HIGH POINT — A recently published report by Next Move Strategy Consulting predicts 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 studied various e-commerce activity in the 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.
Companies whose e-commerce strategies it studied in the U.S. market included Ashley Furniture, Bassett Furniture, Hooker Furnishings, Ikea Group, Home Depot Wayfair, La-Z-Boy, Sleep Number Corp. and Home Depot to name several.
According to the report, these and other companies it 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 represented the largest overall contributor to e-commerce sales activity in the years ahead, it noted that the Asia Pacific region will have the fastest growth rate between now and 2030. This, the report noted, is due to developments in residential construction and “changes in lifestyle.” Europe was also identified as a major growth area.
A key driver of growth, the report said, was consumer demand for and an inclination to buy multi-purpose, functional and technology driven furniture online as well as the surge in smartphone and Internet connectivity around the world.
The report also looked at the impact Covid-19 has had on the ecommerce market, along with strategies to address the lingering impact of the pandemic.
It segments the market into RTA and non-RTA products and also further addresses growth by segment including bedding, case goods, upholstery, home entertainment and home office. It also segments various categories by materials such as wood, melamine and other laminates, glass and plastics to name several.
More information from the report and how to purchase it can be found here.