Furniture - Rwanda

Rwanda

In 2024, the Furniture market in Rwanda is projected to generate a revenue of US$236.90m.
It is anticipated that the market will experience an annual growth rate of 1.11% (CAGR 2024-2029).
The largest segment within the Furniture market is the Living Room Furniture segment, which is expected to reach a market volume of US$89.69m in 2024.
When compared globally, United States leads in terms of revenue generation, with an estimated revenue of US$263bn in 2024.
In terms of per capita revenue, in Rwanda is projected to generate US$16.43 per person in 2024.
This provides insights into the market's performance relative to the country's total population.
Rwanda's furniture market is experiencing a surge in demand due to the country's growing middle class and increasing urbanization.

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

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Rwanda has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in the Furniture market have shifted towards more modern and stylish designs. Consumers are increasingly looking for furniture that not only serves a functional purpose but also adds aesthetic value to their homes. This has led to a growing demand for contemporary furniture pieces that are sleek, minimalist, and made from high-quality materials. Additionally, there is a rising interest in eco-friendly and sustainable furniture options, as consumers become more conscious of the environmental impact of their purchases. Trends in the market indicate a growing interest in locally-made furniture. Rwandan consumers are increasingly supporting local artisans and craftsmen, recognizing the value of handmade furniture that showcases traditional skills and craftsmanship. This trend is also fueled by a desire to promote local industries and create employment opportunities within the country. As a result, there has been a surge in small-scale furniture workshops and businesses, offering unique and custom-made furniture pieces.

Local special circumstances: play a significant role in the development of the Furniture market in Rwanda. The country has experienced rapid urbanization and a growing middle class, leading to an increase in disposable income and consumer spending. As more Rwandans move into urban areas and upgrade their living spaces, the demand for furniture has grown. Additionally, the government has implemented policies to support the local manufacturing sector, including the promotion of "Made in Rwanda" products. This has created a favorable environment for the growth of the furniture industry, with increased access to financing, training, and market opportunities for local furniture producers. Underlying macroeconomic factors also contribute to the development of the Furniture market in Rwanda. The country has achieved steady economic growth in recent years, with a stable political environment and a focus on attracting foreign investment. This has resulted in increased purchasing power and consumer confidence, driving the demand for furniture. Furthermore, the government's efforts to improve infrastructure and develop the real estate sector have created a favorable environment for the growth of the furniture market. As more housing and commercial projects are completed, the demand for furniture to furnish these spaces is expected to rise. In conclusion, the Furniture market in Rwanda is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The shift towards modern and stylish designs, the preference for locally-made furniture, and the government's support for the local manufacturing sector have all contributed to the development of the market. With the country's steady economic growth and increasing urbanization, the demand for furniture is expected to continue to rise in the coming years.

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 segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.