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North American Furniture Market size to cross $109.9 Bn by 2027
Published Date: 2021-10-14
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North American Furniture Market size is set to reach USD 109.9 billion by 2027, according to a latest forecast report by Graphical Research.
The growing demand for multi-functional furniture that provides additional storage facilities, innovative space designs, and easy portability will drive the market revenue. According to a World Bank Study on the furniture industry, the organized sector will grow by nearly 20% every year over the next five years, offering a positive outlook to the market. The furniture industry is fundamentally an assembly industry, implementing various raw materials, such as metal, wood, aluminum, fabrics, plastics, glass, and leather, along with a few mechanical components.
Rapid urbanization coupled with strong economic development in the region will emerge as a key factor fueling expansion in the construction sector. Growing housing needs and consumer demands arising from an improved standard of living will lead to the expansion in residential & commercial construction activities, which in turn, will bolster the market growth. Furthermore, the furniture market is growing due to rising investments in residential constructions and material & technological developments that offer durable and innovative storage solutions.
The growing demand for renovating existing homes will support the North America furniture industry demand. As per the National Association of Realtors, the U.S. existing home sales were 5.3 million units in 2019. It was observed that millennials were the largest consumers in the U.S. furniture & bedding market. The augmenting demand for eco-friendly furniture among this age group will boost the industry revenue over the next few years.
Browse detailed statistical insights from the report, “North America Furniture Market Forecast 2027 By Distribution Channel (Online, Offline), By Material (Plastic, Wood, Metal), By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses], Commercial [Business/Office, Educational, Healthcare, Hospitality]), By Price Range (High-end, Medium, Low), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The metal furniture segment is expected to witness over 4.6% CAGR during the forecast period attributed to the high durability of these materials. Metal is the widely used material in furniture production owing to its strong mechanical benefits, stimulating the market demand. Furthermore, plastics segment is likely to grow considerably owing to the rising demand for plastic chairs and tables. Plastics including High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), polystyrene (PS), and Polypropylene (PP) are used in making furniture products. Plastic is among the lowest priced raw materials available in the market. Low-cost and long durability advantages are boosting product demand. Chairs, tables, sofas, and other furniture are witnessing strong demand in the outdoor area.
The commercial segment will gain remarkable momentum during the forecast timeline owing to the surging construction of commercial buildings such as educational, healthcare, hospitality, and other commercial sectors. A surging number of clinics & hospitals owing to the increasing prevalence of various chronic diseases in the region will expand the application scope. Moreover, increasing population, a surge in the real estate industry, and high global penetration of organized retail will augment the business/office furniture market.
The North America furniture market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2017 to 2027 for the following segments:
North America Market, By Material
North America Market, By Application
- Upholstered furniture
- Non-upholstered furniture
- Kitchen cabinet
- Dining room
- Blinds & shades
North America Market, By Distribution Channel
North America Market, By Price Range
The above information has been provided for the following countries:
- North America