The Latest World Furniture Industry Statistics Explained
The global furniture market size was valued at USD 480.7 billion in 2017.
This statistic indicates that the total value of the global furniture market was estimated to be USD 480.7 billion in the year 2017. This figure represents the total revenue generated by the sales of furniture products worldwide during that year. It serves as a measure of the scale and economic significance of the furniture industry on a global level, highlighting the substantial market demand for furniture products at that time. This statistic can be used by industry analysts, researchers, and businesses to understand the size and scope of the furniture market and to track trends and changes in consumer behavior and preferences within the industry.
The North American furniture market accounted for 29.5% of revenue share in 2017.
The statistic indicates that in 2017, the North American furniture market generated revenue equivalent to 29.5% of the total revenue generated by the global furniture industry. This percentage represents the market share of North America within the industry for that specific year. It suggests that North America is a significant player in the global furniture market, making it one of the key regions contributing to the overall revenue generated by the industry in 2017. This statistic could be useful for industry analysts, investors, and policymakers to understand the importance of the North American market in the furniture industry landscape.
Metal furniture accounts for 27.1% of the global furniture market according to material type in 2019.
The statistic ‘Metal furniture accounts for 27.1% of the global furniture market according to material type in 2019’ conveys the proportion of the furniture market that is attributed to metal furniture specifically in the year 2019. This means that out of all furniture sales worldwide during that year, approximately 27.1% were metal furniture products. This information is valuable for understanding the market share and preferences of consumers in the furniture industry, indicating that metal furniture holds a significant presence in the market compared to other material types such as wood, plastic, or glass. It can also provide insights for businesses and investors looking to understand trends and opportunities within the furniture sector.
The residential end-use segment dominated the furniture market with a share of 67.1% in 2019.
The statistic indicates that in 2019, the residential end-use segment held a majority share of 67.1% in the furniture market, implying that a significant portion of furniture purchases were made by consumers for personal or household use. This suggests that residential customers were the primary drivers of demand within the furniture industry during that year, potentially reflecting trends in consumer preferences, housing market activity, and overall economic conditions impacting the purchasing behavior of individuals or households. The dominance of the residential segment highlights the importance of understanding and catering to the needs and preferences of consumers in the furniture market to achieve success and growth within the industry.
The global furniture market is expected to reach USD 785.9 billion by 2025.
This statistic indicates that the total value of the worldwide furniture market is projected to reach USD 785.9 billion by the year 2025. This forecast suggests significant growth in the furniture industry, reflecting potential increases in consumer demand, economic activity, and global trade. Various factors such as population growth, urbanization, disposable income levels, and changing consumer preferences are likely driving this anticipated expansion. The figure serves as a valuable insight for furniture manufacturers, retailers, investors, and policymakers in understanding the future outlook and opportunities within the global furniture market.
Asia-Pacific region is the fastest growing furniture market with a CAGR of 5.9% from 2018 to 2025.
The statistic indicates that the Asia-Pacific region’s furniture market is experiencing rapid growth, as evidenced by a Compound Annual Growth Rate (CAGR) of 5.9% between the years 2018 and 2025. This growth rate surpasses that of other regions, suggesting a strong demand for furniture products in Asia-Pacific over the specified period. The CAGR metric reflects the average annual growth rate of the market during the given timeframe, highlighting a sustained upward trend in the region’s furniture industry. This statistic is significant for investors, manufacturers, and policymakers looking to capitalize on the expanding market opportunities in the Asia-Pacific region’s furniture sector.
In 2017, the global furniture industry increased by 3.5% compared to the previous year.
The statistic indicates that the global furniture industry experienced growth of 3.5% in 2017 as compared to the previous year. This growth signifies an expansion in the overall output and sales within the industry, reflecting increased demand for furniture products on a global scale. Factors contributing to this growth could include rising disposable incomes, changing consumer preferences, and a growing housing market. Such positive growth in the furniture industry can have ripple effects on related sectors, such as manufacturing, retail, and transportation, and may also indicate broader trends in the global economy.
China is the largest furniture exporter in the world, accounting for about 41.7% of total furniture exports.
The statistic that China is the largest furniture exporter in the world, representing approximately 41.7% of total furniture exports, highlights the significant role that the country plays in the global furniture industry. This figure underscores China’s dominance in the international furniture market, with its manufacturing capabilities and competitive prices driving its success in exporting furniture products to various countries worldwide. The statistic not only demonstrates China’s economic strength and market competitiveness but also underscores the country’s influence on shaping trends and dynamics within the global furniture trade.
The compound annual growth rate (CAGR) of the global furniture market between 2020-2025 is estimated to be 5.2%.
The compound annual growth rate (CAGR) of the global furniture market, estimated at 5.2% between 2020 and 2025, signifies the average annual growth rate of the market over this specific period, considering the compounding effects of growth year over year. This statistic implies that the furniture market is anticipated to expand steadily at a rate of 5.2% annually during the mentioned timeframe. This growth rate is essential for investors, businesses, and policymakers to understand the market’s potential growth trajectory and make informed decisions regarding investments, production, marketing strategies, and overall market positioning within the global furniture industry.
The online segment of furniture sales is expected to grow at a CAGR of 11.9% from 2019 to 2025.
