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U.s. Home Furniture And Bedding Market

U.S. Home Furniture and Bedding Market by Product Type (Sofa, Bed, Chair, Cupboard, and Others) and Sales Channel (Online and Offline),: Opportunity Analysis and Industry Forecast, 2021–2027

A10954
Pages: 134
Apr 2021 | 2135 Views
   
Author(s) : Anil Kamble , Roshan Deshmukh
Tables: 51
Charts: 40
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The U.S. home furniture and bedding market size was valued at $138,187.52 million in 2019, and is estimated to reach $183,489.52 million by 2027, registering a CAGR of 3.07% from 2021 to 2027. 

Home furniture refers movable items/articles used for the convenience of people for sitting, sleeping, and other daily activities. Various materials are used for designing home furniture such as wood, plastic, glass, and other metals. In addition, furniture plays a vital role in home décor and beautifying the ambience. 

US-Home-Furniture-and-Bedding-Market,-2021-2027

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Rise in spending power on home décor and home renovation is expected drive U.S. home furniture and bedding market growth. For instance, according to the statistics shared by the National Association Of Home Builders (NAHB) in 2018, the spending per home improvement in California increased to over $9,565 with a rise of over 20% as compared with 2017.

Furthermore, upsurge in sale of new and existing residential homes in the U.S. is anticipated to propel the growth of the market in the U.S. during the forecast period. Furthermore, home remodeling has been gaining considerable popularity among the U.S. households, which primarily involves several activities such as conversion, alteration, improvement, modernization, repair, and replacement of the furniture, thus notably contributing toward the growth of the overall market. 

COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. 

The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. 

However, the outbreak of the COVID-19 pandemic has positively affected the growth of the U.S. home furniture and bedding market. This is attributed to the fact that sales of home furniture and bedding has witnessed significant increase, as consumers are actively getting involved in home deigning, remodeling, and renovation during the lockdown period. Furthermore, consumers are choosing to replace their old furniture, including sofa, bed, and chair with new and aesthetic furniture. 

The U.S. home furniture and bedding market is segmented into product type and sales channel. On the basis of product type, the market is categorized into sofa, bed, chair, cupboard, and others. By sales channel, it is segregated into online and offline. 

According to U.S. home furniture and bedding market analysis, depending on product type, in 2019, the sofa segment garnered the major share in the U.S. home furniture and bedding market, and is expected to sustain its position during the U.S. home furniture and bedding market forecast period. This is attributed to the fact that sofa adds greater aesthetic value to living room and provides convenient and comfortable sitting position. In addition, sofa bed has been gaining major traction among the households, owing to benefits associated with it such as efficient use of space, can host more guest, and high functionality.

Manufactures in furniture industry are majorly focusing on the designing sofa for small size flats and houses. Thus, sofa manufacturing companies are coming with various smart furniture solution such as murphy sofa and sofa bed. Surge in population density in metropolitan areas and increase cost per square foot in urban areas decrease the size of the flats, which boosts the demand for murphy sofa and sofa bed. Thus, these attributes likely to influence to increase U.S. home furniture and bedding market demand.

U.S. Home Furniture and Bedding Market
By Product Type

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Sofa segment helds the major share of 34.9% in 2019

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According to U.S. home furniture and bedding market trends, on the basis of sales channel, the offline segment was valued at $85,455.16 million in 2019, and is expected to reach $85,946.49 million by 2027, registering a CAGR of 1.41%. This is attributable to the fact that consumers prefer to analyze and evaluate the product before purchase, which boosts the sale of home furniture through offline stores. Furthermore, offline stores such as retail stores, supermarkets/hypermarkets, and specialty have been gaining significant popularity, as they offer a wide range of options to choose from and proper suggestions & guidance from interior designing experts. In addition, migration of people from rural to urban areas is increasing the footfall of consumers in retail stores, which further contributes toward the growth of the U.S. home furniture and bedding market share through offline sales channels. 

The players operating in the U.S. home furniture and bedding market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this 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.

U.S. Home Furniture and Bedding Market
By Sales Channel

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Offline segment helds the major share of 61.8% in 2019

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Key Benefits For Stakeholders

  • The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assist to determine the prevailing market opportunities.
  • The major countries in each region are mapped according to their revenue contribution to the market. 
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the U.S. home furniture and bedding industry.

