Online Furniture Market – Forecast and Analysis

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The predicted growth for the online furniture market share from 2021 to 2026 is USD 112.67 billion at a progressing CAGR of 16.79%.

Online Furniture Market: Key Drivers, Trends, and Challenges

The increasing online spending and smartphone penetration are notably driving the online furniture market growth, although factors such as the longer replacement cycle of products may impede the market growth. Research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the online furniture industry analysis. The holistic analysis of the drivers will help infer end goals and refine marketing strategies to gain a competitive edge.

Key Online Furniture Market Driver

The increasing online spending and smartphone penetration are key drivers supporting the online furniture market growth. The high penetration of internet services, improved economy, and up-gradation of purchase and delivery options with the emergence of m-commerce has increased online shopping through smart devices. Meanwhile, consumers have become way more comfortable 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 market’s growth. Such flexible features associated with online shopping will drive the online furniture market growth during the forecast period.

Key Online Furniture Market Trend

Mobile commerce and network marketing are key online furniture market trends fueling the growth of online furniture. Smartphones have become an essential part of modern life and paved the way for online shopping. In consideration of this, some retailers such as Amazon.com, Flipkart, and Alibaba Group have launched mobile applications. Hence, sales are likely to grow with the increase in the popularity of shopping through mobile devices. Furthermore, as consumers are slowly becoming comfortable with electronic cash, the use of mobile wallets is expected to grow. Such factors will drive the online furniture market growth during the forecast period.

Key Online Furniture 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 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 over the years, which are usually minimal. This reduces the need for frequent furniture and furnishings, which is a significant growth barrier for the market. Such challenges will limit the online furniture market growth during the forecast period.

This online furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 positively impacted the region’s online furniture market. Moreover, in 2021, the lifting of lockdowns and large-scale vaccination drives across the region resulted in the resumption of construction activities of high-rise commercial and residential buildings. This is expected to boost the requirement for furniture in the market. Hence, such developments will contribute to the growth of the online furniture market in the region during the forecast period.

What are the Revenue-generating Application Segments in the Online Furniture Market?

The online furniture market share growth in 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. 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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