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The North America - High-end Furniture Market size is estimated to grow at a CAGR of 4.91% between 2023 and 2028. The market size is forecast to increase by USD 3.29 billion. The accelerated growth of the market is by various factors, including the rising popularity of multi-functional luxury furniture, the growth of organized retail and the increase in residential and commercial construction.
The report includes a comprehensive outlook on the North America High End Furniture Market offering forecasts for the industry segmented by Distribution Channel which comprises offline and online. Additionally, it categorizes Product into seating products, cabinets and entertainment units, tables, and beds. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising popularity of multi-functional luxury furniture is notably driving the market growth. The rising demand for multi-functional high-end furniture is an emerging trend in the North America - high end furniture market. With the increasing number of single and two-person households, the demand for small, portable, multi-purpose, foldable, and technologically influenced high-end furniture is increasing. Furthermore, the use of multi-functional furniture products helps minimize clutter by reducing the number of isolated pieces of furniture used in a room.
However, among the latest developments in the multi-functional high-end furniture sector, internationally acclaimed luxury furniture specialist Jaime Alexander International Ltd. innovated the high-end luxury furniture category with the launch of Kojin Grill, a multi-functional high-end furniture product. Thus, this will increase the demand for multi-functional high-end furniture among end-users, which is expected to drive the market during the forecast period.
Technological innovations in the high-end furniture market in North America are an emerging trend shaping the market growth. Technological innovations are positively impacting the growth of the North America - high end furniture market. Many major players operating in the North America - high end furniture market have been focusing on implementing emerging technologies to develop comfortable, attractive, and functional luxury furniture items that blend smoothly into modern lifestyles.
Additionally, new apps are readily being launched, which enable users to design the interiors of a room according to the furniture that suits their needs. Furthermore, Herman Miller and Logitech are creating high-performance furniture solutions for gamers. Therefore, the aforementioned factors make technological innovations an emerging trend, that will drive the growth of the market during the forecast period.
Frequent product recalls are a significant challenge hindering market growth. The increasing number of product recalls featuring sub-categories, such as bar stools, recliner chairs, sofas, beds, and dining tables, is a major challenge that is anticipated to hinder the growth of the North America - high end furniture market during the forecast period. Product recalls hamper the reputation of any sector and result in operational and financial constraints among players operating in the high end furniture market. There have been quite a significant number of instances of such recalls in the past few years in the North America - high end furniture market
For instance, in 2021, in the US, there was a recall involving a chair that failed to meet the lead paint standards. In another instance, a company, Jimco Lamp and Manufacturing Co. recalled 110,000 accent tables that had charging units. Those charging units posed an electrical shock hazard, although no injuries or incidents were reported at the time of the recall. Therefore, frequent product recalls are expected to hinder the growth of the North America high end furniture market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
North America High End Furniture Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bernhardt Furniture Co. - The company offers high-end furniture such as Alexis dining table, Abbott dining table, and Allure dining table.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. Offline distribution channels include the sales of high-end furniture through various offline channels, such as specialty furniture stores, department stores, discount stores, hypermarkets, supermarkets, warehouse clubs, manufacturer-branded stores, and designer stores.
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The offline segment was the largest and was valued at USD 7.83 billion in 2018. Further, the hypermarkets, supermarkets, and clubhouse stores segment of the high-end residential furniture market includes the distribution and sale of high-end furniture items through organized retailers, including supermarkets, hypermarkets, and clubhouse stores. The other retail stores segment of the high-end residential furniture market includes the sale and distribution of high-end furniture items through retail stores, such as warehouse clubs, discount stores, designer stores, and convenience stores. Warehouse clubs and discount stores provide customers the liberty to shop for high-end furniture products in bulk at a wholesale price. These factors will drive the growth of the offline segment in the market during the forecast period.
The North America High End Furniture Market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
North America High End Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.91% |
Market growth 2024-2028 |
USD 3.29 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.07 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Baker Interiors Group, Barrymore Furniture, Bernhardt Furniture Co., Bradington-Young, Brown Jordan Co., Burrow Inc., Castlery Pte Ltd., Century Furniture LLC, COCOCO Home, Crate and Barrel, Ethan Allen Interiors Inc., Grayson Living, Hooker Furniture Corp., IPE S.R.L., KI, Lulu and Georgia Inc., MillerKnoll Inc., Ralph Lauren Corp., Restoration Hardware Inc., and Williams Sonoma Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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