USD 149.98 billion
Living and Dining Room Market Size, Share, Growth Analysis, By Type(Sofas, and Chairs), By Material(Wood, and Metal), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30K2027 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
61
|Figures:
75
Living and Dining Room Market Insights
Global Living and Dining Room Market size was valued at USD 149.98 billion in 2022 and is poised to grow from USD 157.03 billion in 2023 to USD 226.75 billion by 2031, by growing at a CAGR of 4.7% during the forecast period (2024-2031).
The market for living and dining rooms is experiencing significant growth due to increasing demand from developed economies such as the U.S. and Germany, especially for coffee table products. In addition, the sales of Airia desk & media cabinets in India are driving demand for living and dining room cabinets. The popularity of Nelson miniature chest products in the U.S. is also expected to boost market growth during the forecast period. As economies gradually lift their trade restrictions, a steady recovery trend is projected in the next few years, with the living and dining room business witnessing a significant increase in revenues. Key players such as HNI Corporation and Kimball International, Inc. are majorly contributing to the market growth by investing in premium quality premium storage products, miniature chests, and the Nelson basic cabinet series. The growing demand for metal storage products from U.K. consumers and wall units in Japan are also major factors driving market growth. Additionally, rising demand for TV trolleys in developing economies like China and India is expected to boost market growth, as consumers seek occasional furniture products at a reasonable cost. To meet this demand, key players are launching sled base storage solutions. The growing trend towards smart furniture is also expected to significantly contribute to market growth. Despite the impact of the coronavirus pandemic, offline furniture shops have started showcasing their product lines on e-commerce portals and online websites to attract new customers. The sales statistics are covering the growing demand for storage cabinets through electronic commerce, with fast delivery and minimal installation costs fueling business opportunities for furniture products. Low financing rates and the growth of internet retailers in emerging nations may boost worldwide market share, as the global market remains highly adaptable to shifting trends, and new entrants become more competitive.
US Living and Dining Room Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Sofas
Fastest Growth
Chairs
Growth Rate
4.7% CAGR
Global Living and Dining Room Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Living and Dining Room Market Segmental Analysis
The global living and dining room market is segmented on the basis of type, material, and region. Based on type, the market can be segmented into sofas, and chairs. In terms of materials, the market is segmented into wood, and metals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Living and Dining Room Market Analysis by Type
On the basis of type, the market is categorized into sofas, and chairs. Sofas are a dominant segment in the global living and dining room market, as they are one of the most essential furniture items in the living room. Sofas are available in a wide range of styles, sizes, and materials, and consumers have a lot of options to choose from. The demand for sofas is driven by factors such as changing consumer preferences, increasing disposable income, and growth in the real estate industry. As a result, many furniture manufacturers are investing in the development of new and innovative sofa designs to cater to the changing consumer demand.
Chairs are a fastest growing segment in the global living and dining room market. Chairs include products such as recliners, armchairs, accent chairs, and rocking chairs. Chairs are often paired with sofas in living rooms, and they are also used in dining rooms. The demand for chairs is driven by factors such as increasing urbanization, growth in the real estate industry, and changing consumer preferences. As a result, furniture manufacturers are investing in the development of new and innovative chair designs to cater to the changing consumer demand.
Living and Dining Room Market Analysis by Material
On the basis of material, the market is segmented into wood, and metals. Wood is a dominant segment in the global living and dining room market as it is a popular and traditional material used in furniture. Wood is known for its durability, natural beauty, and ability to add warmth to any room. It is also versatile, thus, allowing manufacturers to create a wide variety of furniture designs using different types of wood such as oak, maple, and walnut. Additionally, wooden furniture is often associated with high-end and luxury designs, which increases its demand among consumers.
Metal is anticipated to be the fastest growing segment in the global living and dining room market during the forecast period. Metal furniture offers a modern and contemporary look that appeals to consumers who prefer minimalist and industrial designs. Metals such as stainless steel, aluminum, and iron are lightweight and can be shaped into various designs and styles. Metal furniture is also known for its durability and ability to withstand wear and tear, making it an attractive option for consumers looking for long-lasting furniture.
Global Living and Dining Room Market Size By Type, 2022 (%)
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Living and Dining Room Market Regional Insights
North America has historically dominated the market due to high demand for furniture products, particularly in the U.S. Growing investments by key players such as HNI Corporation and Kimball International, Inc. to procure miniature chests and Nelson basic cabinet series have contributed to the region's market dominance. In addition, the rising popularity of Nelson miniature chest products in the U.S. is further projected to boost market growth during the forecast period. With the steady recovery trend projected in the next few years as various economies lift their separate trade restrictions, the North American market for living and dining rooms is expected to continue to perform well.
