The interior furniture industry is expected to grow due to the growing influence of social media and increasing penetration of the e-commerce sector. The North American region's market share is attributed to its highly developed and diverse design styles and home décor product offerings.
NEWARK, Jan. 1, 2024 (Globe Newswire) — The global upholstery market will grow from $630.03 billion in 2022 to $923.67 billion by 2032, according to a report published by The Brainy Insights. It is expected to grow at a CAGR of up to $1 million. 3.90% during the forecast period 2023-2032.
The home decor furniture market is also growing as the demand for products increases, and consumers are especially looking for luxury products to decorate their homes, such as furniture, hardwood floors, and wood floors. There is also a huge opportunity for sustainable, economical and environmentally friendly products.
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competitive strategy
In order to strengthen their market position in the global upholstery market, key companies are currently focusing on adopting strategies such as product innovation, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. .
• January 2023: Mannington Mills launches new home collections including broadloom carpets that provide comfort for all living areas. The launch of this collection will increase the organization's market share in the flooring segment and ultimately increase its market share in the upholstery market as well.
Market growth and trends
Expensive and premium items bring spiritual and aesthetic satisfaction and add value and decoration to the home and the people who live in it. Sales of home decor products have increased, especially after the pandemic, as consumers gradually prefer to purchase products through online channels. This opened a window for smaller home decor brands. Due to rapid industrialization and urbanization, the market demand is increasing. These people want to buy products with good aesthetics because home decor easily shows the lifestyle preferences of the buyers. These home decor products can be used for a variety of purposes, including improving the aesthetic appeal of your home, decorating your apartment, and furnishing it. Thanks to globalization, consumers now have easy access to a large number of products used in interior decoration. One of the factors contributing to market expansion is the increase in people's disposable income due to urbanization and the accompanying increase in the number of households. With changes in consumer lifestyles and tastes, there is also a demand for personalized and unique interiors. Millennials and Gen Z are tech-savvy and most use social media. Recent trends suggest that social media culture continues to be important in shaping home decor product trends. Social media has provided interior designers with a platform to showcase their work to the world. Major social media platforms such as Pinterest, Instagram, and Houzz have allowed these designers to share their designs with the world, inspiring people to design their living spaces and homes.
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Main findings
• In 2022, the furniture segment dominated the market with the largest market share of 45.55% and market revenue of $286.98 billion.
The product segment is divided into furniture, textiles, flooring, and others. In 2022, the furniture segment dominated the market with the largest market share of 45.55% and market revenue of $286.98 billion. This high market share is due to the high preference for aesthetically pleasing and high-quality wooden furniture.
• In 2022, indoor segment dominated the market with the largest market share of 86.42% and market revenue of $544.47 billion.
The application segment is divided into indoor and outdoor. In 2022, indoor segment dominated the market with the largest market share of 86.42% and market revenue of $544.47 billion. Foldable and versatile furniture is widely preferred for indoor spaces in homes.
• In 2022, offline segment dominated the market with the largest market share of 70.56% and market revenue of USD 444.55 billion.
The distribution channel segment is divided into offline and online. In 2022, offline segment dominated the market with the largest market share of 70.56% and market revenue of $444.55 billion. We found that customers prefer to buy furniture and home decor items offline.
Regional Segment Analysis of Upholstery Furniture Market:
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and other South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)
The North America region emerges as the largest market for the global upholstery industry, with a market share of 33.21% and a market value of approximately $209.23 billion in 2022. This market share is attributed to highly developed and diverse design styles and products. Local home decor sales. Most consumers in the region prefer functional and beautiful design elements in decorative items, increasing the demand for green and sustainable designs. Asia Pacific is showing the fastest growth in the upholstery furniture market due to rapid urbanization occurring in emerging countries such as India and China.
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The major companies operating in the global upholstery furniture market are:
• Ashley Furniture Industries, LLC.
• InterIKEA Holding BV
• Forbo Management SA
• Armstrong World Industries, Inc.
• Mannington Mills Co.
• Kimball International Co., Ltd.
• Duresta Upholstery Co., Ltd.
• Mohawk Industries, Inc.
• Miller Nord Co., Ltd.
• Shaw Industries Group Co., Ltd.
This study projects revenues at global, regional and country levels from 2019 to 2032. Brainy Insights has segmented the global Upholstery Furniture market on the basis of following segments:
Global Upholstery Furniture Market by Product:
• Furniture
• Fiber
• Flooring
• others
Global Upholstery Furniture Market by Application:
• Indoor
• Outdoors
Global Upholstery Furniture Market by Distribution Channel:
• Offline
• Online
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About the report:
The Global Upholstery Furniture Market is analyzed on the basis of value (US$ Billion). All segments are analyzed on global, regional and country basis. The study includes analysis of over 30 countries by segment. The report offers an in-depth analysis of drivers, opportunities, constraints, and challenges to gain key market insights. The study includes Porter's Five Forces Model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor location grid analysis, distribution and marketing channel analysis.
About Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights to improve business acumen for companies through data analysis. They have robust predictive and estimation models to achieve their clients' goals of achieving high-quality results in a short period of time. We offer both customized (client-specific) and syndicated reports. The repository of syndicated reports is diverse across all categories and subcategories across domains. Their customized solutions meet clients' requirements, whether they are looking to expand in global markets or planning to launch a new product.
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