US - Home Furniture Market size to grow by USD 13.32 billion from 2022 to 2027 | Market is driven by improving residential construction market - Technavio

NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The US - home furniture market size is estimated to grow by USD 13.32 billion from 2022 to 2027, growing at a CAGR of 3.7%. The home furniture market in US is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer home furniture market in US are 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. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying

Company Offering:

• American Furniture Manufacturing Inc. - The company offers upholstered furniture products such as stationary and motion sofas, sectionals, recliners, and chairs.
• For details on companies and their offerings – Buy the report!

Impactful driver

Improving the residential construction market is notably driving the market growth. The growth of the real estate industry in the US can be attributed to several factors, including the increasing number of households. The rise in the number of working women has led to a higher demand for service apartments and single-story houses, consequently boosting the demand for home furniture in the US. Additionally, the growing immigrant population in the US is contributing significantly to the rapid expansion of the real estate sector. Highly qualified and affluent immigrants are making substantial investments in real estate and home furniture. Furthermore, many young adults are establishing their own households. Collectively, these factors are expected to drive the growth of the US home furniture market during the forecast period.

Key Trend

The surging demand for eco-friendly furniture is a key trend influencing market growth. The growing awareness of the advantages of eco-friendly or green furniture is expected to drive increased demand in the coming years, prompting manufacturers to respond by producing environmentally friendly products. Crate and Barrel, a prominent North American home furniture retailer, has partnered directly with the Tropical Forest Trust to offer a range of sustainable products, including the Pacifica dining collection made from plantation-grown teak, Blake media cabinets, accent tables, and occasional chairs. Additionally, they offer innovative designs like Cabria dining, Faulkner media, Dawson bedroom, and Basque dining. These efforts by manufacturers and retailers are poised to contribute to the market's growth in the forecast period.

Major Challenges

The inherent threat from the re-used furniture market may hinder the US home furniture market growth. A growing trend among millennials is the preference for reused or refurbished furniture, especially among those with limited financial stability. They opt for refurbished furniture items at more affordable prices, which in turn has an impact on the revenues of sellers offering new furniture. Furniture is no longer viewed as a one-time investment, given the rapid introduction of newer styles at frequent intervals, rendering previously purchased items outdated. Consequently, this has contributed to a market slowdown in recent years. Moreover, discarded furniture is finding new homes through resale to new buyers, further reducing the demand for contemporary furniture items. These factors are expected to present challenges to the market's growth during the forecast period.

 Market Segmentation

• The market share growth by the living room furniture segment will be significant during the forecast period. Consumers with greater purchasing power are increasingly investing in living room furniture, including sofas, couches, entertainment units, and tables and tabletops, fueling growth in this segment. Major players in the industry are continuously innovating to adapt their sofa styles to match evolving consumer preferences. Among the furniture items that find favor among consumers are convertible sofas and chairs designed for outdoor spaces like porches and lawns. Additionally, there is a rising trend in the popularity of versatile furniture such as folding tables, console tables, camping tables, and 3-in-1 tables among consumers in the US. These factors collectively contribute to the robust growth of this segment.

Technavio Research experts have provided more insights on the market share of segments - View Free Sample Report

Related Reports:
The furniture market size is estimated to grow at a CAGR of 4.11% between 2022 and 2027. The market size is forecast to increase by USD 130.4 billion. 

The Global Outdoor Furniture Market size is estimated to grow at a CAGR of 3.28% between 2022 and 2027. The size of the market is forecast to increase by USD 5,207.76 million.  This report extensively covers market segmentation by product (outdoor furniture and accessories, outdoor grills and accessories, and patio heating products), end-user (residential and commercial), distribution Channel (offline and online), and geography (North America, APAC, Europe, South America, and Middle East and Africa). The innovation in product design, along with the portfolio expansion, is driving the global outdoor furniture market. 

TOC:

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 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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