North America continues to dominate as the largest market for the Furniture Industry, with the market projected to grow at a steady compound annual growth rate (CAGR) of 4.9% through 2030.
According to a new report published by Allied Market Research, titled, 'North America furniture Market by Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021-2030,' the North America furniture market size was valued at $ 249,406.5 million in 2020 and is projected to reach $ 400,068.8 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.
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The residential segment in the furniture market is anticipated to have the highest market share during the forecast period. The rise in economy has increased the spending capacity of the consumers, which in turn drives the sale of branded furniture items in the furniture market. The surge in phase of infrastructure and real estate market boosts the demand for residential furniture products in the U.S. across the region.
According to the North America furniture market forecast, on the basis of type, the residential segment was the highest contributor to the market, accounting for 47% of the market share in 2020, because the furniture is used for residential purpose on large scale. Also, the surge in sales of home office furniture contributes toward the growth of the residential segment.
The commercial segment is expected to grow comparatively faster than other types witnessing a CAGR of 5.1%. The growth of the segment is driven by large enterprises, corporates, and even emerging small companies that are investing heavily in furnishing and interiors of office spaces to provide employees with comfortable and productive environments. Thus, vendors are designing office furniture that offers better comfort and minimises stress. In addition, smart furniture is also gaining popularity.
By country, the North America furniture market is dominated by the U.S., particularly owing to large domestic demand coupled with rise in disposable income and change in lifestyle of consumer across the region.
Source: www.whatech.com