GITNUX MARKETDATA REPORT 2024

Global Furniture Industry Statistics

The global furniture industry is projected to continue growing steadily, driven by increasing demand for home decor and furniture products worldwide.

Highlights: Global Furniture Industry Statistics

  • The global furniture and furnishings market is predicted to reach $1.8 trillion USD by 2027.
  • In 2021, the Asia-Pacific region held the largest share in the global furniture and furnishings market at nearly 38%.
  • Sales of furniture and home furnishings in the U.S. were approximately $116.6 billion USD in 2020.
  • Between 2021 to 2028, the global furniture market is expected to grow at a CAGR of 5.1%.
  • In 2019, the furniture industry contributed $114.6 billion to the Chinese economy.
  • As of 2020, China was the world’s single largest exporter of furniture with over $56 billion in exports.
  • The furniture industry in India is estimated to grow by over $32 billion from 2019 to 2023.
  • Furniture sales in the United States reached $115 billion in 2019.
  • The global outdoor furniture market size was valued at USD 16.8 billion in 2020.
  • The U.S. office furniture market is expected to grow at a CAGR of 5.7% from 2021 to 2028.
  • The global luxury furniture market size was valued at USD 25.9 billion in 2019.
  • China’s furniture industry is expected to grow at a CAGR of 4.9% from 2020 to 2027.
  • The wood furniture segment dominated the market with a share of 60.8% in 2020.
  • The home application segment dominated the market with a share of over 68% in 2020.
  • Residential furniture accounted for a share of more than 65.1% in the global market in 2020.

Table of Contents

The Latest Global Furniture Industry Statistics Explained

The global furniture and furnishings market is predicted to reach $1.8 trillion USD by 2027.

The statistic indicates that the global furniture and furnishings market is projected to grow significantly, reaching a value of $1.8 trillion USD by the year 2027. This suggests a substantial increase in the demand for furniture and related products worldwide over the forecast period. Factors contributing to this growth may include increasing urbanization, rising disposable incomes, evolving lifestyle trends, and a growing focus on interior design. Such a prediction can have implications for various industry stakeholders, including furniture manufacturers, retailers, designers, and consumers, as they navigate the opportunities and challenges presented by the expanding market size.

In 2021, the Asia-Pacific region held the largest share in the global furniture and furnishings market at nearly 38%.

The statistic highlights that in 2021, the Asia-Pacific region dominated the global furniture and furnishings market, holding a substantial share of nearly 38%. This indicates that the Asia-Pacific region was a major player in the industry, with a significant portion of the market demand and sales originating from countries within this region. The region’s strong performance in this market sector could be attributed to factors such as growing urbanization, rising disposable incomes, and a burgeoning middle class population driving demand for furniture and home decor products. Overall, the statistic underscores the importance of the Asia-Pacific region as a key market for the furniture and furnishings industry on a global scale in 2021.

Sales of furniture and home furnishings in the U.S. were approximately $116.6 billion USD in 2020.

The statistic stating that sales of furniture and home furnishings in the U.S. were approximately $116.6 billion USD in 2020 indicates the total revenue generated from the sales of furniture and home decor items within the United States for that particular year. This figure provides insight into the size and significance of the home furnishings market in the U.S., reflecting consumer spending and economic activity within the furniture industry. It is a key indicator for businesses, policymakers, and analysts to understand trends in consumer behavior, economic conditions, and market performance within this sector. Additionally, this statistic can be used for benchmarking, forecasting, and strategic decision-making for businesses operating within the furniture and home furnishings industry.

Between 2021 to 2028, the global furniture market is expected to grow at a CAGR of 5.1%.

This statistic indicates that from 2021 to 2028, the global furniture market is projected to experience a Compound Annual Growth Rate (CAGR) of 5.1%. The CAGR represents the average rate at which the market is expected to expand each year over this period. A CAGR of 5.1% suggests a steady and consistent growth trend for the global furniture market during these years. This information is valuable for businesses and investors in the furniture industry as it provides insight into the anticipated growth trajectory of the market, helping them make informed decisions and strategies for the future.

In 2019, the furniture industry contributed $114.6 billion to the Chinese economy.

The statistic that in 2019, the furniture industry contributed $114.6 billion to the Chinese economy highlights the significant economic impact of this sector within the country. This figure represents the total value of goods and services produced by the furniture industry in China during that year, including manufacturing, sales, and related activities. The substantial contribution of the furniture industry underscores its importance as a key driver of economic growth, employment, and investment in China. This statistic further underscores the industry’s role in supporting domestic consumption, trade, and overall economic development, showcasing its influence on the national economy and broader business landscape.

As of 2020, China was the world’s single largest exporter of furniture with over $56 billion in exports.

The statistic stating that as of 2020, China was the world’s largest exporter of furniture with over $56 billion in exports indicates the significant role that China plays in the global furniture market. This figure highlights China’s dominance in the industry, showcasing its capability to produce and export a substantial amount of furniture products to various countries around the world. The high export value also underscores China’s competitive advantage in terms of manufacturing efficiency, cost-effectiveness, and market reach. Overall, this statistic reflects China’s strong position as a key player in the global furniture trade and its substantial contribution to the international furniture market.

The furniture industry in India is estimated to grow by over $32 billion from 2019 to 2023.

The statistic stating that the furniture industry in India is estimated to grow by over $32 billion from 2019 to 2023 indicates a significant expansion in the sector over a four-year period. This growth projection suggests a robust increase in demand for furniture products within the Indian market, likely driven by factors such as rising disposable incomes, urbanization, and changing consumer preferences. Such a substantial growth estimate not only reflects the industry’s potential for economic contribution and job creation but also highlights opportunities for investment and expansion within the Indian furniture market in the coming years.

