US Furniture and Bedding Market by Product Type and Sales Channel: Analysis of Industry Opportunities and Forecast, 2021-2027, New Report Says
– Roshan Deshmukh
PORTLAND, OREGON, UNITED STATES, November 1, 2021 /EINPresswire.com/ – 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, winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
The furniture is the vital part of the house, which provides a practical and aesthetic view of the living room, bedroom and kitchen. The trend of home refurbishment and renovation is gaining ground in the United States, which in particular contributes to the growth of the market. In addition, increased spending on home renovation and decoration is expected to increase the US home furniture and bedding market share during the forecast period.
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The US home furniture and bedding market is segmented into product types and sales channels. Based on product type, the market is categorized into sofa, bed, chair, wardrobe, and others. By sales channel, it is separated online and offline.
According to the US Home Furniture and Bedding Market Analysis, on the basis of product type, the cabinetry segment was valued at $ 11,538.66 million in 2019 and is expected to reach $ 18,807.68 million by 2027, registering a CAGR of 6.05% from 2021 to 2027.
This is attributed to the increased purchasing power of consumers, improved lifestyle and the launch of innovative cabinets with elegant designs that are expected to increase their demand. Additionally, the increasing preference for smaller homes and apartments due to rising land prices and rents is likely to drive demand for custom cabinetry.
According to the US home furniture and bedding market forecast and trend, on the basis of sales channel, the online segment is expected to reach $ 88,662.14 million by 2027, with a CAGR of 3. 06%, due to the increased adoption of various online portals for furniture. purchases and increase in the number of offers or discounts offered by these sites, which attracts a large consumer base to purchase household furniture through online channels. Additionally, online sales channels have increased the reach of consumers, as a result of which they have become a key source of income for many businesses.
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In addition, the online sales market is expected to expand in the future, due to the rapid adoption of the e-commerce platform by consumers and furniture manufacturing and sales companies and technical improvements. 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 the strict laws and conditions imposed by the US government under state forestry laws, is likely to hamper the growth of the US furniture and bedding market in the United States. during the forecast period. Forest law relates to all laws and regulations that deal with the preservation of forests and parks, forest law relates to all laws and regulations that deal with the preservation of forests and parks, reforestation activities to ensure the sustainability of the nation’s land and the prevention of illegal logging activities. These laws come from federal and state sources. Besides wood as a raw material for furniture, steel, glass, plastic and fiber have gained popularity among the population due to the associated advantages such as long durability, more aesthetic and environmentally friendly appearance. the environment.
Players operating in the US home furnishings and bedding industry have adopted product launch and business expansion as key development strategies to expand their market share, increase profitability, and remain competitive in the market. . The major players featured 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.
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Main conclusions of the study
○ In 2019, the US home furniture and bedding market was valued at $ 138,187.52 million and is expected to reach $ 183,489.52 million by 2027, growing at a CAGR of 3.07 % during the forecast period.
○ 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.
○ Based on sales channel, the offline segment generated revenue of $ 85,455.16 million in 2019, garnering 61.8% market share.
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