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

NEW YORK, May 29, 2023 /PRNewswire/ -- The home furniture market size in the US is estimated to increase by USD 13.32 billion, accelerating at a CAGR of 3.7% during the forecast. The growth of the market is driven by the improving residential construction market

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US Home Furniture Market– Market dynamics

Leading drivers - Improving residential construction market is notably driving the US home furniture market growth. The growth of the real estate industry in the US is attributed to factors such as the increasing number of households. This, in turn, is boosting the demand for home furniture in the US. The increasing immigrant population in the US is also fueling the rapid growth of the real estate industry. 

Key trends - The surging demand for eco-friendly furniture is a key trend influencing the US home furniture market growth. Green furniture or eco-friendly furniture is expected to gain momentum in the coming years, with the rising demand for sustainable products. Awareness about the benefits of using eco-friendly or green furniture has increased.

Major challenges - The inherent threat from re-used furniture market may impede the US home furniture market growth. Many millennials prefer reused or refurbished furniture, especially those with low financial stability. Furniture is no longer considered a one-time investment, as it becomes outdated in a very short span of time with the introduction of newer styles at frequent intervals. 

In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, and challenges for the market!

US Home Furniture Market - Customer landscape

To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

US Home Furniture Market – Vendor Analysis

Some of the major home furniture market vendors in the US are:

• 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.

The home furniture market in the US is fragmented, with the presence of several global as well as regional vendors. The degree of fragmentation will accelerate during the forecast period.

Vendor offerings -

• americanfurn.net- The company offers upholstered furniture products such as stationary and motion sofas, sectionals, recliners, chairs complimentary accent tables.
• ashleyfurniture.com- The company offers a Markenburg dining extension table which is designed to accommodate all guests comfortably.
• bassettfurniture.com- The company offers Marge oak parsons chairs embedded with cushioned seats, thus mostly used for dining.
• berkshirehathaway.com- The company offers a Mercury 3 drawer of length 76 inches which is used for placing television units.
• For Details on the vendor and its offerings – Buy the report!

US Home Furniture Market- Segmentation Assessment

The home furniture market in the US is segmented as below:

• Product
• Living room furniture
• Bedroom furniture
• Storage furniture
• Others 

• Distribution Channel
• Brick and mortar
• Online mode

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 Download a Sample Report

Technavio's analysis of the home furniture market in us also includes:

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will drive the 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
• The growth of the home furniture industry across the US
• A thorough analysis of the market's competitive landscape
• Comprehensive details of factors that will challenge the growth of the home furniture market in the US

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