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USD 8.22 Bn growth expected in Home Furniture Market in the US | Dominated by Klaussner Home Furnishings and LaZBoy Inc. | Technavio
NEW YORK, Dec. 8, 2021 /PRNewswire/ -- The home furniture market in the US is fragmented owing to the presence of several regional and international players. The fragmented nature of the market has resulted in an increase in competition among vendors. Hence, vendors are deploying various inorganic and organic strategies to compete and gain an edge in the market.
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Technavio expects the home furniture market in US to grow by USD 8.22 billion between 2020 and 2025. However, the growth momentum is expected to decelerate at a CAGR of 2.53% during the forecast period.
The home furniture market in US is driven by the improving residential construction market. The number of women working and living independently in the US has increased significantly over the years. In addition, the drop in unemployment rates has increased the demand for apartments and houses in the country. Moreover, the continued growth in the immigrant population in the US has further fueled the growth of the real estate industry. All these factors are positively influencing the growth of the home furniture market in the US. The market growth will further accelerate with the increased awareness of home decor and attractive furnishings.
However, the inherent threat from re-used furniture market will reduce the growth potential in the market. The millennial population in the US is exhibiting an increased preference for reused and refurbished furniture. Such furniture has also been emerging as an option for individuals who continuously keep moving to new places and have less financial stability. This shift in consumer preference is slowing down the growth of the market. Also, the low cost of refurbished furniture is impacting the sales of newly built furniture, which is reducing the growth opportunities for vendors.
Home Furniture Manufacturers in US: Segmentation Analysis
Technavio's report analyzes the home furniture market in US by product (living room furniture, bedroom furniture, storage furniture, and others) and distribution channel (offline and online).
By product, the living room furniture segment generated maximum revenue in the market in 2020. The development of the real estate sector and the rising number of single-dwelling family houses are driving the growth of the segment. The market growth in the living room furniture segment will be significant during the forecast period. Similarly, in terms of distribution channels, the offline segment accounted for maximum home furniture sales in the US in 2020.
Major Five Home Furniture Manufacturers in the US:
Ashley Furniture Industries Inc.: The company offers accent tables, kid's beds, bathroom storage, and top-rated desks.
Inter IKEA Holding BV: The company offers sofas and armchairs, beds, chairs, study tables, and small storage and organizers.
Klaussner Home Furnishings: The company offers home furniture such as sofas, chairs, occasional chairs, and living area furniture.
LaZBoy Inc.: The company offers recliners, sectionals, sofas, chairs, and loveseats.
Pier 1 Imports Inc.: The company offers Akito linen and a convertible twin bed couch platform.
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Related Reports:
Home Furniture Market In US Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Decelerate at a CAGR of over 2.53% |
Market growth 2021-2025 | USD 8.22 billion |
Market structure | Fragmented |
YoY growth (%) | 1.26 |
Regional analysis | US |
Performing market contribution | US at 100% |
Key consumer countries | US and Rest of North America |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
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. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
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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SOURCE Technavio