Portland, OR, Jan. 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the North America furniture market generated $249.4 billion in 2020, and is projected to reach $400.06 billion by 2030, witnessing a CAGR of 4.9% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in entrepreneurship & work from home, growth in infrastructure investment in the residential & commercial sector, and surge in inclination of customers toward modular furniture drive the growth of the North America furniture market. However, rise in raw material price and environmental restriction associated with deforestation restrain the growth to some extent. On the other hand, development of eco-friendly raw materials and growth in e-commerce sales present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic had a significant impact on the growth of the North America furniture market.
- The pandemic led to increasing adoption of the work from home culture, due to which sales of home office furniture experienced a steep incline.
- Also, consumers started to purchase furniture online as they want to modify their houses according to the modern era.
The report offers detailed segmentation of the North America furniture market based on type, distribution channel, and country.
Based on type, the residential segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the RTA segment is estimated to register the highest CAGR of 5.6% from 2021 to 2030.
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Based on distribution channel, the specialty stores segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the e-commerce segment is projected to register the highest CAGR of 5.5% from 2021 to 2030.
Based on country, the U.S. contributed to the highest share in terms of revenue in 2020, holding more than two-thirds of the North America furniture market, and is estimated to continue its dominant share by 2030. Moreover, the same country is projected to manifest the fastest CAGR of 5.1% during the forecast period.
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Leading players of the North America furniture market analyzed in the research 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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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