North America Furniture Market: Projected to Reach $215.71 Billion in 2023 with an Impressive 8.4% CAGR Growth

North America Furniture Market Overview

Market Value and Growth

The North America Furniture Market was valued at USD 215.71 billion in 2023, with projections indicating a growth rate of 8.4% CAGR over the forecast period from 2024 to 2030. This significant growth reflects increasing consumer purchasing power, the expansion of the real estate sector, and evolving consumer preferences towards multifunctional and eco-friendly furniture options.

Definition of the North America Furniture Market

The North America Furniture Market encompasses a wide range of products designed for various environments, including laboratories, spas, workplaces, clean rooms, restaurants, camping sites, residential spaces (bedrooms, living rooms), outdoor settings, libraries, parks, and retail stores. Furniture is typically classified into several categories:

• Types: Chairs, beds, cupboards, tables, shelves, and decorative art.
• Uses: Functions include seating, sleeping, dining, and storage.
• Production Methods: Items can be machine-made or handcrafted based on intended use.

To Learn More About This Study, Please Click Here:https://www.stellarmr.com/report/req_sample/North-America-Furniture-Market/507

Market Dynamics

Drivers of Growth

1. Consumer Purchasing Power: An increase in disposable income has led to greater investment in furniture.
2. Real Estate Development: Foreign direct investment in townships and smart cities has stimulated housing and commercial projects, increasing demand for furniture.
3. Tourism Growth: Rising tourism has led to increased hotel room availability, further driving demand for furniture products such as mattresses and sofas.
4. Online Shopping Trends: The rise in e-commerce has made furniture more accessible to consumers, with online orders significantly increasing since the COVID-19 pandemic.

Challenges

• Raw Material Costs: The price of essential materials such as wood and leather has risen, impacting overall production costs.
• Supply Chain Issues: A scarcity of quality wood and other materials has posed challenges for manufacturers.
• Environmental Concerns: Deforestation has led to reduced timber production, necessitating sustainable sourcing strategies.

Impact of COVID-19

The pandemic accelerated trends in remote work, leading to a surge in demand for home office furniture. Consumers have increasingly turned to online platforms for purchasing furniture, which has fundamentally altered shopping behaviors and preferences.

Consumer Trends

• DIY Furniture Popularity: The rise of DIY projects, especially among millennials, is enhancing online furniture sales.
• Sustainable Furniture Demand: Environmental awareness is shaping purchasing decisions, with a growing interest in eco-friendly furniture.
• Multifunctional Designs: Consumers are increasingly seeking furniture that maximizes space and functionality, catering to the needs of modern living.

To Learn More About This Study, Please Click Here:https://www.stellarmr.com/report/req_sample/North-America-Furniture-Market/507

Market Segmentation

By Material

• Wood: Dominates with a 43% market share due to cost-effectiveness and traditional appeal.
• Metal: Expected to grow significantly due to its durability and suitability for outdoor and commercial settings.
• Plastic: Gaining traction for its versatility and affordability.
• Others: Includes materials such as glass

By Category

• Indoor
• Outdoor

By End User

• Residential
• Office
• Hotel
• Others

Competitive Landscape

Harman Miller Inc. (U.S.)
Steelcase Inc. (U.S.)
HNI Corporation (U.S.)
Ashley Furniture Industries Inc. (U.S.)
Duff & Phelps, LLC. (U.S.)
North America Furniture USA (U.S.)
ZouYou (China)
Dare Studio (England)
Inter IKEA Group
Steelcase Inc.

Get Know More About The Report : https://www.stellarmr.com/report/North-America-Furniture-Market/507