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Modular Furniture market size is USD 73251.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.
Author Name: Sneha Mali | Report ID: CMR357897 |The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
Data Updated: July 2024 | Report Pages: 250+ | Edition: 8th |PDF Access: Password protected PDF file, Excel File Access: Quantitative data, PPT Report Access: For the presentation purpose, Cloud Access: Secure Company Account Access.
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According to Cognitive Market Research, the global Modular Furniture market size is USD 73251.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.
Preview of Global Modular Furniture Market Revenue
| Base Year | 2023 |
| Historical Data Time Period | 2019-2023 |
| Forecast Period | 2024-2031 |
| Global Modular Furniture Market Sales Revenue 2024 | $ 73251.2 Million |
| Global Modular Furniture Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5% |
| North America Modular Furniture Sales Revenue 2024 | $ 29300.5 Million |
| North America Modular Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 3.2% |
| Europe Modular Furniture Sales Revenue 2024 | $ 21975.4 Million |
| Europe Modular Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 3.5% |
| Asia Pacific Modular Furniture Sales Revenue 2024 | $ 16847.8 Million |
| Asia Pacific Modular Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7% |
| South America Modular Furniture Sales Revenue 2024 | $ 3662.56 Million |
| South America Modular Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.4% |
| Middle East and Africa Modular Furniture Sales Revenue 2024 | $ 1465.02 Million |
| Middle East and Africa Modular Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.7% |
Industry segmentation can be altred as per your needs. For example, we can proivde cross slipt between Tables with Application, Material, additional country analysis, volume/consumption data, etc.
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Modular Furniture Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Easily assembled, disassembled, or reconfigured furniture that meets the demands of the user is referred to as modular furniture. Typically, this kind of furniture is made out of standard parts or modules that may be put together in numerous ways to make chairs, workstations, or storage spaces, among other combinations. Users can modify their furniture arrangement to suit changing needs or different locations thanks to the flexibility and variety that modular furniture offers. When efficiency and adaptability are valued, it is frequently utilized in workplaces, households, schools, and other commercial locations. The modular furniture market is driven by several factor including growing e-commerce industry, shift in consumer preference, growing product launches, technological advancements, growing demand from corporate sector and many others.
There is a marked increase in demand for housing and furniture as more people move from rural to urban regions in quest of better prospects and services. Due to the increased building of residential and commercial spaces brought about by the growing urban population, there is a greater demand for furniture to decorate these areas. Compact solutions and creative designs are the result of urban inhabitants' constant search for fashionable, functional, and space-efficient furniture that fits in with their modern lifestyles. Furthermore, there is a strong correlation between population expansion and furniture demand. The number of houses rising along with the world's population means that there will be a greater need for furniture. The middle-class population rise in emerging economies also increases disposable incomes and purchasing power, which drives the growth of the furniture sector.
The main factor influencing the growth of the industry is the rising popularity of online furniture retailers. Online platforms are being used by several office furniture makers to offer their products. A significant decrease in stock and a reduction in leasing are the main drivers of the growth of online stores selling office furniture. According to industry trends and data, the market is anticipated to expand quickly since more people are using the Internet and setting up home offices. Amazon and Alibaba are two of the biggest retailers of office furniture online. The office furniture maker MillerKnoll Inc. offers its products both online and in physical stores. Moreover, throughout the projected time, it is anticipated that the nation would see an increase in the popularity of online platforms for office furniture purchases. The need for online office furniture sales is driven by the expansion of small businesses, home-based offices, start-ups, and entrepreneurs, as well as the growth in internet penetration and consumer interaction through online purchasing platforms. Throughout the projected period, the market is anticipated to rise at a faster rate due to the growing trend of digitalization.
One issue that hinders the expansion of the office furniture market is the fluctuating cost of raw materials. The price of raw materials including steel, wood, fabrics, plastics, and cartons has gone up significantly in the last few years. Furthermore, the cost of the raw materials required to make office furniture has gone up. These components include chipboard, wood, foam, polish chemicals, color paints, and hardware. In addition, the price of wood particleboard has gone up due to fluctuations in input and transportation prices and the ongoing reduction in the production capacity of furniture makers. In addition, corporations have to pay taxes, tariffs, and fuel charges for their transportation. The majority of a vendor's transportation costs are made up of fuel, which is also highly variable. The price of the final product is determined by rising transportation expenses. All things considered, the market is anticipated to face a growth hurdle during the projected period as a result of these aspects.
Demand for home office furniture has increased as a result of lockdowns and other social distancing tactics that have led to a widespread adoption of remote work. As more individuals look to design cozy and practical home offices, modular furniture—particularly adjustable desks, ergonomic chairs, and storage options—has become increasingly popular. Furthermore, the pandemic has impacted consumer preferences, with many people giving furniture that is flexible, adaptable, and multipurpose a higher priority in order to suit shifting needs. This style of furniture works well with modular pieces since they are simple to reorganize for different uses, like homeschooling, working remotely, and relaxing. However, like many other industries, the modular furniture sector has experienced difficulties as a result of supply chain disruptions brought on by pandemic-related manufacturing closures, shipping delays, and shortages of raw materials. Certain markets' ability to purchase modular furniture has been impacted by the delays in manufacture and delivery caused by these interruptions.
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The competitive landscape of the Modular Furniture market is characterized by a diverse range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts.
