Rise in sales of new and existing residential homes, increase in spending on home improvement and home décor, and surge in urbanization drive the growth of the U.S. home furniture and bedding market. The offline segment, based on sales channel, dominated in 2019 with highest market share, and is expected to lead the trail by 2027.
Portland, OR, April 20, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. home furniture and bedding industry was estimated at $138.18 billion in 2019, and is expected to garner $183.48 billion, manifesting a CAGR of 3.07% from 2021 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Rise in sales of new and existing residential homes, increase in spending on home improvement and home décor, and surge in urbanization drive the growth of the U.S. home furniture and bedding market. Furthermore, rapid adoption of online sales channels and growth in consumer interest toward home décor fuel the growth of the market. On the other hand, rise in cost of raw material restrains the market growth. Conversely, rapid growth of the retail sector and improvement in lifestyle due to rise in disposable income are expected to usher an array of opportunities for the market players in the future.
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The outbreak of COVID-19 impacted the market with partial or complete shutdown of production facilities and disrupted supply chain.
The consumers have actively got involved in home designing, remodeling, and renovation during the lockdown period. Which in turn has increased the demand for home furniture and bedding.
However, the government bodies in some regions have relaxed certain restrictions, which is expected to assist the market to recoup soon.
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The U.S. home furniture and bedding market is segmented into product type and sales channel. Based on product type, the sofa segment held the highest position in terms of revenue, with more than one-third of the U.S. home furniture and bedding market in 2019. On the other hand, the cupboards segment is estimated to register the highest CAGR of 6.1% during the forecast period. Other segments studied in the report include bed, chair, and others.
Based on sales channel, the market id bifurcated into online and offline. The offline segment held the largest share in 2019, with more than three-fifths of the U.S. home furniture and bedding market. At the same time, the online segment is projected to portray the highest CAGR of 3.1% during the forecast period.
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Major market players profiled in the report include Steelcase, HNI Corporation, Herman Miller, Sleep Number Corporation, La-Z-Boy Inc., Tempur Sealy International, Inc., Serta Simmons Bedding, LLC, Sauder Woodworking Company, Ashley Furniture Industries, and Hooker Furniture Corporation.
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