New York, United States, Nov. 12, 2021 (GLOBE NEWSWIRE) — The Online Furniture market is expected to grow at a compound annual growth rate (CAGR) of 20.2% in the forecast period from 2021 to 2026.
The online furniture market is driven by the rising penetration of smartphones and increased online shopping. The prevailing habit of convenience buying is expected to drive the online furniture market. Additionally, technological advancements in the furniture industry are encouraging consumers to purchase.
Furniture manufacturers are collaborating with e-commerce leaders to reach the market online. Thus, a variety of products are available on the online platform, attracting more customers towards them.
The global online furniture market was valued at USD 81,702 million in 2018 at a CAGR of 20.2% during the forecast period 2019–2026
COVID-19: Work-from-Home Necessitates Home Office Furniture
Pandemic has led to a drastic change in consumers’ buying behavior. The need for comfortable and productive spaces amid the lockdown opened new opportunities for the furniture industry. As people were at home, their spending on home furniture and other consumer goods surged. To create a perfect office setup, people bought office furniture. Thus, the websites selling home decor and furniture products saw an increase in the number of visitors. Few companies marked a rise in sales due to office furniture set up and home decor.
On the other hand, increased unemployment due to the COVID-19 has refrained people from excess buying. The first few months of the pandemic affected the furniture industry due to the lack of transport and unavailability of workers. The traditional commercial office furniture manufacturing sector is still at a steady growth.
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Online Furniture Market by Raw Material
Fascination towards Wooden Furniture
The demand for wooden furniture is growing substantially due to its better shelf life and resilience. In addition, the availability of woods and their various applications in wooden furniture drive the wooden furniture sales. Furniture manufacturers consider several aspects related to customer demand, such as functionality, aesthetics, feel, value, comfort, etc. while designing furniture.
Wooden furniture is eco-friendly and tops the priority of manufacturers and consumers. Besides, wooden furniture can withstand temperature changes than iron or metal furniture. Moreover, wooden pieces are easy to care for, and if they are well constructed and maintained, they look better with age and last longer. Keeping all these advantages in mind, consumers tend to buy wooden furniture more.
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Online Furniture Market by Application
Office Furniture Acquires Maximum Shares
Based on application, the online furniture market is segmented into household, office, and contract. Office furniture is used in commercial and corporate offices, such as workstations, cafeterias, etc. Office furniture observed sustainable growth due to work-from-home amid the pandemic. Established brands in office furniture have identified consumers’ preferences for customized office furniture. Thus, it is expected to drive the market.
Online Furniture Market by Regions
Preeminence of North America over Others
APAC is the fastest growing online furniture market due to its swelling population, increased income, and rapid industrialization. In addition, urbanization and consumer expenditure have led to buying stylish, budget-friendly furniture. Further, ascending construction activities are also expected to foster the demand for online furniture shopping.
However, North America dominates the online furniture market. The growth in this region is attributed to the growing popularity of digital-first retail. Online stores such as Wayfair, Walmart, Amazon, Apt2B dominates the online furniture market. According to the Center for Industrial Studies (CSIL), North America represents the largest market for e-commerce furniture sales, followed by China and Europe.
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Detailed Table of Content
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions and Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation and Scope
4.2 Value Chain Analysis: Online Furniture Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Covid-19 Impact Analysis
4.5.1 Pre-Covid-19 Market Scenario Analysis
4.5.2 Post-Covid-19 Market Scenario Analysis
4.5.3 Measures Taken by Top Players
5 Global Online Furniture Market by Raw Material
5.1.1 Market Size and Forecast (Value)
5.2.1 Market Size and Forecast (Value)
5.3.1 Market Size and Forecast (Value)
5. 4.1 Market Size and Forecast (Value)
6 Global Online Furniture Market by Application
6.1.1 Market Size and Forecast (Value)
6.2.1 Market Size and Forecast (Value)
6.3.1 Market Size and Forecast (Value)
6.4.1 Market Size and Forecast (Value)
7 Regional Overview
7.1.1 Market Size and Forecast (Value)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 The U.S.
7. 3.1 Economic Overview
7. 3.2 Market Scenario
7. 3.3 Germany
7. 3.4 The U.K.
7. 3.5 France
7. 3.6 Italy
7. 3.7 Spain
7. 3.8 The Rest of Europe
7.4 Latin America
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.5 The Rest of Latin America
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.7 South Korea
7.5.8 The Rest of Asia-Pacific
7.6 The Middle East and Africa
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 Saudi Arabia
7.6.6 South Africa
7.6.7 The Rest of MEA
8 Competitive Landscape — Manufacturers and Suppliers
8.1 Competition Dashboard
8.2 Market Share Analysis, 2020
8.3 Competition Dashboard
8.4 Key Developments
9 Company Profile
9.1 Ashley Furniture Industries
9.1.1 Business Overview
9.1.2 Financial Performance
9.1.3 Recent Developments
9.1.4 Product Portfolio
9.2 Ekornes, Inc.
9.2.1 Business Overview
9.2.2 Financial Performance
9.2.3 Recent Developments
9.2.4 Product Portfolio
9.3 Herman Miller, Inc.
9.3.1 Business Overview
9.3.2 Financial Performance
9.3.3 Recent Developments
9.3.4 Product Portfolio
9.4 Inter IKEA Systems B.V.
9.4.1 Business Overview
9.4.2 Financial Performance
9.4.3 Recent Developments
9.4.4 Product Portfolio
9.5 Steelcase, Inc.
9.5.1 Business Overview
9.5.2 Financial Performance
9.5.3 Recent Developments
9.5.4 Product Portfolio
9.6.1 Business Overview
9.6.2 Financial Performance
9.6.3 Recent Developments
9.6.4 Product Portfolio
9.7.1 Business Overview
9.7.2 Financial Performance
9.7.3 Recent Developments
9.7.4 Product Portfolio
9.8.1 Business Overview
9.8.2 Financial Performance
9.8.3 Recent Developments
9.8.4 Product Portfolio
9.9 Urban Ladder
9.9.1 Business Overview
9.9.2 Financial Performance
9.9.3 Recent Developments
9.9.4 Product Portfolio
9.10.1 Business Overview
9.10.2 Financial Performance
9.10.3 Recent Developments
9.10.4 Product Portfolio
9.11 Williams Sonoma
9.11.1 Business Overview
9.11.2 Financial Performance
9.11.3 Recent Developments
9.11.4 Product Portfolio
9.12 Raymour and Flanigan
9.12.1 Business Overview
9.12.2 Financial Performance
9.12.3 Recent Developments
9.12.4 Product Portfolio
10 Conclusion and Recommendation
11 Acronyms and Abbreviations
Top 10 Best Furniture companies in the world
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