Key Market Segments

  • By Product Type
    • Sofa
    • Bed
    • Chair
    • Cupboard
    • Others
  • By Sales Channel
    • Online
    • Offline


Key Market Players

  • ASHLEY FURNITURE INDUSTRIES
  • HERMAN MILLER
  • HNI CORPORATION
  • HOOKER FURNITURE CORPORATION
  • LA-Z-BOY INC.
  • SAUDER WOODWORKING COMPANY
  • SERTA SIMMONS BEDDING, LLC
  • SLEEP NUMBER CORPORATION
  • STEELCASE
  • TEMPUR SEALY INTERNATIONAL, INC.
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key market benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Secondary research
1.4.2.Primary research

1.5.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Snapshot
2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key findings

3.2.1.Top investment pocket

3.3.Porter's five forces analysis

3.3.1.Bargaining power of suppliers
3.3.2.Bargaining power of buyers
3.3.3.Thereat of new entrants
3.3.4.Threat of substitute
3.3.5.Intensity of competitive rivalry

3.4.Market dynamics

3.4.1.Drivers

3.4.1.1.Surge in sales of new and existing residential homes
3.4.1.2.Increase in spending on home improvement and home décor
3.4.1.3.Rise in urbanized population
3.4.1.4.Increase in consumer interest toward home décor
3.4.1.5.Rapid adoption of online sales channels

3.4.2.Restraints

3.4.2.1.Increase in cost of raw materials

3.4.3.Opportunities

3.4.3.1.Rapid growth of the retail sector
3.4.3.2.Improving lifestyle due to rise in disposable income

3.5.Pricing analysis, 2019
3.6.Value chain analysis
3.7.Dashboard of top 20 manufacturers
3.8.Dashboard of top 20 distributors
3.9.Dashboard of top 20 retailers
3.10.Impact Of COVID-19 on the home furniture and bedding market in the U.S

CHAPTER 4:U.S. HOME FURNITURE AND BEDDING MARKET, BY PRODUCT TYPE

4.1.Overview

4.1.1.Market size and forecast

4.2.Sofa

4.2.1.Key market trends, growth factors, and opportunities
4.2.1.1.Market size and forecast

4.3.Bed

4.3.1.Key market trends, growth factors, and opportunities
4.3.1.1.Market size and forecast

4.4.Chair

4.4.1.Key market trends, growth factors, and opportunities
4.4.1.1.Market size and forecast

4.5.Cupboard

4.5.1.Key market trends, growth factors, and opportunities
4.5.1.1.Market size and forecast

4.6.Others

4.6.1.Key market trends, growth factors, and opportunities
4.6.1.1.Market size and forecast

CHAPTER 5:U.S. HOME FURNITURE AND BEDDING MARKET, BY SALES CHANNEL

5.1.Overview

5.1.1.Market size and forecast

5.2.Online

5.2.1.Key market trends, growth factors, and opportunities
5.2.1.1.Market size and forecast

5.3.Offline

5.3.1.Key market trends, growth factors, and opportunities
5.3.1.1.Market size and forecast

CHAPTER 6:COMPETITION LANDSCAPE

6.1.Top winning strategies
6.2.Product mapping
6.3.Competitive dashboard
6.4.Competitive heatmap
6.5.Key developments

6.5.1.Acquisition
6.5.2.Business expansion
6.5.3.Product launch
6.5.4.Agreement

CHAPTER 7:COMPANY PROFILES

7.1.ASHLEY FURNITURE INDUSTRIES

7.1.1.Company overview
7.1.2.Key executives
7.1.3.Company snapshot
7.1.4.Product portfolio

7.2.HERMAN MILLER

7.2.1.Company overview
7.2.2.Key executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.R&D expenditure
7.2.7.Business performance
7.2.8.Key strategic moves and developments

7.3.HNI CORPORATION

7.3.1.Company overview
7.3.2.Key executives
7.3.3.Company snapshot
7.3.4.Operating business segments
7.3.5.Product portfolio
7.3.6.R&D expenditure
7.3.7.Business performance
7.3.8.Key strategic moves and developments

7.4.HOOKER FURNITURE CORPORATION

7.4.1.Company overview
7.4.2.Key executives
7.4.3.Company snapshot
7.4.4.Operating business segments
7.4.5.Product portfolio
7.4.6.Business performance
7.4.7.Key strategic moves and developments

7.5.LA-Z-BOY INC.

