According to a new report, the US furniture and bedding market size is expected to reach $183,489.52 million by 2027, registering a CAGR of 3.07% from 2021 to 2027. The report provides a detailed analysis of major investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
Furniture is the vital part of the house, which provides a practical and aesthetic view to the living room, bedroom and kitchen. The trend of home refurbishment and renovation is gaining momentum in the United States, which is notably contributing to the growth of the market. Additionally, increasing spending on home improvement and decoration is expected to increase the market share of home furniture and bedding in the United States during the forecast period.
The US home furnishings and bedding market is segmented into product type and sales channel. Based on product type, the market is categorized into sofa, bed, chair, cupboard, and others. By sales channel, it is separated online and offline.
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According to an analysis of the US home furniture and bedding market, on the basis of product type, the wardrobe segment was valued at $11,538.66 million in 2019 and is projected to reach $18,807.68 million. by 2027, registering a CAGR of 6.05% from 2021 to 2027.
This is attributed to the increasing purchasing power of consumers, improved lifestyle and the launch of innovative wardrobes with stylish designs which are expected to increase their demand. Also, increasing preference for smaller houses and apartments due to rising land prices and rents is likely to drive the demand for custom cabinetry.
According to US Home Furniture and Bedding Market Forecast and Trends, on the basis of sales channel, the Online segment is expected to reach $88,662.14 Million by 2027, growing at a CAGR of 3 .06%, due to increased adoption of various online portals for furniture. purchases and the increase in the number of offers or discounts offered by these sites, which attracts a large consumer base to purchase home furnishings through online channels. Additionally, online sales channels have increased the reach of consumers, due to which they have become a key revenue source for many businesses.
In addition, the online retail market is expected to grow in the future, due to the rapid adoption of the e-commerce platform by consumers and furniture and furniture manufacturing and retailing companies. technical improvements to online sales platforms such as chatbots, voice assistants, augmented and virtual reality. , blockchain technology and drones and droids. For example, chatbots are new virtual support service drones and droids are next level delivery systems.
However, the increase in the cost of raw materials due to strict laws and conditions imposed by the US government under state forest laws is likely to hamper the growth of the US furniture and bedding market during the forecast period. Forest law relates to all statutes and regulations that deal with the preservation of forests and parks, forest law relates to all statutes and regulations that deal with the preservation of forests and parks, reforestation activities to ensure the sustainability of the nation’s lands and the prevention of illegal forestry activities. These laws come from both federal and state sources. Besides wood as a raw material for furniture, steel, glass, plastic and fiber have gained popularity among people due to the associated advantages such as long durability, more aesthetic and eco-friendly appearance. the environment.
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Players operating in the US furniture and bedding industry have adopted product launch and business expansion as key development strategies to grow their market share, increase profitability and stay competitive in the market. Key Players profiled in this report are Steelcase, HNI Corporation, Herman Miller, Sleep Number Corporation, La-Z-Boy Inc., Tempur Sealy International, Inc., Serta Simmons Bedding, LLC, Sauder Woodworking Company, Ashley Furniture Industries and Hooker Furniture Corporation.
Main results of the study
• In 2019, the US Home Furnishings and Bedding Market was valued at USD 138,187.52 Million and is projected to reach USD 183,489.52 Million by 2027, growing at a CAGR of 3.07 % over the forecast period.
• Based on sales channel, the offline segment generated revenue of $85,455.16 million in 2019, securing 61.8% market share.
• By product type, the beds segment accounted for $25,205.4 million in 2019, accounting for 18.2% of the home furniture and bedding market share in the United States.
• Children’s furniture market registers a CAGR of 5.6% from 2021 to 2030
• Plastic furniture market is expected to reach $19,075.3 million by 2027
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