The United States home furniture market is estimated at USD 34.8 billion in the current year and is poised to register a CAGR of greater than 3% during the forecast period.
One of the key drivers of the market is the growing residential construction market during the study period. Although the construction market is under pressure in the majority of locations in the country due to the COVID-19 pandemic, the situation is expected to get back to the pre-COVID-19 level depending on the changing market dynamics. Due to the pandemic and lockdown, the US home furniture market saw a tremendous growth in online orders. The COVID-19 pandemic that occurred in the early days of 2020 drastically altered the furniture industry. The disruption in the supply chain and the temporary ban on global trade have had a significant impact on countries that rely heavily on imports for furniture. The COVID-19 pandemic also showed how important it is for this industry to rely less on imports and improve digitalization and automation.
The growing popularity of eco-friendly furniture and changes in lifestyles are driving the growth of the market. Players in the U.S. home furniture industry use mergers and acquisitions and creation of new product lines as ways to grow their businesses.However, the market is facing some challenges, such as shifting consumer trends and expectations, rising material costs, and a skilled labor shortage.
Ready-to-assemble (RTA) furniture is becoming increasingly popular among homeowners and renters because of its lower costs and compact designs. RTA furniture, also known as flat-pack furniture, is not assembled by the manufacturer and is available in parts with instructions on how to assemble it.. E-commerce is also fueling the market's growth, and there are many e-commerce giants such as Amazon, Wayfair, and Home Depot that offer a wide range of furniture products from many key brands as part of their product portfolios.
One of the key drivers of the market is the growing residential construction market during the study period. Although the construction market is under pressure in the majority of locations in the country due to the COVID-19 pandemic, the situation is expected to get back to the pre-COVID-19 level depending on the changing market dynamics. Due to the pandemic and lockdown, the US home furniture market saw a tremendous growth in online orders. The COVID-19 pandemic that occurred in the early days of 2020 drastically altered the furniture industry. The disruption in the supply chain and the temporary ban on global trade have had a significant impact on countries that rely heavily on imports for furniture. The COVID-19 pandemic also showed how important it is for this industry to rely less on imports and improve digitalization and automation.
The growing popularity of eco-friendly furniture and changes in lifestyles are driving the growth of the market. Players in the U.S. home furniture industry use mergers and acquisitions and creation of new product lines as ways to grow their businesses.However, the market is facing some challenges, such as shifting consumer trends and expectations, rising material costs, and a skilled labor shortage.
Ready-to-assemble (RTA) furniture is becoming increasingly popular among homeowners and renters because of its lower costs and compact designs. RTA furniture, also known as flat-pack furniture, is not assembled by the manufacturer and is available in parts with instructions on how to assemble it.. E-commerce is also fueling the market's growth, and there are many e-commerce giants such as Amazon, Wayfair, and Home Depot that offer a wide range of furniture products from many key brands as part of their product portfolios.
United States Home Furniture Market Trends
Growing Sales of Bedroom Furniture is Driving the Market
The rising demand for multifunctional furniture is expected to bolster the growth prospects of the bedroom segment. Real estate prices have plummeted significantly, leading to a considerable reduction in house sizes. As rooms are getting smaller, customers are increasingly looking for compact and easily movable furniture to allow for efficient use of the available space. To cater to such requirements, the vendor companies have introduced multifunctional furniture with storage facilities. Beds with additional storage spaces are becoming more popular in the country. There is also a rising demand for convertible furniture in the country, which has functionalities beyond traditional furniture use.
Rising Consumer Expenditure on Furniture Products is Driving the Market
With more people choosing stylish and high-quality furniture because they have more money and a better way of life, the US furniture market is likely to see stronger growth in both domestic sales and exports. The average annual expenditure on furniture per consumer unit increased from USD 355 in 2010 to USD 715.6 in 2021, which reflects the healthy growth of the market. The trend is likely to keep going, making up for the damage that COVID-19 did to the country's economy.
United States Home Furniture Market Competitor Analysis
The report examines the major international players in the US home furniture market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, midsize to smaller companies are increasing their market presence by securing new contracts and tapping into new markets. Companies such as IKEA, Bed Bath & Beyond Inc., Williams-Sonoma, Inc., Target Corporation, and Wayfair Inc., among others have been profiled in the report.Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Table of Contents
1 INTRODUCTION
4 MARKET INSIGHTS AND DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Retailers
- Manufacturers
Methodology
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