Furniture - Africa

  • Africa
  • In 2024, the Furniture market in Africa is projected to generate a revenue of US$18.19bn.
  • This market is expected to experience an annual growth rate of 2.83% (CAGR 2024-2029).
  • The largest segment within the Furniture market is the Living Room Furniture segment, which is estimated to have a market volume of US$6.08bn in 2024.
  • When compared globally, in the United States generates the highest revenue in the Furniture market, with an estimated revenue of US$264bn in 2024.
  • In terms of per capita revenue, each individual in Africa is expected to generate US$14.00 in 2024.
  • In Africa, the furniture market is experiencing a surge in demand due to the rising middle class and urbanization.

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in Africa is experiencing significant growth and development in recent years.

Customer preferences:
Customers in Africa are increasingly seeking stylish and high-quality furniture for their homes and offices. They are looking for furniture that reflects their personal style and enhances the aesthetics of their living spaces. Additionally, customers in Africa are becoming more conscious of the environmental impact of their purchases and are opting for sustainable and eco-friendly furniture options.

Trends in the market:
One major trend in the African furniture market is the increasing demand for locally made furniture. Customers are embracing locally produced furniture as it not only supports local artisans and craftsmen but also offers unique and culturally relevant designs. This trend is driven by a growing sense of pride in African heritage and a desire to showcase it through home decor. Another trend in the market is the rise of online furniture shopping. With the increasing availability of internet access and the proliferation of e-commerce platforms, customers in Africa are now able to browse and purchase furniture online. This trend has opened up new opportunities for furniture retailers to reach a wider customer base and has also made furniture shopping more convenient for consumers.

Local special circumstances:
One of the key factors influencing the furniture market in Africa is the rapid urbanization taking place across the continent. As more people move to urban areas, there is a growing demand for furniture to furnish new homes and offices. This has led to an increase in the number of furniture retailers and manufacturers in urban centers, catering to the needs of the growing urban population. Another special circumstance in Africa is the diversity of cultures and tastes across different countries and regions. This diversity has contributed to a vibrant and varied furniture market, with different styles and designs catering to the preferences of different customer segments. Furniture retailers in Africa need to be aware of these cultural nuances and tailor their offerings accordingly to effectively cater to the diverse customer base.

Underlying macroeconomic factors:
The growing middle class in Africa is a significant driver of the furniture market. As more people move into the middle-income bracket, their purchasing power increases, allowing them to invest in higher-quality furniture. This has led to a shift in customer preferences towards more premium and durable furniture options. Furthermore, favorable government policies and initiatives aimed at promoting local industries have also contributed to the growth of the furniture market in Africa. Governments across the continent have implemented measures to support local artisans and manufacturers, including providing access to finance and creating favorable business environments. These initiatives have encouraged the growth of the local furniture industry and have also attracted foreign investment in the sector. In conclusion, the furniture market in Africa is experiencing significant growth and development driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for stylish and high-quality furniture, the rise of online shopping, rapid urbanization, cultural diversity, and the growing middle class are all contributing to the positive growth trajectory of the market. With the right strategies and understanding of the local market dynamics, furniture retailers and manufacturers in Africa can capitalize on these trends and tap into the immense potential of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Revenue
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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