.9 Billion by 2031

Home Furniture Market - 2024-2031 Meticulous Research a leading global market research company, published a research report titled, Home Furniture Market by Product (Beds, Tables & Desks, Chairs & Stools, Recliner, Sofas & Couches, Others), Material (Wood, Metal, Glass, Others), Type (RTA, Prefabricated), Distribution Channel (Offline, Online) & Geography - Global Forecasts to 2031 Download Free Sample Report@ https://www.meticulousresearch.com/download-sample- report/cp_id=5922?utm_source=pdf&utm_medium=social&utm_campaign=product&utm_co ntent=03-09-2024 According to the latest report from Meticulous Research , the global home furniture market is set to achieve $720.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031. This growth is driven by increasing demand for luxury and customized furniture, coupled with rising disposable incomes. Nonetheless, market expansion faces challenges such as a shift towards rental furniture and the need for competitively priced raw materials. The market is also expected to benefit from the growing focus on omnichannel strategies, advances in technology for furniture visualization, and the increasing urban population. However, the rising popularity of second-hand furniture could pose a challenge. Key trends include a heightened demand for sustainable furniture and the emergence of smart furniture solutions. Market Segmentation and Dynamics: By Product: The market is segmented into beds, tables & desks, chairs & stools, wardrobes, cabinets & shelves, recliners, sofas & couches, dining tables, and other furniture. In 2024, the beds segment is anticipated to dominate with over 26.0% market share, driven by their essential role in sleep and growing awareness about quality rest. The wardrobes, cabinets, & shelves segment is expected to exhibit the highest CAGR, fueled by lifestyle shifts, increased use of cabinetry in interior design, and rising disposable incomes. By Material: The market is divided into wood, metal, glass, plastic, and other materials. In 2024, the wood segment is projected to lead with a share exceeding 64.0%, owing to the popularity of handcrafted furniture, variety of wood types, ease of processing, and dimensional stability. This segment is also anticipated to grow the fastest, driven by rising demand for sustainable wood furniture and increased use of engineered wood and eco-friendly materials like bamboo and acacia. By Type: The market is segmented into ready-to-assemble (RTA) furniture and prefabricated furniture. In 2024, the prefabricated furniture segment is expected to hold a larger share, supported by mass production, increased spending on home d cor, and growing demand on e-commerce platforms. The RTA furniture segment is projected to register the highest CAGR, driven by affordability, consumer preference for personalized furniture, and reduced labor costs. By Geography: In 2024, the Asia-Pacific region is anticipated to account for over 42.0% of the market share, driven by the availability of raw materials, presence of local manufacturers, numerous households, low-cost skilled labor, and substantial investments from key players. The region is also expected to experience the highest CAGR of 6.5%, spurred by urban population growth, increased e- commerce spending, rapid housing development, and rising disposable incomes. Key Market Players: Page 1 of 2 Meticulous Research| sales@meticulousresearch.com

Home Furniture Market - 2024-2031 Leading players in the global home furniture market include Inter IKEA Group (Netherlands), MillerKnoll, Inc. (U.S.), The AZEK Company Inc. (U.S.), La-Z-Boy Incorporated (U.S.), Arhaus, Inc. (U.S.), Williams-Sonoma Inc. (U.S.), KARTELL S.p.A. (Italy), RH (Restoration Hardware) (U.S.), Ashley Furniture International (U.S.), Steelcase Inc. (U.S.), Ethan Allen Interiors Inc. (U.S.), The Lovesac Company (U.S.), Hooker Furnishings Corporation (U.S.), Westwing Group SE (Germany), and Flexsteel Industries, Inc. (U.S.). Buy Now@ https://www.meticulousresearch.com/Checkout/95960689?utm_source=pdf&utm_medium=soc ial&utm_campaign=product&utm_content=03-09-2024 About Meticulous Research : Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 Meticulous Research| sales@meticulousresearch.com