Furniture - Western Africa

Western Africa

In Western Africa, the revenue generated in the Furniture market is projected to reach US$6.52bn in 2024.
It is anticipated that the market will experience an annual growth rate of 2.76% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of US$2.25bn in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to US$263bn in 2024.
Taking into account the total population figures, the per person revenue generated in Western Africa's Furniture market is US$15.75 in 2024.
The furniture market in Western Africa is experiencing a surge in demand for locally made, sustainable and eco-friendly 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 Western Africa is experiencing significant growth and development in recent years. Customer preferences have shifted towards more modern and stylish furniture designs, leading to an increase in demand for imported furniture. Additionally, the rising middle class in the region has contributed to the growth of the market.

Customer preferences: Customers in Western Africa are increasingly seeking modern and stylish furniture designs. This shift in preference can be attributed to the influence of global trends and the desire for a more contemporary living environment. As a result, there has been a growing demand for imported furniture that offers unique and innovative designs.

Trends in the market: One of the key trends in the Furniture market in Western Africa is the increasing demand for eco-friendly and sustainable furniture. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from renewable materials and with minimal carbon footprint. This trend is driven by a growing awareness of climate change and the need for sustainable living practices. Another trend in the market is the rise of e-commerce platforms for furniture sales. Online shopping has gained popularity in Western Africa, offering customers a convenient way to browse and purchase furniture from the comfort of their homes. This trend has been further accelerated by the COVID-19 pandemic, which has limited physical shopping experiences and increased the reliance on online platforms.

Local special circumstances: The Furniture market in Western Africa is influenced by the region's unique cultural and social factors. Traditional craftsmanship and local materials play a significant role in the production of furniture in the region. Customers often value furniture that reflects their cultural heritage and showcases traditional craftsmanship techniques. This demand for locally made furniture presents opportunities for local artisans and manufacturers.

Underlying macroeconomic factors: The growth of the Furniture market in Western Africa can be attributed to several underlying macroeconomic factors. The region has experienced a steady increase in disposable income, leading to higher purchasing power and an increased demand for furniture. Additionally, rapid urbanization and population growth have resulted in a higher demand for housing, driving the need for furniture. Furthermore, government initiatives promoting the growth of the manufacturing sector and foreign direct investment have contributed to the development of the furniture market. These initiatives aim to create employment opportunities and boost economic growth, attracting both local and international furniture manufacturers to invest in the region. In conclusion, the Furniture market in Western Africa is experiencing growth and development driven by changing customer preferences, increasing disposable income, and government initiatives. The demand for modern and stylish furniture designs, eco-friendly options, and online shopping platforms are shaping the market. The region's unique cultural and social factors, such as traditional craftsmanship and local materials, also play a significant role in the furniture market. Overall, the market is expected to continue growing as the region's economy expands and customer preferences evolve.

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.