7.5.1.Company overview
7.5.2.Key executives
7.5.3.Company snapshot
7.5.4.Operating business segments
7.5.5.Product portfolio
7.5.6.R&D expenditure
7.5.7.Business performance
7.5.8.Key strategic moves and developments

7.6.SAUDER WOODWORKING COMPANY

7.6.1.Company overview
7.6.2.Key executives
7.6.3.Company snapshot
7.6.4.Product portfolio

7.7.SERTA SIMMONS BEDDING, LLC

7.7.1.Company overview
7.7.2.Key executives
7.7.3.Company snapshot
7.7.4.Product portfolio
7.7.5.Key strategic moves and developments

7.8.SLEEP NUMBER CORPORATION

7.8.1.Company overview
7.8.2.Key executives
7.8.3.Company snapshot
7.8.4.Product portfolio
7.8.5.R&D expenditure
7.8.6.Business performance
7.8.7.Key strategic moves and developments

7.9.STEELCASE

7.9.1.Company overview
7.9.2.Key executives
7.9.3.Company snapshot
7.9.4.Operating business segments
7.9.5.Product portfolio
7.9.6.R&D expenditure
7.9.7.Business performance
7.9.8.Key strategic moves and developments

7.10.TEMPUR SEALY INTERNATIONAL, INC.

7.10.1.Company overview
7.10.2.Key executives
7.10.3.Company snapshot
7.10.4.Operating business segments
7.10.5.Product portfolio
7.10.6.Business performance
7.10.7.Key strategic moves and developments

LIST OF TABLES

TABLE 01.NEW AND EXISTING HOMES SOLD BY REGION IN THE U.S.
TABLE 02.U.S. HOME FURNITURE AND BEDDING MARKET, BY PRODUCT TYPE, 2019–2027 ($MILLION)
TABLE 03.U.S. HOME FURNITURE AND BEDDING MARKET, BY SALES CHANNEL, 2019–2027 ($MILLION)
TABLE 04.ASHLEY FURNITURE INDUSTRIES: KEY EXECUTIVES
TABLE 05.ASHLEY FURNITURE INDUSTRIES: COMPANY SNAPSHOT
TABLE 06.ASHLEY FURNITURE INDUSTRIES: PRODUCT PORTFOLIO
TABLE 07.HERMAN MILLER: KEY EXECUTIVES
TABLE 08.HERMAN MILLER: COMPANY SNAPSHOT
TABLE 09.HERMAN MILLER: OPERATING SEGMENTS
TABLE 10.HERMAN MILLER: PRODUCT PORTFOLIO
TABLE 11.HERMAN MILLER: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 12.HERMAN MILLER: NET SALES, 2018–2020 ($MILLION)
TABLE 13.HNI CORPORATION: KEY EXECUTIVES
TABLE 14.HNI CORPORATION: COMPANY SNAPSHOT
TABLE 15.HNI CORPORATION: OPERATING SEGMENTS
TABLE 16.HNI CORPORATION: PRODUCT PORTFOLIO
TABLE 17.HNI CORPORATION: R&D EXPENDITURE, 2017–2019 ($MILLION)
TABLE 18.HNI CORPORATION: NET SALES, 2017–2019 ($MILLION)
TABLE 19.HOOKER FURNITURE CORPORATION: KEY EXECUTIVES
TABLE 20.HOOKER FURNITURE CORPORATION: COMPANY SNAPSHOT
TABLE 21.HOOKER FURNITURE CORPORATION: OPERATING SEGMENTS
TABLE 22.HOOKER FURNITURE CORPORATION: PRODUCT PORTFOLIO
TABLE 23.HOOKER FURNITURE CORPORATION: NET SALES, 2018–2020 ($MILLION)
TABLE 24.LA-Z-BOY INC.: KEY EXECUTIVES
TABLE 25.LA-Z-BOY INC.: COMPANY SNAPSHOT
TABLE 26.LA-Z-BOY INC.: OPERATING SEGMENTS
TABLE 27.LA-Z-BOY INC.: PRODUCT PORTFOLIO
TABLE 28.LA-Z-BOY INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 29.LA-Z-BOY INC. : NET SALES, 2018–2020 ($MILLION)
TABLE 30.SAUDER WOODWORKING COMPANY: KEY EXECUTIVES
TABLE 31.SAUDER WOODWORKING COMPANY: COMPANY SNAPSHOT
TABLE 32.SAUDER WOODWORKING COMPANY: PRODUCT PORTFOLIO
TABLE 33.SERTA SIMMONS BEDDING, LLC: KEY EXECUTIVES
TABLE 34.SERTA SIMMONS BEDDING, LLC: COMPANY SNAPSHOT
TABLE 35.SERTA SIMMONS BEDDING, LLC: PRODUCT PORTFOLIO
TABLE 36.SLEEP NUMBER CORPORATION: KEY EXECUTIVES
TABLE 37.SLEEP NUMBER CORPORATION: COMPANY SNAPSHOT
TABLE 38.SLEEP NUMBER CORPORATION : PRODUCT PORTFOLIO
TABLE 39.SLEEP NUMBER CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 40.SLEEP NUMBER CORPORATION: NET SALES, 2018–2020 ($MILLION)
TABLE 41.STEELCASE: KEY EXECUTIVES
TABLE 42.STEELCASE: COMPANY SNAPSHOT
TABLE 43.STEELCASE: OPERATING SEGMENTS
TABLE 44.STEELCASE: PRODUCT PORTFOLIO
TABLE 45.STEELCASE: R&D EXPENDITURE, 2018–2020 ($MILLION)
TABLE 46.STEELCASE: NET SALES, 2018–2020 ($MILLION)
TABLE 47.TEMPUR SEALY INTERNATIONAL, INC.: KEY EXECUTIVES
TABLE 48.TEMPUR SEALY INTERNATIONAL, INC.: COMPANY SNAPSHOT
TABLE 49.TEMPUR SEALY INTERNATIONAL, INC.: OPERATING SEGMENTS
TABLE 50.TEMPUR SEALY INTERNATIONAL, INC.: PRODUCT PORTFOLIO
TABLE 51.TEMPUR SEALY INTERNATIONAL, INC.: NET SALES, 2018–2020 ($MILLION)

