Furniture - Lithuania

Lithuania

In Lithuania, the revenue in the Furniture market is projected to reach US$390.00m in 2024.
It is anticipated that the market will experience an annual growth rate of 1.59% (CAGR 2024-2029).
The largest segment within this market is the Bedroom Furniture segment, which is expected to have a market volume of US$140.00m in 2024.
When compared globally, in the United States leads the pack in terms of revenue generation, with an estimated amount of US$263bn in 2024.
In terms of per capita revenue, in Lithuania generates approximately US$144.80 per person in 2024.
This indicates the amount of revenue generated in relation to the total population figures.
The furniture market in Lithuania is experiencing a surge in demand for eco-friendly and sustainable products.

Key regions: Worldwide, United States, China, India, Germany

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

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Lithuania has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and favorable macroeconomic factors.

Customer preferences: in the Furniture market in Lithuania have shifted towards more modern and minimalist designs. Customers are increasingly looking for furniture that is functional, space-saving, and aesthetically pleasing. This trend is in line with global market preferences, as customers seek to create a contemporary and stylish living environment. Additionally, there is a growing demand for eco-friendly and sustainable furniture, as customers become more conscious of the environmental impact of their purchases. Trends in the Furniture market in Lithuania include the rise of online shopping and the increasing popularity of customized furniture. The convenience and wide selection offered by online retailers have attracted a growing number of customers, who can now easily compare prices and styles from different suppliers. Customized furniture has also gained traction, as customers seek to personalize their living spaces and express their individuality. This trend has been facilitated by advancements in technology, which allow for the production of unique and tailored furniture pieces. Local special circumstances in Lithuania contribute to the development of the Furniture market. The country has a strong tradition of woodworking and craftsmanship, which has resulted in a skilled labor force and high-quality products. This has positioned Lithuania as a favorable destination for furniture manufacturing, attracting both domestic and international companies. Furthermore, the relatively low cost of labor in Lithuania compared to other European countries has made it an attractive location for outsourcing furniture production. Underlying macroeconomic factors have also played a role in the growth of the Furniture market in Lithuania. The country has experienced steady economic growth, which has led to an increase in disposable income and consumer spending. This has allowed customers to invest in higher-quality furniture and indulge in home improvement projects. Additionally, favorable interest rates and government incentives for housing have encouraged individuals to purchase new furniture or renovate their homes. In conclusion, the Furniture market in Lithuania is developing in response to changing customer preferences, emerging trends,

Local special circumstances: and

Underlying macroeconomic factors:. The shift towards modern and minimalist designs, the rise of online shopping and customization, the country's woodworking tradition, and favorable macroeconomic conditions have all contributed to the growth of the market. As these factors continue to evolve, the Furniture market in Lithuania is expected to further expand and diversify in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.