United States Home Furniture Market - Growth, Trends, COVID -19 Impact, and Forecasts (2022 - 2027)

United States Home Furniture Market - Growth, Trends, COVID -19 Impact, and Forecasts (2022 - 2027)

The United States home furniture market is anticipated to register a CAGR of 3% during the forecast period, 2021-2026.

One of the key drivers of the market is the improving residential construction market during the study period. Although the construction market is under pressure in the majority of locations in the country due to the COVID-19 pandemic, the situation is expected to get back to the pre-COVID-19 level depending on the changing market dynamics. The growing popularity of eco-friendly furniture and changes in lifestyles are driving the growth of the market. Strategies adopted by players in the United States home furniture industry include expansions through mergers and acquisitions and the development of new product ranges. However, the market is facing some challenges such as shifting consumer trends and expectations, rising material costs, and skilled labor shortage.

Ready-to-assemble (RTA) furniture is becoming increasingly popular among homeowners and renters because of the lower costs and compact designs. RTA furniture, also known as flat-pack furniture, are not assembled by the manufacturer and are available in parts, with instructions on how to assemble them. However, with technological advancements and product innovations, mid-size and smaller companies in the country are increasing their market presence by securing new contracts and tapping into new markets. E-commerce is also fueling the market growth, and there are many e-commerce giants such as Amazon, Wayfair, and Home Depot that offer a wide range of furniture products from many key brands as part of their product portfolios.

Key Market TrendsGrowing Sales of Bedroom Furniture are Driving the Market

The rising demand for multifunctional furniture is expected to bolster the growth prospects of the bedroom segment. The real estate prices have plummeted significantly and have led to a considerable reduction in house sizes. As rooms are getting smaller, customers are increasingly looking for compact and easily movable furniture to allow for efficient use of the available space. To cater to such requirements, the vendor companies have introduced multifunctional furniture with storage facilities. Beds that have included additional storage spaces are gaining more popularity in the country. There is also a rising demand for convertible furniture in the country, which have functionalities beyond traditional furniture use.

Rising Consumer Expenditure on Furniture Products is Driving the Market

With the increasing number of consumers shifting their preference toward quality and stylish furniture products due to higher disposable income and better lifestyle requirements, the furniture market in the United States is expected to witness stronger growth in terms of domestic furniture sales and international furniture exports. The average annual expenditure on furniture per consumer unit increased from USD 355 in 2010 to USD 5200 in 2019, which reflects the healthy growth of the market. The trend is expected to continue in the forecast period, overcoming the COVID-19 adverse effect on the country's economy.

Competitive Landscape

The report covers the major international players operating in the United States home furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Retailers
Manufacturers

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.