The North American furniture market, as outlined in the report by Allied Market Research titled 'North America Furniture Market by Type and Distribution Channel', experienced substantial growth from $249,406.5 million in 2020 to a projected $400,068.8 million by 2030, with a compound annual growth rate (CAGR) of 4.9% from 2021 to 2030.
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Residential furniture dominated the market, contributing 47% of the market share in 2020, driven by increased consumer spending capacity and a booming real estate sector. The demand for home office furniture also surged due to the COVID-19 pandemic, as remote working became prevalent.
The commercial segment, projected to grow faster at a CAGR of 5.1%, is bolstered by investments in office furnishings by large corporations and small businesses alike. This trend is aimed at enhancing workplace comfort and productivity, with a growing interest in smart furniture solutions.
Factors driving market growth include urbanization, the purchasing power of millennials, and advancements in manufacturing technology that reduce costs and production time. However, rising raw material prices pose a long-term challenge for market expansion.
Key players in the North American furniture industry include Ralph Lauren Home, Knoll, Inc., Bassett Furniture Industries, Inter Ikea Systems BV, Kimball International, Inc., HNI Corporation, Haworth, Inc., Durham Furniture Inc., Steelcase Inc., and Stickley Furniture.
Inspite of these predictions, challenges such as raw material costs will need careful management to sustain growth over the forecast period.
Source: www.woodworkingnetwork.com