A recently published report by Next Move Strategy Consulting forecasts the worldwide e-commerce market for furniture will reach $40.74 billion by 2030, up 47% from $27.74 billion in 2021, or a compound annual growth rate of 4.4%.
The 763-page report details e-commerce activity in the global furniture marketplace, with the North American market representing the largest area of growth and opportunity — now and in the years ahead. This is largely due to growth in the real estate market, as well as higher consumer income and spending levels, according to the report.
The consulting company, based in Tinsukia, India, studied the e-commerce strategies of several companies in the U.S. market, among them Ashley Furniture, Bassett Furniture, Ikea Group, Home Depot, Hooker Furnishings, La-Z-Boy, Sleep Number Corp. and Wayfair.
According to the report, these and other companies the consulting firm studied adopted strategies in areas such as product development and marketing to strengthen their position in the e-commerce realm and further develop their presence in the future.
While the North American market will represent the largest overall contributor to global e-commerce sales activity in the years ahead, the report notes that the Asia-Pacific region will have the fastest growth rate between now and 2030. This, the report notes, is due to developments in residential construction and “changes in lifestyle.” The report also identifies Europe as a major growth area.
A key driver of growth, the report says, is consumer demand for and an inclination to buy multipurpose, functional and technology-driven furniture online, as well as the surge in smartphone and internet connectivity around the world.
The report also looks at the impact Covid-19 has had on the e-commerce and offers strategies to address the continuing impacts of the pandemic.
The report segments the market into ready-to-assemble and non-RTA products and further addresses growth by segment, including bedding, case goods, upholstery, home entertainment and home office. It also segments various categories by materials (wood, melamine and other laminates, glass, plastics, etc.)
More information from the report and how to purchase it can be found here.