The North America furniture market size was valued at $ 249,406.5 million in 2020 and is projected to reach $ 400,068.8 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.
Furniture products play a significant role in the design of both the office and the household. Furniture is vital in commercial environments for seating configurations and document storage. Furniture products are manufactured using a variety of material and are available in different designs. Furniture designs can be altered using machine-based methods or handcrafting, depending on the end use. Furniture manufacturing involves highly skilled and creative professionals. Commercial and office furniture industry caters to these spaces. This segment has witnessed rapid growth in recent years, in line with the growth in the economy and subsequent demand for office space. The thrust on real estate and office construction is expected to sustain in the near future, indicating continued growth for the furniture industry. The market is also being driven by the demand for adaptable and multi-functional items that are portable and can fit into small areas. As the number of nuclear families grows, so does the demand for products that are portable and space-saving. This feature is expected to boost market expansion in the coming years.
The market is fueled by a variety of factors, including rise in disposable incomes, expansion of the real estate and hospitality industries, and consumer demand for luxury and premium furnishings. Furthermore, increased government investments in infrastructure development are leading to an increase in demand for the residential and commercial sectors, which is expected to drive the product demand in the near future. For example, governments in North America, particularly the U.S., place a strong emphasis on real estate development through a variety of residential and commercial projects that will ultimately boost the growth of their economies.
Moreover, increased investment in the tourism, healthcare, and education sectors boost the construction industry in the U.S., which is likely to stimulate the product demand from the country. The major players of the market offer a variety of items based on consumer preferences and tastes, is expected to influence sales of home and office furniture throughout the forecast period. In addition, increase in expenditure on domestic furniture products has influenced the demand for furniture products, which is in turn expected to provide lucrative opportunities for the growth of the North America furniture market during the forecast period.
In North America, many key players in the furniture market are launching their own online platform and are entering into partnerships with the e-commerce retail stores to strengthen their distribution network, which is anticipated to drive the growth of the North America furniture market. Leading furniture firms in North America are emphasizing personalization in their product offerings, which is gaining traction among diverse consumer segments.
The impact of COVID-19 on the North America furniture market was quite positive. The sales of furniture increase during the pandemic, owing to stay at home and work from home guidelines. The home office furniture segment has seen tremendous growth during the COVID-19 outbreak.
The North America furniture market is segmented on the basis of type, distribution channel, and country. By type, it is classified into RTA, residential, and commercial. The distribution channel comprises supermarkets & hypermarkets, specialty stores, e-commerce, and others. By country, it is analyzed across U.S., Canada, and Mexico.
The major players analyzed in this report include Ralph Lauren Home, Knoll, Inc., Bassett Furniture Industries, Inter Ikea Systems BV, Kimball International, Inc., HNI Corporation, Haworth, Inc., Durham Furniture Inc., Steelcase Inc., and Stickley Furniture.
Furniture products play a significant role in the design of both the office and the household. Furniture is vital in commercial environments for seating configurations and document storage. Furniture products are manufactured using a variety of material and are available in different designs. Furniture designs can be altered using machine-based methods or handcrafting, depending on the end use. Furniture manufacturing involves highly skilled and creative professionals. Commercial and office furniture industry caters to these spaces. This segment has witnessed rapid growth in recent years, in line with the growth in the economy and subsequent demand for office space. The thrust on real estate and office construction is expected to sustain in the near future, indicating continued growth for the furniture industry. The market is also being driven by the demand for adaptable and multi-functional items that are portable and can fit into small areas. As the number of nuclear families grows, so does the demand for products that are portable and space-saving. This feature is expected to boost market expansion in the coming years.
The market is fueled by a variety of factors, including rise in disposable incomes, expansion of the real estate and hospitality industries, and consumer demand for luxury and premium furnishings. Furthermore, increased government investments in infrastructure development are leading to an increase in demand for the residential and commercial sectors, which is expected to drive the product demand in the near future. For example, governments in North America, particularly the U.S., place a strong emphasis on real estate development through a variety of residential and commercial projects that will ultimately boost the growth of their economies.
Moreover, increased investment in the tourism, healthcare, and education sectors boost the construction industry in the U.S., which is likely to stimulate the product demand from the country. The major players of the market offer a variety of items based on consumer preferences and tastes, is expected to influence sales of home and office furniture throughout the forecast period. In addition, increase in expenditure on domestic furniture products has influenced the demand for furniture products, which is in turn expected to provide lucrative opportunities for the growth of the North America furniture market during the forecast period.
In North America, many key players in the furniture market are launching their own online platform and are entering into partnerships with the e-commerce retail stores to strengthen their distribution network, which is anticipated to drive the growth of the North America furniture market. Leading furniture firms in North America are emphasizing personalization in their product offerings, which is gaining traction among diverse consumer segments.
The impact of COVID-19 on the North America furniture market was quite positive. The sales of furniture increase during the pandemic, owing to stay at home and work from home guidelines. The home office furniture segment has seen tremendous growth during the COVID-19 outbreak.
The North America furniture market is segmented on the basis of type, distribution channel, and country. By type, it is classified into RTA, residential, and commercial. The distribution channel comprises supermarkets & hypermarkets, specialty stores, e-commerce, and others. By country, it is analyzed across U.S., Canada, and Mexico.
The major players analyzed in this report include Ralph Lauren Home, Knoll, Inc., Bassett Furniture Industries, Inter Ikea Systems BV, Kimball International, Inc., HNI Corporation, Haworth, Inc., Durham Furniture Inc., Steelcase Inc., and Stickley Furniture.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of current trends, estimations, and dynamics of the North America furniture market from 2020 to 2030 to identify the prevailing market opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
KEY MARKET SEGMENTS
By Type
- RTA
- Residential
- Commercial
By Distribution Channel
- Supermarkets & hypermarkets
- Specialty Stores
- E-commerce
- Others
By Country
- U.S.
- Canada
- Mexico
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: NORTH AMERICA FURNITURE MARKET, BY TYPE
CHAPTER 5: NORTH AMERICA FURNITURE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: NORTH AMERICA FURNITURE MARKET, BY COUNTRY
CHAPTER 7: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Ralph Lauren Home
- Knoll Inc.
- Bassett Furniture Industries
- Inter Ikea Systems Bv
- Kimball International, Inc.
- Hni Corporation
- Haworth, Inc.
- Durham Furniture Inc.
- Steelcase Inc.
- Stickley Furniture
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 163 |
| Published | December 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 249406.5 million |
| Forecasted Market Value ( USD | $ 400068.8 million |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | North America |
| No. of Companies Mentioned | 10 |
