As per the research report insights analyst predicts the home furniture market in the US to grow steadily at a CAGR of around 6% during the forecast period.Growing need for shifting and settling down has led to an upsurge in demand for home furniture globally. Also, the growing popularity of online stores due to the rising internet penetration will positively affect the growth potential of this market.
Increasing demand for smart furniture is projected to contribute towards growth of the global market of home furniture significantly. Latest published report by Research Report Insights (RRI) reveals that the global market of home furniture market is projected to reflect an Impressive CAGR over the assessment period, 2017 – 2021.
Factors Fuelling Growth of the Global Market
Design of the furniture and comfort are significantly impacting the purchasing decisions of the customers. Customers today prefer purchasing home furniture that are equipped with smart technology as compared to traditional furniture. Smart furniture enable the customers to conveniently move and operate the furniture. Hydraulic beds, sofa cum beds, bed with storage, recliners, and foldable tables are some of the smart furniture that witness considerable demand among customers. Such factors are likely to fuel demand for home furniture throughout 2022.
Plastic as compared to other materials is projected to reflect a relatively high growth in the global market through 2022. Glass material segment is projected to reflect the second highest CAGR in the global market of home furniture throughout 2022.Wood among other materials is projected to witness a relatively high growth in terms of revenue in the global market of home furniture. The wood segment is projected to represent more than US$ 25,000 Mn by 2017 – end. Metal among other material types is projected to reflect a significant growth in terms of revenue after wood in the global market in 2017.
Due to the populace’s growing preference for sustainable living practices, the trend of eco-friendly furniture and furnishings is envisaged to gain traction during the forecast period. Also, with an increase in the number of small apartments in the US, the demand for smaller, more portable multipurpose furniture has been on the rise. This increase in the demand for portable multipurpose furniture will foster the prospects for market growth until 2020.
Sales of home furniture is projected to remain high through retail sector globally. The retail sector segment is projected to reflect a value lower than US$ 18,000 Mn in 2021 – end. Direct to consumer segment among other distribution channels is projected to reflect a significant growth in terms of revenue by 2021 – end. Retail sector among other distribution channels is projected to reflect a relatively high CAGR throughout 2021.
The competitive landscape in the market ismoderately competitive, with presence of leading companies such as La-Z-Boy Incorporated, Ashley Furniture Industries, Inter Ikea Systems B.V., Flexsteel Industries, Inc., Suofeiya Home Collection Co Ltd, Nitori Co Ltd, Steinhoff International Holding N.V., Basset Furniture Industries Inc, Kimball International, Inc, Herman Miller Inc, Berkshire Hathaway, Steelcase, and Williams-Sonoma, Inc.