Furniture - BRICS | Statista Market Forecast

Furniture - BRICS

BRICS

Highlights

In 2024, the Furniture market in BRICS countries is projected to generate a revenue of US$127.10bn.
It is anticipated that the market will experience an annual growth rate of 6.38% from 2024 to 2029 (CAGR 2024-2029).
The largest segment within the Furniture market is the Living Room Furniture segment, which is expected to have a market volume of US$45.18bn in 2024.
When comparing global figures, United States stands out as the country generating the highest revenue in the Furniture market, with a projected revenue of US$264bn in 2024.
Taking into account the population figures, the per person revenue in the Furniture market is estimated to be US$38.55 in 2024.
In Brazil, the furniture market is experiencing a surge in demand due to the growing middle class and increased urbanization.

Key regions:

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Furniture market in brics is experiencing significant growth and development, driven by various customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Furniture market in brics are evolving, with a growing demand for modern and stylish furniture designs. Customers are increasingly looking for furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This shift in preference is driving the demand for innovative and contemporary furniture designs in the brics countries.

Trends in the market: also play a crucial role in the development of the Furniture market in brics. One notable trend is the increasing popularity of online furniture shopping. Customers are now more inclined to browse and purchase furniture online, thanks to the convenience and wide range of options available. This trend has led to the emergence of online furniture retailers, which are gaining traction in the brics countries. Another trend in the Furniture market in brics is the rising demand for eco-friendly and sustainable furniture. With growing environmental consciousness, customers are seeking furniture made from sustainable materials and produced using environmentally friendly manufacturing processes. This trend is driving furniture manufacturers in the brics countries to adopt sustainable practices and offer eco-friendly furniture options.

Local special circumstances: also contribute to the development of the Furniture market in brics. For instance, in Brazil, the government's My House My Life program has fueled the demand for affordable housing, which in turn has increased the demand for furniture. In Russia, the government's initiatives to promote domestic manufacturing have led to the growth of the local furniture industry.

Underlying macroeconomic factors: also play a significant role in the development of the Furniture market in brics. Economic growth and rising disposable incomes in these countries have increased the purchasing power of consumers, leading to higher demand for furniture. Additionally, urbanization and the expansion of the middle class have created a larger consumer base for the furniture market in brics. In conclusion, the Furniture market in brics is experiencing growth and development due to evolving customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for modern and stylish furniture designs, the popularity of online furniture shopping, the rising demand for eco-friendly furniture, and the government initiatives in different brics countries are all contributing to the growth of the Furniture market in brics.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.