LONDON--(BUSINESS WIRE)--Technavio has been monitoring the home furniture market in the US and it is poised to grow by USD 8.08 billion during 2020-2024, progressing at a CAGR of over 2% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the home furniture market. The market growth in 2020 is likely to decrease compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by product, which is the leading segment in the market?
The living room furniture segment led the market in 2019.
What are the major trends in the market?
The increase in online sales is one of the major trends in the market.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of over 2% during the forecast period.
Who are the top players in the market?
Ashley Furniture Industries Inc., Inter IKEA Holding BV, Klaussner Home Furnishings, LaZBoy Inc., Pier 1 Imports Inc., Raymour & Flanigan Furniture, Restoration Hardware Inc., Roomstogo.com Inc., Steinhoff International Holdings NV, and Williams-Sonoma Inc. are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the growing real estate industry. However, the inherent threat from the re-used furniture market might challenge growth.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Ashley Furniture Industries Inc., Inter IKEA Holding BV, Klaussner Home Furnishings, LaZBoy Inc., Pier 1 Imports Inc., Raymour & Flanigan Furniture, Restoration Hardware Inc., Roomstogo.com Inc., Steinhoff International Holdings NV, and Williams-Sonoma Inc. are some of the major market participants. Although the growing real estate industry will offer immense growth opportunities, the inherent threat from the re-used furniture market is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this home furniture market in US forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Home Furniture Market in US 2020-2024: Segmentation
Home Furniture Market in the US is segmented as below:
- Living Room Furniture
- Bedroom Furniture
- Storage Furniture
- Brick And Mortar
- Online Mode
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Home Furniture Market in US 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The home furniture market in us report covers the following areas:
- Home Furniture Market in US Size
- Home Furniture Market in US Trends
- Home Furniture Market in US Industry Analysis
This study identifies increased online sales as one of the prime reasons driving the Home Furniture Market growth in the US during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Home Furniture Market in US 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist home furniture market growth in the US during the next five years
- Estimation of the home furniture market size in the US and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the home furniture market in the US
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of home furniture market vendors in the US
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Living room furniture - Market size and forecast 2019-2024
- Bedroom furniture - Market size and forecast 2019-2024
- Storage furniture - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel
- Brick and mortar - Market size and forecast 2019-2024
- Online mode - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
- Customer landscape
- Market drivers
- Market challenges
- Market trends
- Competitive scenario
- Vendor landscape
- Landscape disruption
- Industry risks
- Vendors covered
- Market positioning of vendors
- Ashley Furniture Industries Inc.
- Inter IKEA Holding BV
- Klaussner Home Furnishings
- LaZBoy Inc.
- Pier 1 Imports Inc.
- Raymour & Flanigan Furniture
- Restoration Hardware Inc.
- Roomstogo.com Inc.
- Steinhoff International Holdings NV
- Williams-Sonoma Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.