The improving residential construction market in countries like the United States and Canada are some of the major factors fuelling the growth of home furniture products in the region. New home construction and sales activity are likely to increase in key cities of Canada, especially in the high-rise sector. Furthermore, a rise in the number of single households is also augmenting the demand for home furniture products such as living, bedroom, and kitchen furniture products.
There is also rising popularity of DIY furniture among millennials and the availability of such products is expected to propel the sales of furniture though online retail stores. The rising consciousness of consumers on the environment is steadily impacting consumer choices demand sustainable furniture is growing popularity in the region. Furthermore, there is a rapid growth in green homes construction in the U.S. which is further paving way for eco-friendly furniture products. Moreover, the increasing influx of manufacturers in the region with handmade furniture products manufactured in U.S. American Eco Furniture, LLC is resulting in the progress of furniture industry in North America.
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Key Market Trends
United States Witnessing Rising Demand for Home Furniture Due to Increased Construction Activity
The US housing construction is gaining momentum and there is increasing residential activity in the country which is fueling the demand for home furniture products as new home purchases witness a rising demand for furniture products. This is further expected to spur market demand. As per the US census bureau, the number of household units in 2018 was nearly 139 million. Single-family and multifamily housing starts also added around 1.0 million new housing units in 2019. It is estimated that household formations will average around 1.22mn per annum through 2028. The demand for the housing market remained strong in the country due to a healthy economy and positive demographics. This increasing number of housing units which include both multi-family and single-family housing completions will further fuel the demand for home furniture in the country in the forecast period.
Rising E commerce Sales of Home Furniture Products
Online purchase of furniture is growing rapidly in the region and nearly 69% of the leading furniture retailers in North America are enabled with eCommerce. Buying furniture online is becoming a trend as customers prefer online buying due to the convenience and comfort of logistics and shipping of furniture items to their doorstep. Many furniture retailers are creating a strong online brand presence and increase their sales with online stores and e-commerce portals. Retailers like IKEA, Wayfair, and Amazon have been investing heavily in their online presence and are securing a large market share on online sales of home furniture products such as living room furniture, bedroom furniture, and kitchen furniture products. The retailers are also introducing new brands to enhance their online presence for instance Amazon introduced two private furniture label brands “Rivet” focused on mid-century modern furniture designs and “Stone & Beam” focused on upscale designs.
Competitive Landscape
The North America home furniture market is competitive with the presence of many players. The manufacturers are focusing on launching new products complemented with innovative designs. The leading furniture brands are focusing on personalization in product offerings which is gaining popularity among the various consumer groups. In addition, the growing preference of e-commerce platforms by customers to purchase home furniture products is likely to help the market players to expand their market presence.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS & INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Opportunities
4.5 Industry Value Chain Analysis
4.6 Porters 5 Force Analysis
4.7 Insights on technological innovations in the furniture industry
4.8 Consumer Behaviour Analysis
4.9 Insights on Imports and Exports of Home Furniture Products
4.10 Insights on key online players in the market
4.11 Impact of COVID 19 on the market
5 MARKET SEGMENTATION
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