North America Furniture Market Projected to Grow at 8.4% CAGR, Reaching USD 379.39 Billion by 2030

The North America Furniture Market, valued at USD 215.71 billion in 2023, is anticipated to expand at a robust CAGR of 8.4% over the forecast period, reaching an estimated USD 379.39 billion by 2030. The market's growth is driven by rising consumer purchasing power, a flourishing real estate sector, and an increasing shift towards eco-friendly and multifunctional furniture.

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Key Market Dynamics:

The surge in demand for furniture is largely attributed to the expansion of the real estate sector, particularly driven by foreign direct investments in townships, smart cities, and commercial projects. This trend is expected to propel furniture demand, particularly in residential and commercial developments. Moreover, the growing tourism sector, marked by the rapid expansion of hotel rooms, is boosting demand for hotel furnishings, including mattresses, sofas, and tables.

However, challenges such as rising raw material costs and deforestation impacting wood supply could impede market growth. Despite these obstacles, the market is poised for significant expansion, supported by the growing popularity of DIY and eco-friendly furniture, especially among environmentally conscious millennials.

Technological Advancements and Consumer Preferences:

Technological advancements are playing a crucial role in shaping the high-end furniture market, with power tools enabling the creation of intricate designs that cater to the evolving preferences of consumers. The demand for multifunctional and durable furniture is on the rise, driven by the need to maximize limited residential spaces.

The U.S. housing market's resurgence, marked by increased residential activity and a growing number of new housing units, is further bolstering demand for home furniture. In 2019 alone, over 1.0 million new housing units were initiated, fueling demand for various home furniture products.

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Market Segmentation :

The North America Furniture Market is segmented by material, category, end user, and country. The wood segment dominates with a 43% market share, owing to its cost-effectiveness and widespread use in household settings. The metal segment is also expected to witness significant growth, driven by the increasing demand for durable and sturdy products in commercial gardens and playgrounds.

By Material

Wood
Metal
Plastic
Others

By Category

Indoor
Outdoor

By End User

Residential
Office
Hotel
Others

By Country

United States
Canada
Mexico

Key Players:

Harman Miller Inc. (U.S.)
Steelcase Inc. (U.S.)
HNI Corporation (U.S.)
Ashley Furniture Industries Inc. (U.S.)
Duff & Phelps, LLC. (U.S.)
North America Furniture USA (U.S.)
ZouYou (China)
Dare Studio (England)
Inter IKEA Group
Steelcase Inc.

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Strategic Insights:

The report provides a comprehensive analysis of market trends, competitive dynamics, and growth opportunities in the North America Furniture Market. It includes Porter's Five Force Model and PESTEL Analysis to help stakeholders understand market forces and develop effective business strategies. The report also highlights the impact of political, economic, social, technological, environmental, and legal factors on the market.

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Key offerings:

Market Share, Size, and Forecast by Revenue|2024-2030
Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
Market Segmentation: A detailed analysis by segments, sub-segments and Region
Competitive Landscape- key Players and Other Prominent key players.

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