Furniture - Norway

Norway

In 2024, the Furniture market in Norway is projected to generate revenue amounting to US$3.75bn.
It is anticipated that the market will experience an annual growth rate of 0.68% (CAGR 2024-2029).
The largest segment within the market is the Living Room Furniture segment, which is estimated to have a market volume of US$1.08bn in 2024.
When compared globally, in the United States generates the highest revenue in this market, reaching US$264bn in 2024.
In terms of per capita revenue, each person in Norway is expected to generate US$680.50 in 2024.
Norway's furniture market is experiencing a surge in demand for sustainable and minimalist designs, reflecting the country's focus on environmental consciousness and modern aesthetics.

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 Norway is experiencing significant growth and development. Customer preferences in the market are shifting towards more sustainable and eco-friendly furniture options. This trend is driven by increasing awareness of environmental issues and a desire to reduce carbon footprints. In addition, customers are seeking furniture that is durable and long-lasting, with a focus on quality and craftsmanship. Trends in the market include a rise in online furniture shopping, as more customers are opting for the convenience of purchasing furniture from the comfort of their own homes. This shift towards e-commerce is also influenced by the covid-19 pandemic, which has accelerated the adoption of online shopping across various industries. Local special circumstances in Norway contribute to the development of the furniture market. The country has a strong tradition of design and craftsmanship, with Norwegian furniture brands known for their high-quality and innovative designs. This reputation attracts both domestic and international customers, driving demand for norwegian-made furniture. Underlying macroeconomic factors also play a role in the growth of the furniture market in Norway. The country has a strong economy with high levels of disposable income, allowing consumers to invest in higher-priced furniture. Additionally, low interest rates and favorable financing options make it easier for customers to make large purchases, further stimulating the market. In conclusion, the Furniture market in Norway is experiencing growth and development driven by

Customer preferences: for sustainable and durable furniture, the rise of online shopping,

Local special circumstances: such as a strong design tradition, and favorable macroeconomic factors. These trends and factors contribute to the overall positive outlook for the furniture market in Norway.

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.