USD 8.22 Bn growth expected in Home Furniture
The home furniture market in the US is fragmented owing to the presence of several regional and international players. The fragmented nature of the market has resulted in an increase in competition among vendors. Hence, vendors are deploying various inorganic and organic strategies to compete and gain an edge in the market.To get more news about bedroom furniture, you can visit oppao.com official website. Technavio expects the home furniture market in US to grow by USD 8.22 billion between 2020 and 2025. However, the growth momentum is expected to decelerate at a CAGR of 2.53% during the forecast period. The home furniture market in US is driven by the improving residential construction market. The number of women working and living independently in the US has increased significantly over the years. In addition, the drop in unemployment rates has increased the demand for apartments and houses in the country. Moreover, the continued growth in the immigrant population in the US has further fueled the growth of the real estate industry. All these factors are positively influencing the growth of the home furniture market in the US. The market growth will further accelerate with the increased awareness of home decor and attractive furnishings.
However, the inherent threat from re-used furniture market will reduce the growth potential in the market. The millennial population in the US is exhibiting an increased preference for reused and refurbished furniture. Such furniture has also been emerging as an option for individuals who continuously keep moving to new places and have less financial stability. This shift in consumer preference is slowing down the growth of the market. Also, the low cost of refurbished furniture is impacting the sales of newly built furniture, which is reducing the growth opportunities for vendors. Technavio's report analyzes the home furniture market in US by product (living room furniture, bedroom furniture, storage furniture, and others) and distribution channel (offline and online).
By product, the living room furniture segment generated maximum revenue in the market in 2020. The development of the real estate sector and the rising number of single-dwelling family houses are driving the growth of the segment. The market growth in the living room furniture segment will be significant during the forecast period. Similarly, in terms of distribution channels, the offline segment accounted for maximum home furniture sales in the US in 2020.