Furniture sales in the United States reached $115 billion in 2019.

The statistic “Furniture sales in the United States reached $115 billion in 2019” indicates the total monetary value of all furniture products sold within the United States during the year 2019. This figure not only reflects the size and significance of the furniture market within the country but also provides insights into consumer spending patterns and economic trends. The $115 billion revenue generated from furniture sales serves as a key indicator of the health and growth of the furniture industry, highlighting its importance as a sector that contributes to the overall economy and employment opportunities in the United States.

The global outdoor furniture market size was valued at USD 16.8 billion in 2020.

The statistic “The global outdoor furniture market size was valued at USD 16.8 billion in 2020” indicates the total monetary value of outdoor furniture sales worldwide during the year 2020. This figure encompasses all types of outdoor furniture, such as chairs, tables, loungers, and accessories, purchased for use in outdoor spaces like patios, gardens, and balconies. The market size represents the aggregate sales revenue generated by outdoor furniture manufacturers and retailers across various regions and consumer segments. It serves as a key indicator of the economic significance and consumer demand for outdoor furniture on a global scale, reflecting the size and growth trajectory of the industry.

The U.S. office furniture market is expected to grow at a CAGR of 5.7% from 2021 to 2028.

The statistic indicates that the U.S. office furniture market is projected to experience a Compound Annual Growth Rate (CAGR) of 5.7% from the year 2021 to 2028. This means that on average, the market is expected to increase by 5.7% each year over the specified period. A CAGR provides a more accurate representation of the market’s growth trajectory compared to simply looking at year-over-year changes, as it smoothens out fluctuations and provides a standardized measure of growth. The forecasted growth rate suggests a positive outlook for the U.S. office furniture industry, indicating potential opportunities for companies operating within this sector to expand their businesses and for investors to consider the market for potential investment opportunities.

The global luxury furniture market size was valued at USD 25.9 billion in 2019.

The statistic ‘The global luxury furniture market size was valued at USD 25.9 billion in 2019’ indicates the total worth of high-end furniture sales worldwide during that year. This figure reflects the economic significance and consumer demand for luxury furniture products at a global scale in 2019. The value of the market provides insights into the size and scope of the luxury furniture industry, highlighting the substantial spending power and preferences of consumers seeking premium, exclusive, and often design-driven furniture pieces. It also serves as a key metric for businesses, policymakers, and investors to analyze trends, forecast future market growth, and make strategic decisions within the luxury furniture sector.

China’s furniture industry is expected to grow at a CAGR of 4.9% from 2020 to 2027.

This statistic indicates that China’s furniture industry is forecasted to experience a compound annual growth rate (CAGR) of 4.9% from the year 2020 to 2027. The CAGR represents the average annual growth rate over a specific period of time, providing a smoother and more accurate picture of the industry’s growth trajectory. A CAGR of 4.9% suggests a steady and moderate expansion of the furniture sector in China over the forecasted period, indicating potential opportunities for businesses and investors operating within this industry. This growth rate can be influenced by various factors such as changing consumer preferences, economic conditions, technological advancements, and market competition.

The wood furniture segment dominated the market with a share of 60.8% in 2020.

The statistic “The wood furniture segment dominated the market with a share of 60.8% in 2020” indicates that within the furniture industry, the category of wood furniture held the largest market share compared to other furniture materials such as metal, glass, or plastic. This means that among all types of furniture products available in the market in 2020, wood furniture accounted for the majority of sales at 60.8%. The dominance of the wood furniture segment suggests a strong preference for this material among consumers, likely due to its durability, aesthetic appeal, and perceived value. This statistic signifies the significant market presence and popularity of wood furniture over other materials in the industry in the given year.

The home application segment dominated the market with a share of over 68% in 2020.

This statistic suggests that the home application segment had the largest market share among all segments in 2020, accounting for over 68% of the total market. This indicates that a significant portion of the market demand for applications was driven by products and services catering to home consumers. The dominance of the home application segment signifies its strong presence and popularity among consumers, potentially due to factors such as increasing adoption of smart home technologies, changing consumer lifestyles, and the growing importance of convenience and efficiency in home environments. This statistic highlights the competitive advantage and market position of companies operating within the home application segment, emphasizing its significance in the overall market landscape in 2020.

Residential furniture accounted for a share of more than 65.1% in the global market in 2020.

The statistic indicates that residential furniture held a dominant position in the global market in 2020, representing over 65.1% of the total market share. This suggests that the demand for furniture for residential purposes, such as homes and apartments, outweighed other segments like commercial or industrial furniture. The high market share indicates a strong consumer preference for residential furniture, potentially driven by factors like population growth, urbanization, and changing lifestyle preferences. This statistic highlights the importance of the residential furniture sector in the global market and underscores the significance of understanding and catering to consumer preferences in this segment for businesses operating in the furniture industry.

Conclusion

The global furniture industry statistics provide valuable insights into the market trends, consumer preferences, and key players in the industry. By analyzing the data presented, we can better understand the dynamics shaping the furniture market and make informed decisions for the future. As the industry continues to evolve, staying informed with up-to-date statistics will be crucial for success.

References

0. – https://www.www.statista.com

1. – https://www.www.technavio.com

2. – https://www.www.carschina.com

3. – https://www.knoema.com

4. – https://www.www.globenewswire.com

5. – https://www.www.grandviewresearch.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!