Insider Monkey Reveals Their Top 17 Furniture Companies

March 1, 2023  by HFBusiness Staff in Business Strategy, Industry   

The market has been growing in recent years due to increasing urbanization, rising disposable incomes, and a growing population.

According to Statista, the global furniture market was valued at $557 billion in 2022 and is forecasted to rise steadily to over $650.7 billion by 2027. Several major industry players are expanding their operations.

For example, in 2022, Ashley Furniture, started work on its 50,000 sq. ft. fulfillment center in Arcadia, while IKEA is tapping into the Asian market by increasing the number of stores in countries like India, China, and the Philippines.

After the outbreak of COVID-19, with more people working from home and spending more time indoors, there has been a surge in demand for home office furniture, as well as furniture for home entertainment and relaxation areas.

With the surge in e-commerce and online sales, many furniture sellers increased their investments in technology. For example, IKEA, the Swedish furniture giant that is popular for its in-store experience, is now taking this experience to the virtual world through IKEA Place.

Companies like Honeywell International Inc. and MillerKnoll Inc. are already offering power-enabled and adjustable designs. In the future, we may see more of these furniture companies collaborating with technology companies to offer high-tech furniture products to customers. 

For example, LG has recently revealed their Puricare Aero Furniture, a table that doubles as an air-purifier with a mood-lighting feature. Moreover, MillerKnoll Inc. collaborated with Logitech G, a manufacturer of computer accessories, to create a gaming chair called Vantum.

The tech company’s research enabled the furniture manufacturer to identify customer pain points and create a specialized product.

As in most other industries, the furniture industry has renewed its focus on sustainability measures. Positive developments have been made, such as Williams-Sonoma, Inc. stating its intention to plant 6 million trees by the end of 2023 and La-Z-Boy Inc. publishing its first ESG Report.

Consumers are also willing to buy more environmentally friendly products, as evidenced by the fact that the Indian furniture giant Godrej Interio was able to generate 47% of its revenue from environmentally friendly products in FY23.

Statista reports that in terms of revenue, US furniture market was the largest in the world, producing revenue of over $226.78 billion in 2021. You will also see that most of the companies on our list are from the USA.

Sweden-based IKEA is the largest furniture company in the world while also being the leader in the Ready to Assemble segment, while Italian companies like Natuzzi, S.p.A are popular in the luxury market segment.

To come up with the 17 most valuable furniture companies in the world, we used stock screeners to identify the biggest publicly traded furniture companies by market cap.

For private companies, we browsed through industry research papers and other similar articles on the internet to identify the biggest private names. To estimate the market value of private companies, we have used a revenue multiple of 1.5x, which we believe is a fair multiple for the furniture industry.

Here is the list of the 17 Most Valuable Furniture Companies in the World:

17. HNI Corporation – Market Cap: $1.31 billion, United States

16. Nebraska Furniture Mart – Annual Revenue (2021)/ Estimated Market Value: $1.1 Billion/1.65 Billion – United States (Nebraska, Texas, Kansas City and Iowa)

15. Bob’s Discount Furniture – AR (2021)/EMV: $1.2 billion/1.80 billion -  United States (Manchester, Connecticut)

14. Raymour & Flanigan – AR (2021)/EMV: $1.2 billion/$1.80 billion – United States (Northeast)

13. MillerKnoll, Inc. – MarketCap: $1.73 billion, United States (Michigan)

12. Arhaus, Inc. – MarketCap: $1.94 billion, United States (Ohio)

11. Rooms to Go – AR (2021)/EMV: $2.2 billion/$3.30 billion – United States (Florida)

10. Harvey Norman Holdings Limited – MarketCap: $3.56 billion – Australia (New South Wales)

9. Leggett & Platt, Inc – MarketCap: $4.49 billion – United States (Missouri)

8. Mattress Firm, Inc. – AR (2021)/EMV: $4.4 billion/$6.60 billion, United States (Houston)

7. Kingfisher Plc. – MarketCap: $6.54 billion, United Kingdom (Westminster)

6. RH – MarketCap: $7.06 billion, United States (California)

5. Williams-Sonoma, Inc. – Market Cap 8.25 billion, United States (California)

4. Ashley Furniture Industries – Estimated Market Value - $9.45 billion, United States (Wisconsin)

3. Kohler Co. – AR (2021)/EMV - $7.6 billion/$11.4 billion, United States (Wisconsin)

2. Masco Corp. – MarketCap $12.4 billion, United States (Michigan)

1. IKEA – AR (2021)/EMV - $44.82 billion/$67.23 billion, Sweden (Delft, Netherlands)