NEW YORK, May 12, 2022 /PRNewswire/ — The Online Furniture Market value is set to grow by USD 112.67 billion, progressing at a CAGR of 16.79% from 2021 to 2026, as per the latest report by Technavio. The market is segmented by Application (Online residential furniture and online commercial furniture) and Geography (APAC, North America, Europe, Middle East and Africa, and South America).
Moreover, the increasing online spending and smartphone penetration is notably driving the market growth, although longer replacement cycle of products may impede the market growth.
Technavio has announced its latest market research report titled Online Furniture Market by Application and Geography – Forecast and Analysis 2022-2026
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Regional Forecast & Analysis:
37% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the online furniture market in APAC. Market growth in this region will be faster than the growth of the market in other regions. A rise in the real estate sector for both residential and commercial properties will facilitate the online furniture market growth in APAC over the forecast period.
Segmentation Forecast & Analysis:
The online furniture market share growth by the online-residential furniture segment will be significant during the forecast period. Sales of living room furniture are expected to increase during the forecast period. For instance, Wayfair, a US-based online furniture retailer, offers living room furniture in a wide range of styles and price options and competitive prices, which reduce the need for visiting brick-and-mortar stores. Moreover, innovative styles and designs that occupy very little space and offer comfort are in high demand and will drive the online furniture market growth during the forecast period
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Key Market Dynamics:
Market Driver
The increasing online spending and smartphone penetration is one of the key drivers supporting the online furniture market growth. The high penetration of internet services, improved economy, and upgradation of purchase and delivery options with the emergence of m-commerce has increased online shopping through smart devices. Meanwhile, consumers have now become way more comfortable about purchasing products on the go. Moreover, factors such as security features for online payments, free delivery, improved online customer services, and customer-friendly designs of shopping websites are also contributing to the growth of the market. Such flexible features associated with online shopping will drive the online furniture market growth during the forecast period.
Market Challenge
The longer replacement cycle of products is one of the challenges impeding the online furniture market growth. Most residential indoor and outdoor furnishings, especially furniture, are meant for long-term use and generally do not require frequent replacement. However, certain types of home furniture can be expensive and are one-time expenditures. Moreover, most branded home furniture and furnishing products are durable and of superior quality. Consumers only need to incur maintenance costs for these over the years, which are usually minimal. This reduces the need for the frequent purchase of furniture and furnishings, which acts as a major growth barrier for the market. Such challenges will limit the online furniture market growth during the forecast period.
Post time: Jul-18-2022