DUBLIN, June 6, 2023 /PRNewswire/ -- The "Furniture Stores Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global furniture stores market is expected to grow from $250.71 billion in 2022 to $272.54 billion in 2023 at a compound annual growth rate (CAGR) of 8.71%. The furniture stores market is expected to reach $366.10 billion in 2027 at a CAGR of 7.7%.
Major players in the furniture stores market are Steelcase Inc., HNI Corporation, Ashley Furniture Industries Inc., Inter IKEA Systems B.V., Herman Miller Inc., Global Furniture USA, Heritage Home Group LLC, Restoration Hardware Inc. (RH), Williams-Sonoma Inc., La-Z-Boy Inc., Raymour and Flanigan Furniture and Mattresses, American Signature Inc., Kimball International Inc., Okamura Corporation, Durham Furniture Inc., Urban Office Interiors, Furniture Services Inc., and Renaissance Furniture Manufacturing.
Reasons to Purchase
A furniture store is a type of store that offers a vast selection of furniture goods, carpeting, and is often big and equipped with storage areas. Customers can test out the furnishings in these stores and look through all of their alternatives.
The main types of materials used in furniture stores are wood, metal, plastic, and others. Wood refers to a hard substance that constructs the branches and trunks of trees and can be utilized as a construction material or an energy source. They come in various price ranges such as high-end price furniture, medium-priced range furniture, and low-priced range furniture. These are distributed through several distribution channels including home centers, flagship stores, specialty stores, online, and others, and are used by various end-users including residential, office, hotel, and others.
Technological advancement is a key trend gaining popularity in the furniture stores market. Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in June 2022, IKEA, a Sweden-based home furnishings company, launched IKEA Kreativ, an AI-powered experience empowering customers to create lifelike room designs. IKEA Kreativ is software with spatial computing, machine learning, and 3D mixed reality technology that helps in room design. This advancement provides customers with the first lifelike, completely integrated way to design and visualize their living areas on smartphones and desktops.
In November 2021, Franchise Group Inc., a US-based publicly traded holding company, acquired W.S. Badcock Corporation for $580 million. With this acquisition, Franchise Group Inc. aims to enhance and expand its business operations in the United States. W.S. Badcock Corporation is a US-based home furniture company that provides sofas, chairs, chaises, cabinets, and more.
Asia-Pacific was the largest region in the furniture stores market in 2022. It is expected to be fastest region in the forecast period. The regions covered in furniture stores report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the furniture stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The increasing demand for furniture is expected to propel the growth of the furniture stores market going forward. Furniture refers to movable objects intended to support various human activities such as seating, eating, and storing items such as tables, chairs, desks, and cabinets.
Due to rowing home decoration and renovation trends among the global population, the demand for furniture is rising which will propel the growth of the furniture stores.. For instance, in February 2023, according to a report shared by Hollywood Mirror, a UK-based interior design company, the manufacturing of furniture generated about $3.22 billion in 2020. Additionally, in 2021, 5.58 million pieces of wooden bedroom furnishings were sold by UK manufacturers. Therefore, the increasing demand for furniture is driving the growth of the furniture stores market going forward.
The furniture stores market includes revenues earned by entities by providing bedroom furniture, bathroom furniture, kitchen furniture, and decorative furniture. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Topics Covered:
1. Executive Summary
2. Furniture Stores Market Characteristics
3. Furniture Stores Market Trends And Strategies
4. Furniture Stores Market - Macro Economic Scenario
4.1. COVID-19 Impact On Furniture Stores Market
4.2. Ukraine-Russia War Impact On Furniture Stores Market
4.3. Impact Of High Inflation On Furniture Stores Market
5. Furniture Stores Market Size And Growth
5.1. Global Furniture Stores Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Furniture Stores Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Furniture Stores Market Segmentation
6.1. Global Furniture Stores Market, Segmentation By Material, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Furniture Stores Market, Segmentation By Price Range, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Furniture Stores Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.4. Global Furniture Stores Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Furniture Stores Market Regional And Country Analysis
7.1. Global Furniture Stores Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Furniture Stores Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/2evh74
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