In contrast, APAC is expected to be the fastest growing regional market for living and dining rooms, particularly in countries like China and India. The growing demand for Airia desk & media cabinets in India is driving demand for living and dining room cabinets. Rising demand for TV trolleys in developing economies such as China and India is also expected to boost market growth, as consumers seek occasional furniture products at a reasonable cost. Additionally, the growing acceptance of wall units in Japan is a major factor driving the market growth in the region. The market for living and dining rooms in APAC is also benefiting from the trend towards smart furniture and the growth of internet retailers in emerging nations.
Global Living and Dining Room Market By Geography, 2022-2030
- Largest
- Fastest
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Living and Dining Room Market Dynamics
Living and Dining Room Market Drivers
Growing Demand for Smart Furniture
- One driver of the global living and dining room furniture market is the growing demand for smart furniture that fits in smaller spaces and serves multiple purposes. With urbanization and the increasing trend towards smaller living spaces, consumers are looking for furniture products that maximize space efficiency while still providing functionality and style. This trend is expected to significantly contribute to the market growth, as key players are launching innovative products that incorporate technology and multi-purpose functionality to meet the changing demands of consumers.
Living and Dining Room Market Restraints
Increase in Labor and Raw materials Costs
- One restraint of the global living and dining room furniture market is the increasing cost of raw materials and labor. As the demand for furniture products continues to grow, the cost of materials such as wood, metal, and textiles has risen significantly, leading to increased production costs for manufacturers. In addition, the rising cost of labor in some regions has also added to the overall cost of production. These factors can impact the profitability of key players in the market and may result in increased prices for consumers, potentially limiting market growth.
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Living and Dining Room Market Competitive Landscape
The nature of the global living and dining room furniture market is highly competitive, with a large number of players operating in the market. Some players are focusing on product innovation and differentiation to gain a competitive edge in the market. The players are also investing in marketing and advertising to increase their brand awareness and attract new customers. Additionally, partnerships, collaborations, and mergers and acquisitions are common strategies adopted by players to expand their market presence and increase their revenue. The market's competitive landscape is expected to remain intense in the coming years as players continue to strive for market share and profitability.
Living and Dining Room Market: Top Player’s
- Herman Miller, Inc. (US)
- Kimball International, Inc. (US)
- La-Z-Boy Inc. (US)
- Leggett & Platt, Incorporated (US)
- Godrej & Boyce Mfg. Co. Ltd. (India)
- Natuzzi S.p.A. (Italy)
- Bernhardt Furniture Company (US)
- Williams-Sonoma, Inc. (US)
- Hooker Furniture Corporation (US)
- Dorel Industries Inc. (Canada)
- Sauder Woodworking Co. (US)
- Kokuyo Co Ltd. (Japan)
- Delta Children's Products Corp. (US)
- Nitori Co., Ltd. (Japan)
- Kinnarps AB (Sweden)
- Okamura Corporation (Japan)
- Hafele GmbH & Co KG (Germany)
Recent Developments
- In April 2023, Chinese e-commerce giant, Alibaba, announced plans to invest $10 billion in a new furniture manufacturing hub in the Guangdong province.
- In March 2023, Crate and Barrel announced a new collaboration with fashion designer, Alexander Wang, to launch a new line of furniture and decor products.
- In February 2023, US-based furniture manufacturer, La-Z-Boy, announced a new partnership with Swedish tech company, Volumental, to launch a new line of 3D-printed furniture.
- In January 2023, Williams-Sonoma announced plans to acquire online furniture retailer, Joybird, to expand its online sales capabilities.
- In August 2022, Swedish furniture giant, IKEA, announced plans to invest $2.2 billion in renewable energy and sustainable materials over the next five years.
Living and Dining Room Key Market Trends
- One key market trend in the global living and dining room furniture market is the growing popularity of sustainable and eco-friendly furniture products. Consumers are aware of the environmental impact of furniture production and are looking for products that use sustainable materials and manufacturing practices. This trend has led to an increase in demand for furniture made from recycled or renewable materials and products that use eco-friendly production methods. Key players are also focusing on incorporating sustainable practices into their operations and offering eco-friendly products to meet the changing demands of environmentally conscious consumers.
Living and Dining Room Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global living and dining room market is experiencing significant growth due to the rising demand for stylish and functional furniture in developed economies such as the U.S. and Germany, as well as the growing popularity of furniture products in emerging markets like India and China. Key players in the market are investing in product innovation and differentiation to gain a competitive edge, while also focusing on marketing and advertising to increase their brand awareness. Another key trend is the growing popularity of sustainable and eco-friendly furniture products among environmentally conscious consumers, which has led to an increase in demand for furniture made from recycled or renewable materials and eco-friendly production methods.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 149.98 billion |
| Market size value in 2031 | USD 226.75 billion |
| Growth Rate | 4.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Living and Dining Room Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Living and Dining Room Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Living and Dining Room Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Living and Dining Room Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Living and Dining Room Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Living and Dining Room Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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