Furniture - GCC | Statista Market Forecast

Value added in the Furniture market is projected to amount to US$4.0bn in 2024.
A compound annual growth rate of 2.54% is expected (CAGR 2024–2029).
The value added per capita in the Furniture market is projected to amount to US$66.9 in 2024.
The value added margin in the Furniture market is projected to amount to 58% in 2024.
Output in the Furniture market is projected to amount to US$7.0bn in 2024.
A compound annual growth rate of 2.25% is expected (CAGR 2024–2029).
The output per enterprise in the Furniture market is projected to amount to US$694.0k in 2024.
The manufacturing intensity in the Furniture market is projected to amount to 0.4% in 2024.
The number of enterprises in the Furniture market is projected to amount to 10.13k in 2024.
A compound annual growth rate of 1.57% is expected (CAGR 2024–2029).
The enterprise density in the Furniture market is projected to amount to 168 in 2024.
The number of employees in the Furniture market is projected to amount to 72.74k in 2024.
A compound annual growth rate of 2.49% is expected (CAGR 2024–2029).
The employment rate in the Furniture market is projected to amount to 0.12% in 2024.
The labor efficiency in the Furniture market is projected to amount to US$96.6k in 2024.
The labor productivity in the Furniture market is projected to amount to US$55.5k in 2024.

Definition:

The Furniture market involves manufacturing of various types of furniture used in residential, commercial, and institutional settings. This includes the manufacture of chairs, tables, cabinets, and other pieces of furniture, as well as custom-made furniture designed to meet specific needs. The market also encompasses the sale of home furnishings, such as mattresses, bedding, and decorative accessories.

Additional information:

The market comprises value added, output, number of enterprises, number of employees, and the respective growth rates. Output refers to the total value of all goods produced, whereas value added is the sum of the intermediate stages of production or, in other words, the wealth created by industry activity. The market only displays B2B production.

Manufacture of furniture of any kind, any material
Categories listed within ISIC Division 31 as "included"

Manufacture of pillows, pouffes, cushions, quilts and eiderdowns
Manufacture of inflatable rubber mattresses
Manufacture of furniture of ceramics, concrete and stone
Manufacture of lighting fittings or lamps
Manufacture of car seats, railway seats, aircraft seats
Modular furniture attachment and installation, partition installation, laboratory equipment furniture installation
Other categories listed within ISIC Division 31 as "excluded"

The manufacturing market has faced several challenges in recent years due to geopolitical uncertainty, supply chain disruptions, changing consumer preferences, and increasing regulatory scrutiny. However, several positive factors, such as rising global demand, ongoing technological advancements, and increasing investment in automation and digitalization, continue to influence the market, and the outlook for manufacturing remains positive.

While the Covid-19 pandemic has caused significant hardships for manufacturers, those that invested in digitalization and automation of their processes will be best positioned for long-term success. Manufacturers who can effectively balance cost pressures and maintain a strong focus on quality are likely to survive the current crisis and come out more resilient in the end.

Among the factors that could affect the manufacturing market in 2023 is the adoption of advanced technology, such as artificial intelligence, robotics, and the Internet of Things (IoT), which have the potential to improve overall efficiency and productivity while reducing costs.

Furthermore, our analysts believe that sustainability and environmental awareness will become increasingly important trends, as more investors and consumers prefer companies that prioritize these values and develop eco-friendly products.

Finally, geopolitical factors such as trade tensions and changes in government policies could also impact the manufacturing market in 2023, with the Russia-Ukraine war having the biggest impact.

In summary, the current environment presents both challenges and opportunities for the manufacturing market in 2023. However, with the right managerial strategies and high flexibility, companies can succeed and strengthen their long-term market position.

Data coverage:

The data encompasses B2B. Figures are based on the value added in the manufacturing market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting the manufacturing market due to the non-linear growth of this market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Industrial 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.