Furniture Report 2022

Statista Consumer Market Outlook - Market Report

Furniture Report 2022 The Furniture market is divided into seven segments: Living Room Furniture, Bedroom Furniture, Kitchen & Dining Furniture, Outdoor Furniture, Home Office Furniture, Lamps and Lighting, and Floor Covering. Due to rising living standards and a higher income, consumers are replacing their furniture more frequently. In 2021, the Furniture market realized a total worldwide revenue of US$673 billion, representing an annual growth of 12.2% compared to 2020.

What's included?
  • Market Overview and performance drivers
  • Consumer insights and trends
  • Sales channels and key players
  • Segments Overview
  • KPI comparison: Revenue and growth rate
  • Country and regional rankings
  • Market forecasts

DescriptionContentTables

The Furniture market is mostly driven by consumer spending in general. Consumer spending takes various factors into account; such as per-capita income, household debt levels, and consumer expectations. The steady increase in disposable income and the consequent rise in living standards are responsible for the continuous growth of the market, as is the constant demand for furniture. The growing number of internet and smartphone users has not only changed consumer behavior, but has also fundamentally changed the sales channels and retail landscape. The adoption of online shopping by consumers has made furniture one of the fastest growing markets in that regard.

The Furniture market's largest segment is the Living Room Furniture segment. It includes furniture found in living rooms, parlors, lounges and lobbies. The segment is especially propelled by consumer’s need for comfort in their homes. In 2021, the segment’s worldwide revenue amounted to US$233 billion.

The Bedroom Furniture segment includes everyday bedroom items such as beds, mattresses as well as closets, nightstands and dressers. In the rather conservative Bedroom Furniture market, innovation comes from retailers focusing on offering comfort and convenience directly to consumers. The Bedroom Furniture segment accounted for 19% of the Furniture market’s revenue in 2021.

The growth of the Kitchen & Dining Furniture segment is driven by improvements in materials and designs which are used to provide consumers a wider range of products. Revenues accruing from this segment reached US$81 billion in 2021; an increase of 11.5% in comparison to 2020.

The growth of the Home Office Furniture segment is driven by factors such as the development of innovative products as well as the adoption of modern and high-quality ergonomic furniture by offices. By 2026, the worldwide Home Office Furniture segment revenue is forecast to reach approximately US$59 billion.

The Lamps and Lighting segment accounts for 12% of the Furniture market’s revenue and is mainly driven by the push for stricter regulations across the globe with regards to more energy-efficient light sources.

Improved comfort, water resistance and durability of floors, as well as consumers tendency to buy more expensive goods, are fueling the growth of the Floor Covering segment. Revenues in the Floor Covering segment amounted to US$61 billion in 2021.

This Outdoor Furniture segment includes furniture made of materials other than wood. The worldwide revenue of US$48 billion in 2021 is expected to increase to US$61 billion by 2026.

The main key player in the Furniture market with regards to market share is the Swedish company, IKEA. With more than US$45bn, IKEA has by far the highest sales among furniture companies. However, since eCommerce is further driving the growth of the furniture industry, Wayfair, one of the largest online-only home goods retailers, has a major potential for its future business.

The following trends currently shape the market: augmented reality apps, generative designs, eco-friendly materials, and integrated technology. From 3D-printed furniture to smart lightening, the Furniture market is experiencing innovations in design, production, and material.

  • Language: English
  • Released: January 2022
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