Furniture Market Set to Reach USD 930 Billion by 2030
The global furniture market, is expected to reach USD 930 billion growing at a Compound Annual Growth Rate CAGR of 5% during the forecast period of by 2030, according to a new research report by Next Move Strategy Consulting.
A key driver behind this remarkable growth is the ongoing trend of urbanization and population growth, particularly in emerging economies. As reported by the World Bank, approximately 56% of the world’s population, or 4.4 billion people, currently reside in urban areas. This trend is expected to continue, with the urban population projected to more than double by 2050, reaching nearly 70% of the global population. As cities expand and evolve, the demand for housing increases, thereby driving the need for furniture to furnish these modern living spaces. This demographic shift plays a significant role in shaping the growth trajectory of the global furniture market.
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In addition to urbanization, another major catalyst for growth in the furniture sector is the expansion of the hospitality and commercial industries. The rising demand for commercial-grade furniture in hotels, restaurants, offices, and other establishments has been a major contributing factor to the market’s overall expansion. According to industry insights from Condor Ferries, the global hotel industry boasted approximately 187,000 establishments in 2023, with a notable increase in the average U.S. hotel occupancy rate, which reached 63.8%. This uptick in commercial activity continues to drive the demand for high-quality, durable furniture, which is essential in meeting the needs of these fast-growing sectors.
Conclusion: The global furniture market is experiencing robust growth, fueled by urbanization trends, a rising demand for housing, and an expanding commercial sector. With a projected CAGR of 5.3% through 2030, the furniture industry is poised to see continued expansion, particularly as cities grow and the demand for both residential and commercial furniture increases. The hospitality sector, in particular, will continue to play a crucial role in sustaining this momentum. As the market evolves, furniture manufacturers and retailers have abundant opportunities to tap into these dynamic trends and cater to the growing needs of urban populations and commercial establishments around the world.