Furniture - Turkey

Turkey

In 2024, the revenue in the Furniture market in Turkey amounts to €7.01bn.
It is projected to grow at an annual rate of 3.54% from 2024 to 2029 (CAGR).
The largest segment in the market is the Home Décor segment, with a market volume of €3.37bn in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, reaching €245bn in 2024.
In terms of per capita figures, each person in Turkey generates revenues of €81.28 in 2024.
The Furniture market in Turkey is a significant market segment in the country's economy.
Turkey's furniture market is experiencing a surge in demand for traditional Ottoman-style pieces, reflecting the country's rich cultural heritage.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

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Comparación de regiones

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Analyst Opinion

The Furniture market in Turkey has been experiencing significant growth in recent years.

Customer preferences: Customers in Turkey have shown a strong preference for modern and contemporary furniture designs. This trend can be attributed to the increasing influence of global design trends and the desire for a more minimalist and sleek look in homes. Additionally, there is a growing demand for furniture that is both functional and aesthetically pleasing, as consumers seek to maximize the use of their living spaces.

Trends in the market: One of the key trends in the Turkish furniture market is the rise of e-commerce. With the increasing penetration of the internet and the growing popularity of online shopping, more and more consumers are opting to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a shift towards online shopping across various industries. As a result, furniture retailers in Turkey are investing in their online platforms and expanding their digital presence to cater to the changing consumer behavior. Another trend in the market is the growing demand for sustainable and eco-friendly furniture. Turkish consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking out furniture made from renewable materials and produced using sustainable manufacturing practices. This trend is driven by a combination of factors, including increased awareness of climate change and a desire to support environmentally responsible businesses.

Local special circumstances: Turkey has a rich history of furniture craftsmanship, which has contributed to the growth of the local furniture industry. Turkish furniture manufacturers are known for their high-quality craftsmanship and attention to detail, which has helped them establish a strong reputation both domestically and internationally. This has also allowed them to cater to a wide range of customer preferences and offer a diverse range of furniture styles and designs.

Underlying macroeconomic factors: The growth of the furniture market in Turkey can be attributed to several underlying macroeconomic factors. Firstly, Turkey has experienced a period of sustained economic growth in recent years, which has resulted in rising disposable incomes and increased consumer spending. This has provided consumers with the financial means to invest in furniture and home decor. Additionally, the rapid urbanization in Turkey has contributed to the growth of the furniture market. As more people move from rural areas to cities, there is a greater demand for furniture to furnish new homes and apartments. This trend is expected to continue as urbanization rates in Turkey are projected to increase in the coming years. In conclusion, the Furniture market in Turkey is experiencing growth due to customer preferences for modern designs, the rise of e-commerce, the demand for sustainable furniture, the country's rich furniture craftsmanship, and underlying macroeconomic factors such as economic growth and urbanization. These factors are driving the development of the furniture market in Turkey and are expected to continue shaping its growth in the future.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.