North America Furniture Market size surpassed USD 77 billion in 2020 and is predicted to expand at a CAGR of 5.2% from 2021 to 2027.

North America Market, By Application

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The residential segment is expected to witness the highest growth through 2027. The furniture is subject to be substituted and changed more often than it used to in the past. Residential construction and renovation will fuel the demand for dining sofa, tables, beds, and upholstery during the forecast period. The rising government spending on infrastructure development for the construction of school, colleges, hospitals, and healthcare facilities is supporting the industry growth.

The North America furniture market growth is mainly driven by the rising residential and commercial construction in the U.S. The rising income levels and living standards will have a positive impact on the furniture industry. The commercial sector will have high potential, further fueling product demand within the region. Furthermore, the rapid expansion of the construction sector in-line with smart city projects is expected to create new opportunities for the industry players.

Increasing marketing campaigns for commercial & residential building accommodation with ready-to-use furniture will attract more buyers and better deals, propelling market development. Additionally, growing spending on luxurious lifestyles, repairs & renovations, and use of innovative furniture designs are also likely to enhance the industry growth. Furthermore, an increase in the middle-class income is another major factor that will boost the product demand.

North America Market, By Material

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The wood segment accounted for over 65% market share in 2020. Some of the commonly used furniture-grade wood include teak, mahogany, fir, redwood, cedar, birch, etc. Wood is classified as softwood or hardwood based on its physical structure. Hardwood is utilized to manufacture high-quality furniture, whereas softwood is used to make medium-density furniture. Wood-based panels are manufactured by processing raw timber. Sofa sets, dining tables, storage cabinets, and other products mostly prefer wood. Wooden furniture is more comfortable, and the new generation prefers natural aesthetics to complement modern architecture.

North America Market, By Distribution Channel

Online distribution channel is expected to showcase exponential growth rate during the forecast timeframe due to several advantages offered by e-commerce platforms such as a wide range of product availability, discounts, and others. The online channel has disrupted the furniture industry with the introduction of several technologies, such as artificial intelligence and cloud space, enabling industry players to enhance the customer experience. Furthermore, the presence of several e-commerce giants in online distribution channels along with continuously changing consumer buying trends.

North America Market, By Price Range

The medium price range furniture segment dominates the market share owing to the availability of a wide range of products, their economical prices, quality, and aesthetics. Additionally, easy availability of financing and discounts offered by several online platforms is propelling industry expansion.

Competitive Industry Landscape

Major companies operating in the market are Inter IKEA Group, Ashley Furniture Industries, Steelcase, Kohler Co., La-Z-Boy, Inc., Heritage Home, Haworth, Inc., Herman Miller, Inc., Okamura Corporation, McCarthy Group Ltd., and The Home Depot, Inc. Collaboration with architectural firms for new construction is a key strategy adopted by furniture manufacturing companies to improve their profit margins.