DUBLIN--(BUSINESS WIRE)--The "United States Home Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
One of the key drivers of the market is improving the residential construction market
Though owing to the COVID-19 pandemic the construction market is under pressure in the majority of locations in the country, the situation is expected to get back to the pre-COVID situation soon subjected to the changing market dynamics. The growing popularity of eco-friendly furniture and changes in lifestyles are driving the growth of the market.
Player-adopted strategies in the home furniture industry in the United States include expansions, through mergers and acquisitions, and the development of new product ranges. However, the market is facing some challenges such as shifting consumer trends and expectations, rising material costs, and skilled labor shortage.
Ready-to-assemble (RTA) furniture is becoming increasingly popular among homeowners and renters, because of the lower costs and compact designs. RTA furniture, also known as flat-pack furniture, is not assembled by the manufacturer and is available in parts, with instructions on how to assemble it.
However, with technological advancements and product innovations, mid-size and smaller companies in the country are increasing their market presence, by securing new contracts and tapping into new markets. E-commerce is also fuelling the market growth and there are many e-commerce giants such as Amazon, Wayfair, and home depot which offer a wide range of furniture products from many key brands as a part of their product portfolio.
Key Market Trends
Growing Sales of Bedroom Furniture is Driving the Market
The rising demand for multifunctional furniture is expected to bolster the growth prospects of the bedroom segment. The real estate prices have plummeted significantly and have led to a considerable reduction in house sizes. As rooms are getting smaller, customers are increasingly looking for furniture that is compact and easily movable to allow for efficient use of the available space.
To cater to such requirements; the vendor companies have introduced multifunctional furniture with storage facilities. Beds that have included additional storage spaces are gaining more popularity in the country. There is also a rising demand for convertible furniture in the country which has functionality beyond traditional furniture use.
Rising Consumer Expenditure on Furniture Products is Driving the Market
With the increasing number of consumers shifting their preference towards quality and stylish furniture products due to higher disposable income and better lifestyle requirements, the furniture market in the United States is expected to witness stronger growth in terms of domestic furniture sales and international furniture exports. The average annual expenditure on furniture per consumer unit has increased from USD 355 in 2010 to USD 5200 in 2019, which is reflecting the healthy growth of the market. The trend is expected to continue in the forecast period overcoming the COVID-19 adverse effect on the country's economy.
Competitive Landscape
The report covers major international players operating in the United States Home Furniture Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints/Challenges
4.4 Market Opportunities
4.5 Insights on Technological Innovations in the Market
4.6 Trends Influencing the US Home Furniture Market
4.7 Insights on Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Kitchen Furniture
5.1.2 Living and Bedroom Furniture
5.1.3 Bathroom Furniture
5.1.4 Outdoor Furniture
5.1.5 Other Furniture
5.2 By Distribution Channel
5.2.1 Home Centers
5.2.2 Flagship Stores
5.2.3 Specialty Stores
5.2.4 Online Stores
5.2.5 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Retailers
6.2.1.1 Pier 1 Imports, Inc.
6.2.1.2 Bed Bath & Beyond Inc.
6.2.1.3 Rooms to Go Inc
6.2.1.4 Crate and Barrel
6.2.1.5 Wayfair Inc
6.2.2 Manufacturers
6.2.2.1 Ashley Furniture Store
6.2.2.2 American Signature, Inc
6.2.2.3 Williams-Sonoma, Inc
6.2.2.4 La-Z-Boy
6.2.2.5 Inter IKEA Holding SA
7 FUTURE OF THE UNITED STATES HOME FURNITURE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/6no5yi
