Factors such as rise in the improvements of residential constructions are significantly elevating the home furniture market in the US. In addition, the constant increase in the immigrant population in the US is another factor further driving the market growth.
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Vendor Insights
The home furniture market in the US is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as creating high product differentiation to improve the visibility of their services. Moreover, vendors are also adopting pricing market strategies for retaining their existing market shares and procuring new market opportunities.
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 and Flanigan Furniture and Mattresses
- Restoration Hardware Inc.
- Roomstogo.com Inc.
- Steinhoff International Holdings NV
- Williams-Sonoma Inc.
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Geographical Market Analysis
The home furniture market in the US is characterized by the presence of numerous large and medium-sized manufacturers. Among these, most of the large and established players have sales and distribution networks globally on a large scale. While on the other hand, the medium-sized and small players are more focused on regional markets.
Additionally, vendors in the region are introducing innovative sofa styles to make their products suitable for the modern and dynamically changing preferences of the customers. Furthermore, buyers are seeking to invest in modern furniture that not only adds aesthetic appeal but also is capable to be modified accordingly to fit the changes in house design in the future.
Key Segment Analysis
The living room furniture in the product segment accounts for the largest market share in the home furniture market in the US. It has been witnessed that the customers with high purchasing power are likely to spend considerably on the living room furniture such as sofas, couches, tables and tabletops, and entertainment units. In addition, most of the consumers opt for buying multi functional and multipurpose sofas and couches due to shrinking living spaces in the United States. Moreover, customers opt for sofas after considering several factors like lifestyle preference, space, type of cushioning, a suspension that encourages the vendors to manufacture a variety of different styled sofas such as sectional, camelback, cabriole, English rolled arm, Lawson-style, and sleeper sofas.
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Key Market Drivers & Challenges:
The real estate industry in the US is estimated to drive the home furniture market in the next few years, due to improving residential construction with an increasing number of people engaging in household formation. Moreover, a significant rise in women joining the workforce and living independently is resulting in growth in the need for service apartments and single-story houses. Therefore, this, in turn, is propelling the requirement of home furniture in the US. Additionally, there has been a decline in unemployment rates among women making them capable to own or rent a house/apartment.
The inherent threat from re-used furniture market is a key challenge for the home furniture market in the US during the forecast period. The purchase of refurbished furniture has significantly emerged as a comfortable option for millennials moving out of their houses and having less financial stability. They opt on buying refurbished furniture at lower prices resulting in impacting the revenue of the newly built furniture vendors. Thus, the shift in consumer mindset is expected to hamper the growth of the home furniture market in the US.
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Home Furniture Market in the US Value Chain Analysis
Our report provides extensive information on the value chain analysis for the home furniture market in the US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Home Furniture Market Scope in US |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Decelerate at a CAGR of 2.53% |
Market growth 2021-2025 |
$ 8.22 billion |
Market structure |
Fragmented |
YoY growth (%) |
1.26 |
Regional analysis |
US |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ashley Furniture Industries Inc., Inter IKEA Holding BV, Klaussner Home Furnishings, LaZBoy Inc., Pier 1 Imports Inc., Raymour and Flanigan Furniture and Mattresses, Restoration Hardware Inc., Roomstogo.com Inc., Steinhoff International Holdings NV, 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. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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