Latest research on North America Home Furniture Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2021 to 2025 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the North America Home Furniture market. this report included a special section on the Impact of COVID19. Also, North America Home Furniture Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the North America Home Furniture industries.
North America Home Furniture market is growing at a CAGR of 5% during the forecast period (2021-2025).
The North America Home Furniture market is highly competitive and consists of a number of major players. Top Companies like Ashely Furniture Store, IKEA, La-Z-Boy, Berkshire Hathway Inc, MiseWell, Rooms To Go, Bassett Furniture, Deurope, Palliser, Durham Furniture, Artage International, Bermex, American Eco Furniture LLC
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Furthermore, to broaden the understanding, researchers have studied the global North America Home Furniture market from a geographical point of view, considering the potential regions and countries. The regional analysis will assist the market players in making sound decisions regarding their future investments.
North America Home Furniture Market report includes the following geographic areas such as North America, Europe, China, Japan, Southeast Asia, India and ROW.
Scope of the Report
The improving residential construction market in countries like the United States and Canada are some of the major factors fuelling the growth of home furniture products in the region. New home construction and sales activity are likely to increase in key cities of Canada, especially in the high-rise sector. Furthermore, a rise in the number of single households is also augmenting the demand for home furniture products such as living, bedroom, and kitchen furniture products.
There is also rising popularity of DIY furniture among millennials and the availability of such products is expected to propel the sales of furniture though online retail stores. The rising consciousness of consumers on the environment is steadily impacting consumer choices demand sustainable furniture is growing popularity in the region. Furthermore, there is a rapid growth in green homes construction in the U.S. which is further paving way for eco-friendly furniture products. Moreover, the increasing influx of manufacturers in the region with handmade furniture products manufactured in U.S. American Eco Furniture, LLC is resulting in the progress of furniture industry in North America.
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Key Market Trends
United States Witnessing Rising Demand for Home Furniture Due to Increased Construction Activity
The US housing construction is gaining momentum and there is increasing residential activity in the country which is fueling the demand for home furniture products as new home purchases witness a rising demand for furniture products. This is further expected to spur market demand. As per the US census bureau, the number of household units in 2018 was nearly 139 million. Single-family and multifamily housing starts also added around 1.0 million new housing units in 2019. It is estimated that household formations will average around 1.22mn per annum through 2028. The demand for the housing market remained strong in the country due to a healthy economy and positive demographics. This increasing number of housing units which include both multi-family and single-family housing completions will further fuel the demand for home furniture in the country in the forecast period.
Rising E commerce Sales of Home Furniture Products
Online purchase of furniture is growing rapidly in the region and nearly 69% of the leading furniture retailers in North America are enabled with eCommerce. Buying furniture online is becoming a trend as customers prefer online buying due to the convenience and comfort of logistics and shipping of furniture items to their doorstep. Many furniture retailers are creating a strong online brand presence and increase their sales with online stores and e-commerce portals. Retailers like IKEA, Wayfair, and Amazon have been investing heavily in their online presence and are securing a large market share on online sales of home furniture products such as living room furniture, bedroom furniture, and kitchen furniture products. The retailers are also introducing new brands to enhance their online presence for instance Amazon introduced two private furniture label brands Rivet focused on mid-century modern furniture designs and Stone & Beam focused on upscale designs.
What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: North America Home Furniture Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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