This statistic indicates that the online segment of furniture sales is projected to experience a Compound Annual Growth Rate (CAGR) of 11.9% from the year 2019 to the year 2025. A CAGR of 11.9% signifies a consistent annual growth rate over this 6-year period. This growth trend suggests that the online furniture sales market is expanding rapidly and is expected to continue on this trajectory. Factors such as increasing consumer preference for online shopping, convenience, a wide variety of choices, and technological advancements in e-commerce platforms are likely contributing to this anticipated growth in the online furniture sales industry.
The European furniture market size was worth USD 61 billion in 2019.
The statistic indicating that the European furniture market was valued at USD 61 billion in 2019 signifies the total revenue generated by the furniture industry within the European region during that specific year. This figure represents the collective sales of various furniture products such as tables, chairs, sofas, beds, and other related items across different countries in Europe. The market size of USD 61 billion portrays the economic significance and scale of the furniture sector in Europe, highlighting its substantial contribution to the overall economy through manufacturing, retail, and employment opportunities within the industry. This statistic serves as a key indicator for businesses, policymakers, and investors in understanding the market dynamics and potential opportunities within the European furniture market.
World consumption of furniture is forecasted to increase by 2.3% in real terms in 2019.
The statistic states that the global consumption of furniture is expected to grow by 2.3% in real terms in the year 2019. This growth rate indicates an increase in the quantity of furniture that people worldwide are expected to purchase and use during the year after accounting for inflation. Such an increase could suggest a growing demand for furniture products in various regions across the world, potentially driven by factors such as economic growth, population expansion, changing consumer preferences, or market trends. This forecast could be valuable for industries involved in furniture manufacturing, retail, and related sectors to plan their production levels, marketing strategies, and overall business operations accordingly to capitalize on the expected rise in global furniture consumption.
65% of the global furniture output comes from just 10 countries.
This statistic indicates that the global furniture industry is heavily concentrated, with the majority of furniture production being dominated by a small number of countries. Specifically, 65% of the world’s furniture output is collectively attributed to only 10 countries. This suggests that these nations have a significant influence on the overall furniture market, shaping trends, prices, and availability on a global scale. The concentration of production in these countries may also have implications for international trade dynamics, supply chain vulnerabilities, and the distribution of economic benefits within the industry.
The Middle East and Africa furniture market is projected to grow at a CAGR of 5.6% from 2020 to 2025.
This statistic indicates that the Middle East and Africa furniture market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 5.6% from the year 2020 to 2025. A CAGR is a measure used to understand the growth rate over multiple time periods, providing a smooth representation of the market’s overall growth trajectory. This projection suggests that the furniture market in the Middle East and Africa region is expected to expand steadily over the next five years, reflecting favorable economic conditions, population growth, increasing disposable incomes, and potentially evolving consumer preferences for furniture products. It implies opportunities for industry players to enter or expand their presence in these markets during the forecast period.
The UK furniture market was worth GBP 17.5 billion in 2018.
The statistic ‘The UK furniture market was worth GBP 17.5 billion in 2018’ quantifies the value of the UK furniture industry in terms of the total sales revenue generated in the year 2018. This figure provides insight into the economic significance of the furniture market in the UK and reflects the overall level of consumer demand for furniture products within the country during that period. Such statistics are crucial for understanding the size and importance of the furniture industry within the UK economy, as well as for businesses, policymakers, and investors to make informed decisions related to this sector.
Only about 25% of old furniture is recycled each year in U.S.
The statistic indicates that there is a low recycling rate for old furniture in the United States, with only around a quarter (25%) of it being recycled annually. This suggests a significant gap in sustainable practices within the furniture industry, as a large portion of old furniture is likely ending up in landfills or being disposed of in less eco-friendly ways. Increasing the recycling rate for old furniture could have positive environmental impacts, such as reducing waste and conserving resources, and may also create opportunities for business and innovation in the recycling and upcycling sectors. Efforts to promote and improve furniture recycling practices could play a crucial role in advancing sustainability goals and mitigating the environmental impact of furniture consumption.
In 2020, the global luxury furniture currently holds almost 4% of the global retail industry.
The statistic indicates that in 2020, the global luxury furniture market accounted for nearly 4% of the total global retail industry. This suggests that the luxury furniture sector is a significant player in the retail industry, despite catering to a more niche market segment. This statistic highlights the strong demand for high-end and premium furniture products around the world, reflecting a luxury consumer market that is willing to spend on exclusive and well-crafted furniture items. As luxury furniture typically commands higher price points and profit margins compared to standard furniture products, the sector’s share of the global retail industry indicates its importance and value within the market.
The outdoor furniture market share is forecast to reach $22.15 billion by 2025 after growing at a CAGR of 5.9% during 2020 – 2025.
The statistic provided indicates that the total market value of outdoor furniture is projected to increase to $22.15 billion by the year 2025. This forecast is based on a Compound Annual Growth Rate (CAGR) of 5.9% over the period from 2020 to 2025. The CAGR represents the average annual growth rate of the market during this time frame. The consistent growth rate suggests a steady and promising expansion of the outdoor furniture market, driven by factors such as increasing consumer demand, changing lifestyle trends, and possibly new innovation in the industry. This forecast provides valuable insights for businesses operating in the outdoor furniture sector, enabling them to anticipate and prepare for potential market opportunities and challenges in the coming years.
Conclusion
The statistics presented about the world furniture industry shed light on the size, trends, and projections of this thriving global market. By delving into the data, we can see the ever-evolving nature of consumers’ preferences, the impact of economic factors, and the growth potential in different regions. It is evident that the furniture industry plays a significant role in the world economy and continues to be an indispensable sector for both businesses and consumers alike.
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