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North America Furniture Market Expected to Reach USD 400,068.8 Million by 2030 | Valuates Reports

12-03-2021 02:33 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Valuates Reports

North America Furniture Market Expected to Reach USD 400,068.8

The North America furniture market size was valued at $ 249,406.5 million in 2020 and is projected to reach $ 400,068.8 million by 2030, registering a CAGR of 4.9% from 2021 to 2030. The growth in knowledge process outsourcing (KPO) and business process outsourcing (BPO) in countries such as the U.S. and Canada and others is expected to boost the demand for office furniture in the North America region.

Furniture are objects used to support various human activities such as seating, eating, sleeping, and others. They are made from various materials such as wood, plastic, and metals, and are also used to hold and position an object at certain required height either to store things or for aesthetic appeal. In addition, the recent trend of modular furniture in urban cities has provided the consumer with various options to decorate the residential apartment.

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The rapid growth in the real estate sector due to 100% foreign direct investment for township, smart cities, commercial buildings, and settlement development project is attracting investors in the real estate sector, which increase the quality of residential apartments. Growth in both, housing and commercial development will have a positive effect on furniture demand, driven by the need to furnish new constructions. Tourism has been on a rapid increase across the region. The rise in tourism sector is helping to cater the demand for various furniture products such as beds, sofas, and tables with the increase in number of hotel rooms. The furniture industry is projected to benefit through the subsequent demand from the hotel furniture.

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Furniture manufactures are facing various problems and challenges due to high cost of wood as well as non-availability of quality wood in required quantity. The high cost of the furniture has hampered the sector as a whole. The prices of raw materials used in making furniture such as chipboard, timber, foam, polish chemical materials, color paints, and hardware have increased. Timber production on the other hand has gone down drastically because of unchecked deforestation.

The coronavirus outbreak had a significant impact on the North America furniture market. Due to lockdown, the new trend of work from home came into existence. The sales of home office furniture increased during the pandemic. Consumers are increasingly purchasing furniture online as they want to modify their houses to accommodate life in the modern era. In fact, according to combined research from Emarsys and GoodData, online orders for all products, from necessities to home repair and furnishings, have increased by over 80% in North America since January, 2020.

According to North America furniture market analysis, the North America furniture market is classified on the basis of type, distribution channel, and country. By type, the North America furniture market is segmented into RTA, residential, and commercial. The residential segment holds the highest North America furniture market share in 2020, duethe rise in trend of home furnishing and home decor with stylish and modular furniture. By distribution channel, the North America furniture market is categorized into supermarkets/hypermarkets, specialty stores, e-commerce, and others. The specialty stores was the highest revenue contributor in 2020, as the specialty store outlet focuses on furniture that contains a wide range of products and various associated items. Country wise, the North America furniture market is segmented intoU.S., Canada, and Mexico. U.S. contributed the highest revenue in 2020 and is expected to dominate the market during the North America furniture market forecast.

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By Type

By Distribution Channel
➣Supermarkets & hypermarkets
➣Specialty Stores

By Country

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