The Home Furniture Market in US is being driven by Improving residential construction market
The Home Furniture Market in US is expected to grow at a CAGR of 2.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 11 billion. In the dynamic home furniture market of the US, the trend towards eco-friendly or green furniture is gaining significant traction. This shift is driven by increasing consumer awareness and demand for sustainable products, spurred on by concerns over environmental implications such as global warming. Manufacturers are responding by focusing on reducing carbon footprints and creating styles that cater to consumer preferences while minimizing environmental impact. The eco-conscious movement in furniture production is poised to become a major force in the industry.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.9% |
Market growth 2025-2029 |
USD 11 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
2.8 |
Key countries |
US, North America, and US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The home furniture market in the US is experiencing a surge in online orders, driven by supply chain improvements and global trade. Eco-friendly furniture is gaining popularity, aligning with various lifestyles. New product lines, including those made of wood, leather, and metals like rose gold, gold, brass, and blackened metals, are emerging. Economic growth and consumers' spending power fuel the demand for both standard and luxury home furnishings. The industry, including offices and economic recovery, benefits from the real GDP increase. Luxury interior designers create unique, high-end experiences, driving growth in the luxury furniture market. However, rising material costs and a skilled labor shortage pose challenges.
The home furniture market in the US is a significant segment of the global home furnishings industry, encompassing manufacturers and marketers of furniture, home decor, floor coverings, and related products. According to Technavio, market growth is driven by several factors, including the surge in residential and commercial construction projects, leading to increased demand for new furniture and renovation projects. Furthermore, there is a growing trend towards eco-friendly and sustainable furniture solutions, with consumers prioritizing sustainability and lifestyle preferences in their purchasing decisions. New product lines, such as ready-to-assemble (RTA) furniture, are gaining popularity due to their affordability and convenience. However, challenges persist in the form of rising material costs and a skilled labor shortage, which may impact production and profitability. Global trade policies and supply chain disruptions also pose risks to market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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