Market Overview
The global furniture market is estimated to be valued at USD 654.60 billion by 2025 and expected to grow at a CAGR of 2.64% during the forecast period. The wood segment of the furniture accounted for the largest market share in the material type segment. However, melamine segment has been projected to grow at the highest CAGR on account of increasing demand in Asia-Pacific and its low cost.
Among the furniture type, sofas accounted for the largest market share of 23.3% in 2018, closely followed by beds in the second place. However, the cabinets segment is expected to grow with the highest growth rate of 3.00% during the forecast period.
However, the only bottleneck in a growth trajectory of the global furniture market is the high prevalence of the unorganized sector in the furniture industry.
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Competitive Landscape
Various players are adopting strategies such as; partnerships, mergers, and acquisitions which provides an upper hand to them in the industry. The growing demand for furniture has resulted in a higher demand for innovative products. The growing number of players entering the market has also led to the fueling of the market competition.

Market Segmentation
Global furniture market has been segmented on the basis of type, material type, furniture type, end-use, and region. On the basis of type, the market has been divided into RTA and non-RTA. Ready-to-assemble furniture (RTA), also referred to as knock-down furniture (KD), flat pack furniture, or kit furniture, is a form of furniture that requires customer assembly. The popularity of RTA furniture is rising since it has become consumer-friendly owing to improved materials, hardware, and design innovation. Non-RTA furniture is fully assembled furniture that does not require the need for assembling and are sold by suppliers after completing the required fitting and assembling. The non-RTA furniture is finished with the highest quality and high appeal since it comes assembled from the supplier. The non-RTA accounts for a higher market share compared to the RTA furniture type. However, non-RTA is expected to propel with the highest growth rate of 3.83% during the forecast period.

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Regional Analysis
Geographically, the global furniture market is segmented into Asia-Pacific, Europe, North America, and Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounted for the largest share of the market in 2018, and expected to grow with the highest CAGR of 2.78%. The furniture market in North America is expected to have the second position after Asia-Pacific in terms of market share which was 31.38% in 2018. Europe is estimated to reach USD 158.3 billion by the end of 2025. Asia-Pacific is expected to reach USD 223.22 billion by 2025.

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