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

Market Overview

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.

Scope of the Report

Home furniture refers to furniture products used for residential purposes, such as dining tables, sofas, beds, chairs, bassinets, bookcases, chairs, TV stands, children's furniture, and other furniture products. The report on the United States home furniture market provides a comprehensive evaluation of the market, with an analysis of the segments in the market. Moreover, the report also provides the competitive profile of the key manufacturers, along with their product offerings and revenue analysis. The market is segmented by product (kitchen furniture, living and bedroom furniture, bathroom furniture, outdoor furniture, and other furniture) and distribution channel (home centers, flagship stores, specialty stores, online stores, and other distribution channels). The report offers the market size and forecasts in value (USD billion) for all the above segments.

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Key Market Trends

Growing 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.

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