Living & Dining Room Industry Overview
The global living & dining room market size was valued at USD 149.8 billion in 2021 and is expected to expand at a CAGR of 4.5% from 2022 to 2028.
This can be credited to the growing demand for coffee table products in developed economies such as the U.S. and Germany. The growing demand for Airia desk & media cabinets in India is escalating the sales of living & dining room cabinets products. Moreover, the rising popularity of Nelson miniature chest products especially in the U.S. is further projected to boost market growth over the forecast period. In 2020, the COVID-19 outbreak acted as a significant restriction on the living and dining room manufacturing business, as supply chains were disrupted by trade restrictions and demand fell as a result of government-imposed lockdowns throughout the world. However, as various economies gradually lift their separate trade restrictions, a steady recovery trend is projected in the next years, with the living and dining room business seeing a significant increase in revenues.
Gather more insights about the market drivers, restrains and growth of the Global Living & Dining Room Market
Coronavirus has been staggering the global economy. The supply chain of the furniture industry had been slightly affected during the pandemic tenure. The business growth of offline distribution channels was hindered owing to the national lockdown executed across the globe. During the pandemic, the demand for living & dining room cabinets and storage had increased through the online platform. The major key players of the global market are evaluating the online sales methodology for door-step delivery.
Growing investments by the U.S.-based prime players such as HNI Corporation and Kimball International, Inc. to procure miniature chests and Nelson basic cabinet series are fueling the market growth. The major key players are procuring the premium quality of prelam storage products. The rapidly growing demand for metal storage products from the U.K. consumers is further propelling the industry growth.
The growing acceptance of wall units in Japan is the major factor driving the market growth. Moreover, the rising demand for TV trolleys in developing economies such as China and India is expected to boost market growth. Rising demand to procure occasional furniture products at a rational cost is the upcoming prospect for the market. At present, key players are focusing on launching sled base storage to fulfill the demand for cabinets and storage. Hence, the living & dining room market is expected to perform significant market growth during the assessment period.
The offline furniture shops have started showcasing their product lines on e-commerce portals and online websites in order to attract new customers during the spread of the coronavirus. The sales statistics are covered due to the growing demand for storage cabinets through electronic commerce. Fast delivery with minimal installation cost was escalating the business opportunity for the furniture products which in turn will refuel the market growth.
The growing demand for smart furniture is expected to considerably contribute to the market growth. Low financing rates and the growth of internet retailers in emerging nations might boost worldwide market share. The global market is extremely adaptable to shifting trends, and new entrants are becoming more competitive. Consumers are highly inclined towards foldable, multi-purpose, and technology-driven furniture that fits in smaller areas and sever different purposes.
Browse through Grand View Research’s Homecare & Decor Industry Research Reports.
- Outdoor Living Structure Market – The global outdoor living structure market size was valued at USD 1.8 billion in 2020 and is expected to grow at a compounded annual growth rate (CAGR) of 6.1% from 2021 to 2028. Construction of dining and leisure areas is a growing trend, primarily in North America and Europe, which is expected to drive the market over the forecast period.
- Connected Living Room Market – The global connected living room market size was valued at USD 38.02 billion in 2018 and is anticipated to expand at a CAGR of 8.6% over the forecast period. The proliferation of connected devices, such as smart televisions, smart speakers, gaming consoles, and set-top boxes, among others, particularly among households, is expected to drive the growth.
Living & Dining Room Market Segmentation
Grand View Research has segmented the global living & dining room market based on type, distribution channel, and region.
Type Outlook (Revenue, USD Million, 2017 – 2028)
- Coffee, Dining & Other Tables
- Living & Dining Room Cabinets And Storage
Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- September 2019: Ashley Furniture acquired Homestar North America’s manufacturing facility in Statesville to increase their RTA furniture manufacturing.
Key Companies profiled:
Some prominent players in the global living & dining room market include
- KOKUYO Co., Ltd.
- Okamura Corporation
- Godrej & Boyce Manufacturing Company Limited
- Inter IKEA Systems B.V.
- HNI Corporation
- Kimball International, Inc.
- Herman Miller, Inc.
- AFC Systems
- Ashley Furniture Industries, Inc.
- Berco Design
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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