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Furniture Manufacturing
First Research, Sep 2009, Pages: 10
First Research is the leading industry intelligence company that helps sales teams perform faster and smarter, open doors, and close more deals. First Research performs the 'heavy lifting' by synthesizing hundreds of sources into an easy to digest format that a sales person can consume very quickly to better understand a prospect's business issues.
Executive Summary
Brief Excerpt from Industry Overview Chapter:
Furniture manufacture in the US generates about $85 billion in sales from around 21,000 companies. Large companies include Steelcase, Herman Miller, La-Z-Boy, Sealy, and Furniture Brands International. The average company produces around $4 million in annual revenue. Some sectors, such as mattress manufacturing and office furniture, are highly concentrated, but the industry as a whole is fragmented: the largest 50 companies hold less than 40 percent of the market.
COMPETITIVE LANDSCAPE
The volume of home furniture sold depends heavily on the level of home sales, while office furniture sales depend on the health of the US economy. The profitability of individual companies is closely linked to volume, since many costs are fixed. Small companies can compete effectively if they produce specialty items or high-quality workmanship that can sell for a premium price.
Imports are a major competitive factor, totaling more than $26 billion a year, and many US manufacturers have factories overseas, where labor and production costs are lower than in the US. Foreign competition and production overcapacity have combined to keep prices low. Additionally, despite automation, the made-to-order nature of much of the business means that the industry is fairly labor-intensive: average annual revenue per worker is around $250,000.
PRODUCTS, OPERATIONS & TECHNOLOGY
Manufacturers generally specialize in either household furniture (about $60 billion market) or office furniture ($20 billion). Within the household segment, bedroom furniture accounts for about 32 percent of sales; ...
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