In 2022, global furniture sales hit US$1.11 trillion, and projections suggest a steady climb to US$1.89 trillion by 2033, growing at a 5% CAGR from 2023 to 2033. As a vital segment of the wood processing industry, the furniture market is thriving due to increased demand for home furnishings and a robust real estate sector. Sales are buoyed by private-label products, eco-friendly raw materials, and ongoing investment in innovative product development. Technological advancements are heightening competition, fostering the creation of superior, tech-driven offerings. Furniture sales surged at a 4.2% CAGR from 2018 to 2022, propelled by global home renovation trends. Anticipated growth is driven by cutting-edge, smart furniture and attractive designs. The retail landscape is transforming with more private retailers entering, intensifying competition. The global furniture market is poised for a sustained 5% CAGR from 2023 to 2033, reflecting its enduring resilience and growth potential.
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