Global furniture market size from 2020 to 2027

The global market value of furniture was estimated to be 509.8 billion U.S. dollars in 2020, and was expected to increase every year to reach a forecasted value of approximately 650.7 billion U.S. dollars by 2027.

Office furniture retail during the COVID-19 pandemic

Steelcase and Herman Miller were the two leading office furniture companies worldwide in 2020, generating revenues of 3.73 billion U.S. dollars and 2.49 billion U.S. dollars, respectively. With the onset of the coronavirus pandemic in 2020, home office furniture retail surged, as lockdowns and quarantine regulations across the world made “Work-from-Home” the new normal. Consumers in the United States who planned to purchase home office furniture were primarily prioritizing the purchase of desks and chairs. The pandemic may have also spurred online purchases of furniture as stores shut their doors or applied strict hygiene regulations. In fact, e-commerce purchases of furniture and home furnishings accounted for a 31 percent share of total retail sales in the United States as of February 2021.

Ready-to-assemble (RTA) furniture

Ready-to-assemble (RTA) furniture became popular in the 1950s and introduced selling unassembled furniture in parts to customers who preferred to save money on their purchase and assemble the furniture themselves at home. Retail sales of the RTA furniture market in the United States exceeded 3.4 billion U.S. dollars in 2019. Perhaps most famous for RTA furniture is the Swedish furniture giant IKEA, the largest furniture retailer in the world. In 2021, IKEA generated nearly 42 billion euros in global revenues and recorded more than 775 million visits to their stores worldwide. Europe is home to the largest number of IKEA stores, followed by North America and Asia.