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 American 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.

The residential furniture market is anticipated to have the highest market share during the forecast period. The rise in the economy has increased the spending capacity of consumers, which in turn drives the sale of branded furniture items in the furniture market. The surge of infrastructure and real estate market boosts the demand for residential furniture products in the U.S. across the region.

According to the North American furniture market forecast, based on 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 purposes on a large scale. Also, the surge in sales of home office furniture contributes toward the growth of the residential segment.

The impact of COVID-19 on the North American furniture market was positive due to the rise in the adoption of office furniture at home. The strict guidelines were issued during the pandemic which is based on ‘Work from Home’ and ‘Stay at Home’. These laws resulted in growth in furniture sales in North America.

Furthermore, the demand for versatile and multi-functional products that offer portability and can easily be accommodated in small spaces drives the growth of the furniture market. Furniture demand is predicted to rise as a result of the rise in urbanization and the millennial generation's strong purchasing power. The residential segment leads the furniture market because of the rise in infrastructure and real estate market. Furthermore, advanced manufacturing technology has reduced manufacturing costs and time. However, manufacturers believe that rise in raw material prices would have a long-term impact on the market and hamper furniture market growth during the forecast period.

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 minimizes stress. In addition, smart furniture is also gaining popularity.

The key players operating in the North America furniture industry are 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.

Key findings of the study

• The North American 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.
• Based on type, the residential segment accounted for the highest furniture market share in 2020, growing at a CAGR of 4.4% from 2021 to 2030.
• Based on the distribution channel, the specialty stores segment accounted for about 42.6% share of the furniture market share in 2020 and is expected to experience growth at the highest CAGR of 4.5%.
• Based on country, the U.S. accounted for about 64.4% of the furniture market size and is expected to grow at a CAGR of 5.1%.