Upholstered Furniture Market by Product Type (Chairs, Sofas, Tables, Beds, and Other Products), Price Range (Mass Furniture and Premium Furniture), by End Use (Residential and Commercial), and by Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Online Sales Channel, and Others) – Global Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Retail and Consumer | Publish Date: 29-Jan-2024 | No of Pages: 391 | No. of Tables: 258 | No. of Figures: 223 | Format: PDF | Report Code : N/A
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Market Overview:
The Upholstered Furniture market size was valued at USD 39.44 billion in 2023, and is expected to reach USD 56.71 billion by 2030, with a CAGR of 5.3% from 2024 to 2030.
Upholstered furniture refers to a category of interior furnishings that are designed for seating or reclining and are characterized by their soft, padded coverings, which are typically made from fabrics, leather, or other materials. These coverings provide comfort, aesthetics, and tactile appeal. It encompasses a wide array of products, including sofas, armchairs, love seats, and recliners, distinguished by their plush coverings crafted from fabrics, leather, or synthetic materials. The upholstery materials come in a range of fabric options, each with its own texture and appearance. It is a dynamic and competitive sector that responds to evolving tastes and preferences in the world of home and office furnishings.
The growing expansion of e-commerce fuels access to upholstered furniture
The significant expansion of e-commerce has emerged as a significant factor of growth within the upholstered furniture market globally. In an era characterized by digital transformation, the widespread presence and convenience of online retail platforms have instigated a paradigm shift in the way consumers engage with and acquire upholstered furniture. These digital marketplaces facilitate the seamless exploration of an extensive range of furniture options, providing consumers with the capacity to evaluate product attributes, compare pricing structures, and review user-generated reviews.
This streamlined accessibility empowers consumers to make well-informed and discerning decisions, thereby facilitating the discovery of furnishings that impeccably align with their individual preferences and fundamentals. The virtual marketplace transcends geographical boundaries, affording consumers access to an extensive collection of designs, eco-conscious materials, and cutting-edge features sourced from across the globe. This democratization of choice and access serves as a driving force behind the proliferation of the upholstered furniture market, fostering a landscape that is both globally accessible and professionally alluring to discerning consumers.
Rising disposable income worldwide further fuels the market growth
The increasing global disposable income per capita is a significant driver behind the growth of the Upholstered furniture market. As individuals have more disposable income at their disposal, they are increasingly inclined to invest in Upholstered furniture solutions that offer enhanced comfort, convenience, and efficiency in their homes.
Reports published by the U.S. Energy Information Administration reveals that in 2022, the worldwide per capita disposable income stood at USD 10,136. It is projected to soar to USD 12,056 by 2030 and further escalate to USD 17,277 in 2050 with an average annual growth rate of 1.9%. The expanding affordability and purchasing power fueled by rising incomes are consequently propelling the demand for Upholstered furniture, boosting the market growth.
Development of innovative materials propel upholstered furniture market growth
A key driver behind the burgeoning upholstered furniture market is the remarkable evolution of innovative materials. Furniture manufacturers are redefining the game by introducing materials that not only enhance the aesthetics but also improve the functionality and sustainability of upholstered furniture. From performance fabrics like Crypton and Sunbrella that resist stains and wear to eco-friendly and responsibly sourced upholstery options, these innovations are captivating consumers.
The adoption of advanced cushioning materials such as memory foam and high-resilience foam has elevated the comfort and durability of seating and reclining pieces, making them more appealing to a wider audience. With designs that prioritize sustainability and resilience, the industry is aligning with the modern consumer's desire for furniture that is both stylish and eco-conscious. As a result, innovative materials like recycled fibers, vegan leather, and bamboo are propelling the growth of the Upholstered Furniture Market, offering a compelling blend of form, function, and sustainability that resonates with buyers worldwide.
Escalating material costs hinders the market expansion
The unpredictable fluctuations in the prices of essential materials, such as fabric, foam, and wood, can exert upward pressure on production expenses. Consequently, this can result in higher price tags on upholstered furniture, potentially deterring prospective buyers due to affordability concerns. As the cost of materials increases, manufacturers often grapple with maintaining competitive pricing, which, in turn, may reduce consumer demand for these products. Consequently, this financial restraint serves as a substantial obstacle in the market's path to robust expansion, compelling the industry to innovate and manage costs effectively.
Advancement in home automation technology to create future market prospects
A significant factor creating market opportunities for the future expansion of the upholstered furniture market is technological integration. The infusion of cutting-edge technology into upholstered furniture, including the incorporation of features such as built-in USB ports and smart functionalities, heralds a new era of innovation. This trend holds great potential, especially among tech-savvy consumers who seek both comfort and convenience in their living spaces. The introduction of USB ports, wireless charging, and smart furniture with connectivity capabilities not only enhances the functionality of upholstered pieces but also aligns with the modern lifestyle. As consumers increasingly demand furniture that seamlessly integrates with their digital lives, this technological leap opens fresh opportunities for market growth, with the potential to captivate a broad range of buyers eager to embrace the future of furniture design.
