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The US home furniture market is valued at USD 80.15 billion in 2027 with a CAGR of 3.7% between 2022 and 2027. The growth of the market depends on several factors, including Improving the residential construction market, Increasing awareness of home décor ,kitchen and attractive furnishings, and Increasing online sales.
Analysis Period | 2017-2027 |
Market Size (2017) Historic Year | USD 62.00 billion |
Market Size (2027) - Forecasted Year | USD 80.15 billion |
Historic Opportunity (2017-2021) | USD 3.22 billion |
Historic CAGR | 1.27 % |
Forecasted Opportunity (2023-2027) | USD 13.32 billion |
Market Opportunity Transformation Growth | 29.27 % |
Market Opportunity Capitalization | USD 16.54 billion |
This household furniture market report extensively covers market segmentation by product and distribution channel. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Home furnishing encompasses a diverse array of pieces designed to enhance the aesthetic appeal and functionality of living spaces. Home furnishing, diverse pieces from global brands like Ashley Furniture Industries and Chinese manufacturers enhance living spaces for people worldwide. From decorating walls with vibrant art to providing functional yet stylish furnishings for kids and optimizing bathroom spaces with elegant surfaces, each piece adds to the home experiences. Functional accessories such as alarm clocks, desks, varied-sized lamps, and decorative pillows contribute to ambience and comfort. Specialized for baby ensures safety and comfort, embodying the balance between practicality and beauty in every corner of the home.
Improving the residential construction market is notably driving market development. The development of the real estate industry analysis in the US is attributed to factors such as the increasing number of households. The rise in the number of working women has increased the demand for service apartments and single-story houses. This, in turn, is boosting the demand market.
The increasing immigrant population in the US is also fueling the rapid expansion of the real estate industry. Highly qualified, affluent immigrants invest heavily in real estate and home furnishings. In addition, many young adults are forming households. These factors will drive the growth of the US furniture market during the forecast years.
The surging demand for eco-friendly furnishings is a key trend influencing the market expansion. Green furniture or eco-friendly furniture is expected to gain momentum in the coming years, with the rising demand for sustainable products. The growing awareness of durability, sustainable and eco-friendly furniture and green furnishings has increased. More than 60% of consumers prefer eco-friendly and sustainable furniture options when making a purchase decision. Hence, manufacturers are catering to the demands of consumers without causing any damage to the environment.
Crate and Barrel, a North American home furniture industry retailer, works directly with the Tropical Forest Trust to provide products, including the plantation-grown teak Pacifica dining collection, Blake media cabinets, accent tables, and occasional chairs. It also provides innovative designs such as Cabria dining, Faulkner media, Dawson bedroom, and Basque dining. Such offerings by manufacturers and retailers will support the market enlargement during the forecast years.
The inherent threat from the re-used furnishings market may impede the market expansion . Many millennials prefer reused or refurbished furnishings, especially those with low financial stability. They buy refurbished furniture items at lower prices, which impacts the revenues of the sellers of new furniture.
For instance, Product is no longer considered a one-time investment, as it becomes outdated in a very short period with the introduction of newer styles at frequent intervals. This has led to a slowdown in the market in the last few years. Discarded product is resold to new home buyers, which reduces the demand for contemporary furniture items. These factors will challenge the development of the market during the forecast duration.
The market research and growth 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.
Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in market growth and forecasting.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share gain by the living room segment will be significant during the forecast period. Customers with higher purchasing power are likely to spend more on living room , such as sofas and couches, entertainment units, and tables and tabletops, which is driving the growth of this segment.
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The living room segment was valued at USD 29.81 billion in 2017 and will continue to grow by 2021. Key players are innovating different sofa styles to make their products suitable for the changing preferences of clients. Convertible sofas and chairs for outdoor porches and lawns are some of the items preferred by buyers. Folding table, console tables, camping tables, and 3-in-1 tables are also gaining popularity among shoppers in the US. These factors are driving the evolution of the segment.
Online Mode
Over 70% of US households purchase new furniture every 5 to 10 years. Online furniture sales account for approximately 15% of the total US home. The has profoundly impacted the traditional landscape of home furnishings store globally. As client demand for convenient, tech-savvy solutions surges, the world of furniture stores has seen a significant shift towards virtual platforms. Online furniture shopping trends offers a multitude of advantages, including the ease of browsing a vast array of products from the comfort of one's home, comparing prices across different vendors worldwide, and accessing a diverse range of styles and designs at one's fingertips along with delivery. This digital revolution has not only transformed the way shoppers shop but has also paved the way for innovative marketing strategies and enhanced accessibility of home furnishings stores offline and online.
In the realm of home furnishing, the US market for outdoor furniture stands as a burgeoning segment, influenced by the evolving preferences in interior design. The US home furniture market is a multi-billion dollar industry. Online sales of home furniture have been steadily increasing in recent years. Leather and fabric are the most commonly used materials for upholstery in the US home furniture market. Mid-range furniture brands are popular among American consumers. The average American spends around USD1,500 annually on home furniture. The demand for eco-friendly and sustainable furniture has been on the rise in the US market.
The America furniture market has witnessed significant shifts in consumer demographics and buying behavior during the pandemic. With a surge in demand for beds and a renewed focus on dining room setups, home furnishing stores and suppliers have adapted to changing trends. The furniture market in America, represented by major players like Furniture Mart USA, reflects dynamic consumer demographics and preferences. As consumers prioritize comfort and aesthetics, the home furnishing industry is evolving to meet the diverse needs of the market, creating a vibrant and responsive home market seating experience.
The report forecasts market trends and analysis by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
134 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.7% |
Market growth 2023-2027 |
USD 13.32 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.68 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Furniture Manufacturing Inc., Ashley home stores Ltd., Bassett Furniture Industries, Berkshire Hathaway Inc., Crate and Barrel, Dorel Industries Inc., Ethan Allen Interiors Inc., Inter IKEA Holding B.V., Klaussner Home Furnishings, LaZBoy Inc., Penney OpCo LLC, Pier 1 Imports Online Inc., Raymour and Flanigan Furniture and Mattresses, Restoration Hardware Inc., Roomstogo.com Inc., Sauder Woodworking Co., Sleep Number Corp., Steinhoff International Holdings NV, Wayfair Inc., and Williams Sonoma Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market forecasting COVID-19 impact and recovery analysis and future buyer dynamics, and 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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