The furniture market is expected to witness significant growth by 2027 owing to the surging demand for home furnishings across the globe. Moreover, mounting levels of disposable income of consumers in leading regions is projected to further support market growth over the forecast period.

The COVID-19 outbreak forced governments around the world to impose strict lockdown restrictions, forcing people to stay indoors. This pushed consumers to assess and upgrade their home environments. Companies in the home furnishings sector observed the impact of this shift through an upsurge in product sales during the pandemic.

Subsequently, this soaring demand has also created massive growth potential for newer market entrants to establish a robust consumer base through innovative strategies. For instance, in June 2021, Guest House, the US-based home furnishings company, raised USD 3 million in a seed funding round led by Range Ventures. The company stages shoppable houses and mood boards of furnishings, allowing buyers to tour a home for sale and easily shop for furniture and d?(C)cor used in the staging.

Furthermore, industry players are also undertaking strategic alliances to monetize the upward trend seen in product demand, which has been favorable for market adoption. To cite an instance, in May 2021, At Home Group Inc., the home d?(C)cor firm, announced that it had inked a definitive agreement to be acquired by private equity company Hellman & Friedman (H&F) in an all-cash USD 2.8 billion-deal.

Additionally, home sales and prices have seen colossal growth during the pandemic and real estate properties are spending lesser time on the market. As a result, rising home ownership and booming real estate sales have considerably propelled market demand across the globe.

The furniture market has been segmented based on application, material, price range, distribution channel, and region. In terms of material, the market has further been divided into plastic, metal, wood, and others.

The plastic sub-segment accounts for a sizable share in the furniture market and is estimated to grow at a considerable pace through the assessment timeframe. Plastic furniture has been gaining popularity among consumers owing to various features, such as lightweight, easy maintenance, economical pricing, and high durability, which is expected to facilitate segmental growth over 2021-2027.

With respect to price range, the furniture market has been segmented into medium price range furniture, high end price furniture, and low price range furniture. The medium price range furniture segment is calculated to exceed a valuation of USD 68 billion by the end of forecast period.

In the regional landscape, the MEA furniture market is expected to witness significant growth at around 5.5% CAGR over the projected period. The MEA region is among the fastest-growing construction markets across the globe. Economic development propelled by regaining oil prices is bringing in substantial government investments, which is anticipated to considerably support the construction business demand across MEA in the coming years.