North America holds the dominant market share in the global market
This dominance is driven by the growing recognition of the advantages offered by innovative furniture solutions, which are revolutionizing workspaces for businesses and organizations. These furniture pieces are cleverly designed with technology seamlessly integrated, catering to the demands of contemporary work environments. With features like built-in charging ports and adaptable settings, they are redefining the landscape of modern office spaces, making them more productive and comfortable. Additionally, the prevailing trend of urbanization, where more individuals opt for city living, often in smaller living quarters like apartments and condos, significantly fuels the growth of the market in this region. These furniture pieces possess the remarkable ability to adapt, fold, or conveniently hide away when not in use, making them the preferred choice for those seeking versatile and space-efficient solutions in the urban setting.
Moreover, the surge in residential innovation and design evolution is fueling heightened demand for these products. Consumers are increasingly seeking modern, comfortable, and stylish furniture to complement their homes, reflecting the changing trends in interior design. Additionally, the growing disposable income of consumers in the region has enabled them to invest in higher-quality and more aesthetically appealing upholstered furniture.
The construction sector is witnessing increased spending from high-end consumers who are eager to furnish their homes with upscale upholstered pieces, contributing to market expansion. The concurrent rise in demand for home décor further augments the growth of the Upholstered Furniture Market, as consumers look to enhance the ambiance and functionality of their living spaces, making North America a dynamic hub for this evolving industry.
Asia Pacific is expected to show steady growth in the global market
Asia Pacific is home to a burgeoning population that is not only increasingly connected but also well-versed in the latest technological trends. As technology becomes an integral part of daily life, consumers in this region exhibit a heightened interest in innovative and tech-driven products, and Upholstered furniture aligns perfectly with this trend. Also, as people's incomes increase, so does their purchasing power and their capacity to invest in more sophisticated and technologically advanced products. This trend has created a favorable environment for the Upholstered furniture industry to thrive in this region. Upholstered furniture, often associated with cutting-edge technology and innovative designs, caters to the growing desire for high-tech home furnishings that enhance both convenience and lifestyle.
In addition, rapid urbanization in the Asia Pacific region is a pivotal driver behind the flourishing upholstered furniture industry. This transformation is marked by a significant migration of people from rural to urban areas, where cities are expanding at an unprecedented rate. As a result, there is a pressing need for practical and innovative solutions to accommodate the burgeoning urban population in limited living spaces. According to the latest report published by the World Bank, East Asia and the Pacific is the world’s most rapidly urbanizing region, with an average urbanization rate of 3% anually.
Competitive Landscape
Several market players operating in the upholstered furniture market include Inter IKEA Systems BV, Markor International Home Furnishings, England Furniture Incorporated, DFS Furniture Plc, Stickley Furniture Inc., Lee Industries, Hooker Furniture, Ashley Furniture Industries, Inc., Mayo Manufacturing Corp, and Palliser Furniture Upholstery Ltd. These market players are adopting strategies, such as product launches, across various regions, to maintain their dominance in the Upholstered Furniture market.
For instance, in October 2023, Stickley introduced new product ranges with fresh additions in the customer collections, influenced by mid-century modern and Scandinavian design. This collection includes upholstered sofas with slim track arms and plush cushions and a dining collection with sculptural upholstered dining chairs.
Moreover, in October 2022, IKEA launches DIRIGERA, a Matter ready hub and new IKEA Home Upholstered app. This new hub, accompanied by the IKEA Home Upholstered app, offers users the ability to effortlessly connect and control all of IKEA's Upholstered products. This development from IKEA underscores the increasing capabilities within the Upholstered home furniture market, providing consumers with enhanced personalization and functionality for their connected living spaces.
Key Market Segments
By Product Type
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Chairs
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Sofas
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Tables
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Beds
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Other Products
By Price Range
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Mass Furniture
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Premium Furniture
By End Use
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Residential
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Commercial
By Distribution Channel
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Hypermarket/Supermarket
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Specialty Stores
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Online Sales Channel
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Others
By Region
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North America
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The U.S.
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Canada
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Mexico
-
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Europe
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The UK
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Germany
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France
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Italy
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Spain
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Denmark
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Netherlands
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Finland
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Sweden
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Norway
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Russia
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Rest of Europe
-
-
Asia Pacific
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China
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Japan
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India
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South Korea
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Australia
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Singapore
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Taiwan
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Vietnam
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Rest of Asia Pacific
-
-
RoW
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Brazil
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South Africa
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Nigeria
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Israel
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KSA
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Turkey
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Remaining Countries
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REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 39.44 Billion |
|
Revenue Forecast in 2030 |
USD 56.71 Billion |
|
Growth Rate |
CAGR of 5.3% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Countries Covered |
28 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Inter IKEA Systems BV
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Markor International Home Furnishings
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England Furniture Incorporated
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DFS Furniture Plc
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Stickley Furniture Inc.
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Lee Industries
-
Hooker Furniture
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Ashley Furniture Industries Inc.
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Mayo Manufacturing Corp
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Palliser Furniture Upholstery Ltd.
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