NEW YORK, Feb. 20, 2023 /PRNewswire/ — The home furniture market size in US is estimated to increase by USD 8.22 billion from 2020 to 2025. However, the market’s growth momentum will decelerate at a CAGR of 2.53{47b453017e945efa530f5a0970507fdb946b2530ae0a03634d0aa42ba42c4637}. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. Discover some insights on market size before buying the full report – Request a sample report
Vendor Offerings –
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Ashley Furniture Industries Inc.: The company offers home furniture, such as accent tables, kids’ beds, bathroom storage, and top-rated desks.
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Inter IKEA Holding BV: The company offers home furniture, such as sofas and armchairs, beds, chairs, study tables, and small storage and organizers.
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Klaussner Home Furnishings: The company offers home furniture, such as sofas, chairs, occasional chairs, and living area furniture.
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LaZBoy Inc.: The company offers home furniture, such as recliners, sectionals, sofas, chairs, and loveseats.
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For details on vendors and their offerings – Buy the report!
Home furniture market in US – Vendor Analysis
Vendor landscape –
A few prominent vendors that offer home furniture in US in the market are 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. and others.
The home furniture market in US is fragmented, with the presence of several global as well as regional vendors. The vendors are adopting organic and inorganic growth strategies to compete in the market.
Home furniture market in US – Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
Home furniture market in US – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on the product (living room furniture, bedroom furniture, storage furniture, and others).
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The living room furniture segment will account for a significant share of the market’s growth during the forecast period. It has been observed that 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.
Home furniture market in US – Market Dynamics
Leading Drivers – One of the key factors driving growth in the home furniture market in the US is the improving residential construction market. There has been a significant rise in the number of women joining the workforce and living independently. As a result, there is a raising need for service apartments and single-story houses. This, in turn, is boosting the demand for home furniture in the country. The unemployment rates among women have also declined considerably over the last few years. This is making them a potential section of the population who can own or rent apartments/houses. Therefore, they are expected to contribute majorly to the home furniture market in the US. The continuously increasing immigrant population in the US is another factor adding to the rapid rise in the real estate industry, fueling the demand for home furniture. These individuals invest heavily in both real estate and the home furniture market.
Key Trends – The surging demand for eco-friendly furniture is another factor supporting the home furniture market share growth in the US. The idea of green furniture or eco-friendly furniture was always prevalent. However, it is expected to gain momentum in the coming years owing to the rising demand for sustainable products from consumers. Owing to continuous urbanization and industrialization, there has been a considerable increase in environmental implications such as global warming. This, in turn, has created an awareness among consumers regarding the benefits of using eco-friendly or green furniture. The rising demand for eco-friendly furniture has also prompted manufacturers to keep a check on carbon footprints and modify their styles in such a way that they cater to the demands of consumers without causing any damage to the environment.
Major challenges – The inherent threat from re-used furniture market will be a major challenge for the home furniture market growth in the US. Re-used or refurbished furniture has significantly come up as an option for millennials who are just moving out of their houses and have less financial stability. They tend to buy refurbished furniture items at comparatively lower prices, impacting the revenues of the sellers of newly built furniture. Therefore, this shift in the consumer’s mindset has caused the market to slow down in the last few years. In addition, there has been a demographic shift, and the baby boomers have started shifting from their bigger apartments to smaller living spaces, which has led to an increase in the discarding of old conventional furniture. The discarded furniture is resold to new home buyers, thus reducing the demand for contemporary furniture items.
What are the key data covered in this home furniture market in US report?
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CAGR of the market during the forecast period
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Detailed information on factors that will drive the growth of the home furniture market in US between 2021 and 2025
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Precise estimation of the size of the home furniture market size in US and its contribution to the market in focus on the parent market
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Accurate predictions about upcoming trends and changes in consumer behavior
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A thorough analysis of the market’s competitive landscape and detailed information about vendors
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Comprehensive analysis of factors that will challenge the growth of home furniture market vendors in US
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Home Furniture Market in US Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 2.53{47b453017e945efa530f5a0970507fdb946b2530ae0a03634d0aa42ba42c4637} |
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Market growth 2021-2025 |
USD 8.22 billion |
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Market structure |
Fragmented |
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YoY growth 2020-2021 ({47b453017e945efa530f5a0970507fdb946b2530ae0a03634d0aa42ba42c4637}) |
1.26 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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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, and Market condition analysis for the forecast period. |
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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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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Distribution channel
7 Customer landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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