United States Furniture Market Growth 2023, Rising Trends, Industry Share, Revenue, Demand, Key Manufacturers, Business Challenges, Future Opportunities and Forecast Till 2033: SPER Market Research
We refer to the entire ecosystem of furniture manufacture, distribution, and consumption within US boundaries as the “United States Furniture Market.” Within the home furnishings industry, the USA market is experiencing growth in the outdoor furniture area, which can be attributed to changing interior design preferences. The home furniture sector in the United States is worth billions of dollars. The rise of the US home furnishings business is mostly being driven by improvements in the residential construction sector.
According to SPER market research, ‘United States Furniture Market Size – By Product , By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the United States Furniture Market is predicted to reach USD 40.74 billion by 2033 with CAGR of 4.02%.
Massive opportunities for innovation and diversification exist in the US furniture market. Embracing digital transformation and utilizing e-commerce platforms present firms with opportunity to expand their consumer base. Meeting the need for furniture that is both adaptable and multifunctional offers a substantial opportunity for growth. The expanding disposable income of consumers, the rate of urbanization, the changing needs of customers, and the growing demand for sustainable and eco-friendly furniture materials are some of the reasons driving the U.S. furniture market. A further factor supporting the industry is the growing emphasis on designing adaptable and compact furniture options to fit smaller living areas. Market growth prospects are being offered by the major players in the industry, who are investing more in marketing and promotional activities.
The middle class now prefers to purchase inexpensive goods over ostentatious ones when it comes to home furnishings. It is predicted that this will impede market expansion. Furthermore, the growth of major companies’ businesses is being hindered by intense competition from disorganized key players in different parts of the world. It is anticipated that shifting costs for raw materials and differing import and customs taxes on fixture goods in numerous nations will create barriers to the industry’s overall expansion.
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Despite the fact that the COVID-19 pandemic is straining the construction industry in most of the nation, depending on shifting market factors, the situation is anticipated to return to its pre-pandemic level. Online purchases of home furnishings in the US increased dramatically as a result of the lockdown and epidemic. The furniture sector saw a significant transformation in the early months of 2020 due to the COVID-19 epidemic. For nations that import a large amount of furniture, the supply chain disruption and the temporary suspension of international trade have had a major effect. The importance of this business reducing its reliance on imports and enhancing digitization and automation was further demonstrated by the COVID-19 epidemic.
In the upcoming years, the US furniture market is expected to continue expanding. The United States furniture market is still a vibrant, constantly changing industry driven by changes in consumer preferences, technology advancements, and environmental concerns. The industry is well-positioned for future expansion and prosperity with a wide range of products and a strong focus on sustainability and digitalization. Additionally, some of the market key players are MillerKnoll Inc. (Herman Miller), Steelcase Inc., La-Z-Boy Incorporated, Haworth Inc., Ashley Furniture Industries LLC, Kimball International Inc., Okamura Corporation, Inter IKEA Systems B.V., American Signature Inc. and various others.
US Furniture Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product: Based on the Product, United States Furniture Market is segmented as; Kitchen Furniture, Living and Bedroom Furniture, Bathroom Furniture, Outdoor Furniture, and Other Furniture and Others.
By Distribution Channel: Based on the Distribution Channel, United States Furniture Market is segmented as; Home Centres, Flagship Stores, Specialty Stores, Online Stores, and Other Distribution Channels.
By Region: This research also includes data for Northeast, Midwest, South and West.
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