Home Furniture Market in US by Product and Distribution Channel - Forecast and Analysis 2020-2024
- Published: Jul 2020
- Pages: 120
- SKU: IRTNTR44284
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The home furniture market size in US has the potential to grow by USD 8.08 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by product (living room furniture, bedroom furniture, storage furniture, and others) and distribution channel (brick and mortar and online mode). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Ashley Furniture Industries Inc., Inter IKEA Holding BV, Klaussner Home Furnishings, LaZBoy Inc., Pier 1 Imports Inc., Raymour & Flanigan Furniture, Restoration Hardware Inc., Roomstogo.com Inc., Steinhoff International Holdings NV, and Williams-Sonoma Inc.
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Market Competitive Analysis
The home furniture market in the US is fragmented and characterized by the presence of numerous large and medium-sized manufacturers. Most of the large and established players have extensive sales and distribution networks globally, whereas most small players are concentrated in regional markets. Vendors compete based on parameters such as price, quality, brand identity, and distribution. The key players have a vast geographical presence and large-scale production facilities. However, there are some small regional vendors with significant market shares. Rivalry among vendors is moderate. Vendors, therefore, opt for pricing and marketing strategies to retain their existing market shares and seize new market opportunities. Medium product differentiation further intensifies the competition in the market. Hence, to survive in a competitive environment, it becomes imperative for manufacturers to promote their product offerings through a clear and unique value proposition. Ashley Furniture Industries Inc., Inter IKEA Holding BV, and Klaussner Home Furnishings are some of the major market participants. Although the improving residential construction market will offer immense growth opportunities, the inherent threat from the re-used furniture market will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this home furniture market forecast report of the US provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this home furniture market analysis report of the US also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Ashley Furniture Industries Inc.
- Inter IKEA Holding BV
- Klaussner Home Furnishings
- LaZBoy Inc.
- Pier 1 Imports Inc.
- Raymour & Flanigan Furniture
- Restoration Hardware Inc.
- Roomstogo.com Inc.
- Steinhoff International Holdings NV
- Williams-Sonoma Inc.
Home Furniture Market In US: Segmentation by Product
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Consumers with higher purchasing power are likely to spend considerably on living room sofas and couches, entertainment units, and tables and tabletops. Moreover, many consumers wish to buy multifunctional or multipurpose sofas and couches due to the shrinking living spaces in the US. Folding table furniture, console tables, camping tables, and 3-in-1 tables are some of the furniture items gaining popularity among consumers in the US. This is driving the growth of the home furniture market in the US by living room furniture.
However, market growth in this segment will be slower than the growth of the market in the bedroom furniture, storage furniture, and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the home furniture market size in the US.
Home Furniture Market in US: Segmentation by Distribution Channel
The home furniture market in the US by brick and mortar accounts for sales from all the conventional or traditional modes of distributing home furniture, including convenience stores, specialty stores, department stores, and single-source stores. The rapidly increasing number of physical stores is anticipated to drive the home furniture market in the US, as the key players are engaging in strategic expansions across the country to increase their reach to consumers. Price-conscious customers also prefer to purchase home furniture from brick and mortar stores.
However, market growth in this segment will be slower than the growth of the market in the online mode segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the home furniture market size in the US.
Home Furniture Market in US: Key Drivers and Trends
The home furniture market in the US will register a CAGR of over 2% during the forecast period. One of the key factors that will drive the market’s growth is the improvement in the residential construction market. The home furniture market in the US will be driven by the growth of the real estate industry. Women in the US are increasingly joining the workforce and are living independently. It has been observed that around 47% of the working population in the US are women. This fuels the need for service apartments and single storey houses, which in turn, boosts the demand for home furniture in the country. The decline in the women's unemployment rates will enable them to own or rent apartments or houses. This will boost the demand for residential construction activities and drive the need for household furniture such as beds and mattresses, storage units, tables and table tops, chairs, sofas, recliners, and other luxury products.
The increasing demand for green furniture or eco-friendly furniture will be a major trend gaining traction in the home furniture market in the US. The rising demand for sustainable products from consumers will encourage manufacturers to come up with innovative eco-friendly furniture products. The rising environmental issues will further compel both manufacturers and consumers to adopt eco-friendly or green furniture and keep a check on carbon footprints.
Home Furniture Market in US: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive home furniture market growth in the US during the next five years
- Precise estimation of the home furniture market size in the US and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of home furniture market vendors in US
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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- Improving residential construction market
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