US Home Furnishings Market Size Expected to Grow by $8.22 Billion | Market Research Report Insights Highlights Key Drivers and Market Segments | Technavio |

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NEW YORK, January 20, 2022 /PRNewswire/ — According to the research report of Homepage United States Furniture Market – Forecast and Analysis Report 2021-2025“, the market will grow at a CAGR of 1.26% in 2021, growing at a CAGR of 2.53% during the forecast period. The report is segmented by Product (Living Room Furniture, Bedroom Furniture, Storage Furniture and others) and distribution channel (offline and online).

Factors such as increase in home construction improvements are significantly increasing the home furnishings market in the United States. Additionally, the steady increase in the immigrant population in the United States is another factor that is further driving the growth of the market.

See a FREE sample: to know additional highlights and key points on various market segments and their impact in the coming years.

Supplier Information

The United States home furnishings market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

The growing competition in the market forces the providers to adopt various growth strategies such as creating strong product differentiation to enhance the visibility of their services. Additionally, vendors are also adopting market pricing strategies to retain their existing market shares and secure new market opportunities.

The report analyzes the competitive landscape of the market and offers information about several vendors in the market including:

  • Ashley Furniture Industries Inc.
  • Inter IKEA Holding B.V.
  • Klaussner Furniture
  • LaZBoy Inc.
  • Pier 1 Imports Inc.
  • Furniture and Mattresses Raymour and Flanigan
  • Restoration Hardware Inc.
  • Roomstogo.com Inc.
  • Steinhoff International Holdings AG
  • Williams-Sonoma Inc.

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read a free sample report.

Geographic Market Analysis

The home furniture market in the United States is characterized by the presence of many large and medium-sized manufacturers. Of these, most of the large and established players have large-scale global sales and distribution networks. While on the other hand, medium and small players are more focused on regional markets.

Moreover, vendors in the region are introducing innovative sofa styles to adapt their products to the modern and dynamic preferences of customers. Additionally, buyers are looking to invest in modern furniture that not only adds aesthetic appeal but can also be modified accordingly to accommodate home design changes in the future.

Analysis of key segments

The product segment living room furniture accounts for the largest market share in the home furniture market in the United States. It has been found that customers with high purchasing power are likely to spend significantly on living room furniture such as sofas, sofas, tables and table tops, and entertainment units. In addition, most consumers opt for purchasing multifunctional and versatile sofas and sofas due to the reduction of living spaces in United States. Moreover, customers opt for sofas after considering several factors such as lifestyle preferences, space, type of upholstery, suspension which encourages sellers to manufacture a variety of sofas in different styles such as sectional, camelback, cabriole, English rolled arm, Lawson style, and sofa beds.

Learn more about the geographical and segmental distribution of this market, https://www.technavio.com/report/home-furniture-market-in-us-analysis

Key Market Drivers and Challenges:

It is estimated that the real estate sector in the United States will drive the home furnishings market over the next few years, due to the improvement in residential construction with an increasing number of people engaged in household formation. Additionally, a significant increase in the number of women joining the workforce and living independently is leading to an increased need for serviced apartments and one-story houses. Hence, this, in turn, propels the requirement of home furniture in the United States. Additionally, there has been a drop in the unemployment rate among women, making them capable of owning or renting a house/apartment.

The threat inherent in the repurposed furniture market is a major challenge for the home furniture market in the United States during the forecast period. Buying refurbished furniture has become a comfortable option for millennials who are moving out of their homes and have less financial stability. They opt to purchase refurbished furniture at lower prices, which impacts the revenue of newly built furniture sellers. Thus, the change in consumer mindset is expected to hamper the growth of the home furniture market in the United States.

See a free sample for highlights on market drivers and challenges affecting the United States home furnishings market.

United States Home Furnishings Market Value Chain Analysis

Our report provides detailed value chain analysis insights for the United States Home Furnishings market which vendors can leverage to gain a competitive edge during the forecast period. End-to-end understanding of value chains is critical in profit margin optimization and business strategy evaluation. The data available in our value chain analytics segment can help vendors reduce costs and improve customer services over the forecast period.

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Ready-to-Assemble Furniture Market by Product, Distribution, and Geography – Forecast and Analysis 2021-2025

Folding Furniture Market by Distribution Channel and Geography – Forecast and Analysis 2021-2025

Scope of the United States home furnishings market

Report cover

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth momentum and CAGR

Decelerate at a CAGR of 2.53%

Market Growth 2021-2025

$8.22 billion

Market structure

Fragmented

Annual growth (%)

1.26

Regional analysis

we

Competitive landscape

Leading Companies, Competitive Strategies, Consumer Engagement Reach

Profiled Key Companies

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 Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID-19 Impact and Recovery Analysis and Future Consumer Dynamics, Market Status Analysis market for the forecast period

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

About Us:

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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