In June 2023, Britton has introduced Hackney, a new modular bathroom collection that promises to provide bespoke bathroom storage for the "budget conscious" by fusing modern form with functionality. The range of modular furniture includes options for worktops, shelves, and wall-hung modular drawers that may be combined to create a unique unit. Apart from offering storage, the manufacturer claims that Hackney's modern 'floating' style will quickly provide the appearance of more space in compact bathrooms. Furthermore, for a simple and quick installation, the Hackney base and shelving units are shipped completely assembled.
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According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The growth in the region is owing to the shift in work dynamics. Home office furniture is in more demand as a result of the gig economy and the rise of remote employment, which have changed how people work. Owing to its versatility and adjustable qualities, modular furniture has emerged as the go-to option for designing practical and comfortable home offices.
Asia-Pacific stands out as the fastest-growing region in the Modular Furniture market. The Asia Pacific regional growth is ascribed by the growing urbanization and increasing population disposable income. Additionally, the growing sales of furniture by online platforms offer a lucrative opportunity for the market growth in the region.
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According to Cognitive Market Research, the global Modular Furniture market size was estimated at USD 73251.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 29300.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031. In North America, the Modular Furniture market exhibits a promising landscape characterized by changes in working dynamics and increasing product launch. Regional analysis reveals that the United States and Canada are the primary contributors to market growth, driven by technological advancements and increasing investment. Segmentation analysis further highlights Tables, Sofas, Cabinets, Beds, Chairs, Others growth at a rapid rate in the region, due to the rising investments. In conclusion, North America presents a lucrative market opportunity for Modular Furniture manufacturers, driven by growing product launch, increasing investment and shift in working culture.
According to Cognitive Market Research, the global Modular Furniture market size was estimated at USD 73251.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 21975.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031. In Europe, the Modular Furniture market presents a dynamic landscape characterized by technological advancements and rising demand from residential area. Regional analysis indicates that countries like Germany, the UK, and Russia are the key contributors to market growth, driven by factors such as a strong economy, increasing investments, and growing product launch. Segmentation analysis further highlights the adoption of different categories in the region, with offline stores is the dominant categories. In conclusion, Europe represents a lucrative market for Modular Furniture manufacturers, driven by rising investment and rising product launch.
According to Cognitive Market Research, the global Modular Furniture market size was estimated at USD 73251.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 16847.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031. In the Asia Pacific region, the Modular Furniture market exhibits robust growth prospects driven by rapid urbanization and growing product launch. Regional analysis indicates that countries such as China, Japan, South Korea, and India are key contributors to market expansion, with growing investment and increasing product launches. Segmentation analysis reveals a diverse range of type such as Tables, Sofas, Cabinets, Beds, Chairs, Others to cater to different consumer bases. In conclusion, the Asia Pacific region presents immense growth opportunities for Modular Furniture manufacturers, fueled by rising product launches, growing urbanization and rising investment.
According to Cognitive Market Research, the global Modular Furniture market size was estimated at USD 73251.2 Million out of which the Latin America market is more than 5% of the global revenue with a market size of USD 3662.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031. In Latin America, the Modular Furniture market showcases promising growth prospects driven by rising product launches. Regional analysis indicates that countries like Brazil, Mexico, Argentina, and Chile are significant contributors to market growth, supported by growing investment. Segmentation analysis reveals a diverse range of type including Tables, Sofas, Cabinets, Beds, Chairs, Others. In conclusion, Latin America presents significant growth opportunities for Modular Furniture manufacturers, driven by favourable market conditions and increasing investment.
According to Cognitive Market Research, the global Modular Furniture market size was estimated at USD 73251.2 Million out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1465.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. MEA the Modular Furniture market showcases promising growth prospects driven by factors such as rising product launch and increasing investment. Segmentation analysis reveals a diverse range of type of Modular Furniture in Middle East and Africa, including Tables, Sofas, Cabinets, Beds, Chairs, Others. In conclusion, Middle East and Africa presents significant growth opportunities for Modular Furniture manufacturers, driven by favourable market conditions and growing innovative product launch.
Global Modular Furniture Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Modular Furniture Industry growth. Modular Furniture market has been segmented with the help of its Type, Application Material, and others. Modular Furniture market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, sofas type stands out as the dominating category. With modular sofas, customers can rearrange the seats to suit their individual requirements and tastes. Modular designs allow for the separate sections—such as the seats, armrests, and ottomans—to be joined or reconfigured to produce a variety of arrangements, including corner sofas, L-shaped couches, and U-shaped couches. This adaptability appeals to customers looking for flexible furniture arrangements for their living rooms or leisure spaces.
Tables type emerges as the fastest-growing category in the Modular Furniture market. The segment growth is attributed to the increasing demand from offices and the change in the consumer working dynamics.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Modular Furniture Industry. Request a Free Sample PDF!
According to Cognitive Market Research, the dominating category is Household. The capacity of modular furniture to maximize space usage in homes is one of its main advantages. Homeowners can alter furniture arrangements to suit different room sizes and combinations by using modular designs. Modular furniture makes optimum use of existing space in any kind of area, be it a large house, a small apartment, or a multipurpose room. This is because it provides flexible and customized solutions.
The fastest-growing category in the Modular Furniture market is Office Application. Demand for office furniture that works smoothly with tech tools and gadgets is rising as a result of the widespread use of digital technologies in the workplace. In order to facilitate modern work habits and promote seamless communication, modular furniture solutions frequently include features like integrated networking options, cable management systems, and built-in power outlets.
