Living Room Furniture - Worldwide

In 2024, the Living Room Furniture market worldwide achieved a revenue of US$223.50bn.
According to projections, this market is anticipated to grow at an annual rate of 4.08% (CAGR 2024-2029).
When compared globally, United States stands out as the top revenue generator, reaching US$73bn in 2024.
Taking into account the total population, the per person revenue in 2024 amounts to US$28.84.
In the United States, there is a growing trend towards minimalist and multifunctional living room furniture, reflecting a desire for simplicity and practicality in home design.

Definition:

This Living Room Furniture segment refers to movable objects that are designed to be used in a living room, which is typically a central and multi-functional space in a home. It includes items that are intended to make the room more comfortable and functional, such as seating, tables, and storage unts (e.g., TV stands, console tables, etc.)

Structure:

The Living Room Furniture segment is divided into two subsegments:

The Seats & Sofas subsegment refers to furniture designed for sitting, lounging, or reclining, and typically includes items such as sofas, armchairs, recliners, and ottomans.
The Cabinets, TV Stands, & Side Tables subsegment refers to furniture items that are designed to store or hold various objects such as media equipment, drinks, books, or lamps.

Additional Information:

The Living Room Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment 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.

Sofas and armchairs, dining chairs
Bar tables and chairs, stools, and benches
Coffee, console, and side tables
TV and media furniture

Consumer electronics
Household appliances
Lamps and lighting
Floor covering

The Living Room Furniture market Worldwide is experiencing significant growth and development. Customer preferences for living room furniture are evolving, and there are several trends driving the market. Additionally, there are local special circumstances and underlying macroeconomic factors that contribute to the market's growth.

Customer preferences: Customers Worldwide are increasingly seeking living room furniture that combines functionality with aesthetic appeal. They prefer furniture pieces that are versatile and can be easily rearranged to suit their changing needs. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as customers become more conscious of their environmental impact. Customers also prioritize comfort and durability when choosing living room furniture, as they want pieces that will last for a long time.

Trends in the market: One of the trends in the Living Room Furniture market Worldwide is the rise of modular furniture. Modular furniture allows customers to customize their living room layout according to their preferences and available space. It offers flexibility and versatility, making it an attractive option for customers. Another trend is the increasing popularity of multi-functional furniture, such as sofa beds or storage ottomans. These pieces serve dual purposes and are ideal for customers who have limited space in their living rooms.

Local special circumstances: In different countries and regions, there are specific local circumstances that impact the Living Room Furniture market. For example, in countries with small living spaces, such as Japan or Hong Kong, there is a higher demand for compact and space-saving furniture. In contrast, countries with larger living spaces, like the United States or Australia, may see a higher demand for larger and more luxurious living room furniture.

Underlying macroeconomic factors: The growth of the Living Room Furniture market Worldwide can also be attributed to underlying macroeconomic factors. As the global economy continues to recover from the impact of the COVID-19 pandemic, consumer spending on home furnishings is increasing. People are spending more time at home and are investing in their living spaces to create comfortable and functional environments. Additionally, rising disposable incomes in emerging economies are driving the demand for living room furniture, as more people are able to afford these products. In conclusion, the Living Room Furniture market Worldwide is experiencing significant growth and development. Customer preferences for functional, aesthetically pleasing, and sustainable furniture are driving the market. The rise of modular and multi-functional furniture is a notable trend in the market. Local special circumstances, such as living space constraints, also influence customer preferences. Furthermore, underlying macroeconomic factors, including the recovery from the COVID-19 pandemic and rising disposable incomes, contribute to the market's growth.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.