A new report, "Home Furniture Market in the U.S. 2016-2020," predicts that the U.S. home furniture market will grow with a CAGR of 5.81% during the 2016-2020 period.

“The trend of eco-friendly furniture and furnishings is expected to catch on. With an increase in the number of smaller apartments, the demand for smaller, more portable multipurpose furniture has been on the rise. This trend is likely to continue during 2016-2020," say one of the analysts who worked on the study.

The author of the report recognizes the following companies as the key players in the Home Furniture Market in the US: Ashley Furniture, IKEA, Berkshire Hathaway Furniture, Rooms to Go and Williams-Sonoma

Other prominent vendors in the market are Bassett Furniture, Bernhardt, Best Home Furnishings, Bush Furniture, Dorel, Ethan Allen, Flexsteel, Hooker Furniture, Klaussner, La-Z-Boy, Lacquer Craft, Lexington Home Brands, Natuzzi, O'Sullivan Industries, Sauder Woodworking, Standard Furniture, and Stanley Furniture.

According to the report, growing disposable income and changing consumer purchasing patterns and preferences will also play a vital role in the growth of the market during the forecast period.

Further, the report states that the major challenge inhibiting the growth of the home furniture market in the US is the negative impact of the interest rate hike by the U.S.  Federal Reserve System.

The market size was calculated from revenue generated by the vendors in these product category:

•     Beds and mattresses
•     Sofas and armchairs
•     Entailment units
•     Storage furniture
•     Chairs
•     Tables and desks

Source: Research and Markets