U.S. Furniture Market Report 2022: Surge in Number of Housing Units Fueling 4.47% Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Sep 15, 2022--

The "U.S. Furniture Market: Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The U.S. furniture market is expected to record a value of US$288.9 billion in 2026, growing at a CAGR of 4.47%, for the time period of 2022-2026. Factors such as surge in the number of housing units, growth in millennial population, rising consumer spending on furniture, escalating penetration of social media and rapid urbanization would drive the growth of the market.

However, the market growth would be challenged by problem related to deforestation and rise in furniture rental. A few notable trends may include increasing furniture sales via ecommerce, rising adoption of augmented reality, increasing interest in eco-friendly furniture and demand for more flexible workspaces.

The rising demand for multifunctional furniture is expected to bolster the growth prospects of the furniture demand. As rooms are getting smaller, customers are increasingly looking for compact and easily movable furniture to allow for efficient use of the available space. To cater to such requirements, the vendor companies are innovating with new product and introducing multifunctional furniture with storage facilities, which is acting as a key trend in the U.S. furniture market.

In terms of companies, Costco, Williams-Sonoma, MillerKnoll, Steelcase, HNI Corporation and Ashley Furniture Industries are top players in the U.S. furniture market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.

Market Dynamics

Growth Drivers

• Surge in Number of Housing Units
• Growth in Millennial Population
• Rising Consumer Spending on Furniture
• Escalating Penetration of Social Media
• Rapid Urbanization

Key Trends

• Increasing Furniture Sales Via Ecommerce
• Rising Adoption of Augmented Reality
• Demand for More Flexible Workspace
• Increasing Interest in Eco-Friendly Furniture

Challenges

• Problem Related to Deforestation
• Rise in Furniture Rental

Scope of the report

• The report provides a comprehensive analysis of the U.S. furniture market
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Costco, Williams-Sonoma, MillerKnoll, Steelcase, HNI Corporation and Ashley Furniture Industries) are also presented in detail.

Key Target Audience

• Furniture Manufacturers
• Raw Material Suppliers
• Potential Audience
• Investment Banks
• Government Bodies & Regulating Authorities

Key Topics Covered:

1. Market Overview

2. Impact of COVID-19

3. The U.S. Market Analysis

4. Market Dynamics

5. Competitive Landscape

6. Company Profiles

Companies Mentioned

• Costco
• Ashley Furniture Industries
• HNI Corporation
• MillerKnoll
• Steelcase
• Williams-Sonoma

For more information about this report visit https://www.researchandmarkets.com/r/hh7if9

View source version on businesswire.com:https://www.businesswire.com/news/home/20220915005605/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: RETAIL HOME GOODS

SOURCE: Research and Markets

Copyright Business Wire 2022.