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.U.S. HOME FURNITURE AND BEDDING MARKET SNAPSHOT, BY SEGMENTATION, 2020–2027
FIGURE 03.TOP INVESTMENT POCKETS, BY PRODUCT TYPE
FIGURE 04.HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 05.LOW BARGAINING POWER OF BUYERS
FIGURE 06.HIGH THREAT OF NEW ENTRANTS
FIGURE 07.LOW THREAT OF SUBSTITUTION
FIGURE 08.HIGH INTENSITY OF COMPETITIVE RIVALRY
FIGURE 09.U.S. HOME FURNITURE AND BEDDING MARKET SHARE, BY PRODUCT TYPE, 2019 (%)
FIGURE 10.U.S. HOME FURNITURE AND BEDDING MARKET REVENUE FOR SOFA, 2019-2027 ($MILLION)
FIGURE 11.U.S. HOME FURNITURE AND BEDDING MARKET REVENUE FOR BEDA, 2019-2027 ($MILLION)
FIGURE 12.U.S. HOME FURNITURE AND BEDDING MARKET REVENUE FOR CHAIR, 2019-2027 ($MILLION)
FIGURE 13.U.S. HOME FURNITURE AND BEDDING MARKET REVENUE FOR CUPBOARD, 2019-2027 ($MILLION)
FIGURE 14.U.S. HOME FURNITURE AND BEDDING MARKET REVENUE FOR OTHERS, 2019-2027 ($MILLION)
FIGURE 15.U.S. HOME FURNITURE AND BEDDING MARKET SHARE, BY SALES CHANNEL, 2019(%)
FIGURE 16.U.S. HOME FURNITURE AND BEDDING MARKET REVENUE FOR ONLINE, 2019-2027 ($MILLION)
FIGURE 17.U.S. HOME FURNITURE AND BEDDING MARKET REVENUE FOR OFFLINE, 2019-2027 ($MILLION)
FIGURE 18.TOP WINNING STRATEGIES, BY YEAR, 2017–2021*
FIGURE 19.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2017–2021* (%)
FIGURE 20.PRODUCT MAPPING OF TOP 10 KEY PLAYERS
FIGURE 21.COMPETITIVE DASHBOARD OF TOP 10 KEY PLAYERS
FIGURE 22.COMPETITIVE HEATMAP OF TOP 10 KEY PLAYERS
FIGURE 23.HERMAN MILLER: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 24.HERMAN MILLER: NET SALES, 2018–2020 ($MILLION)
FIGURE 25.HERMAN MILLER: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 26.HNI CORPORATION: R&D EXPENDITURE, 2017–2019 ($MILLION)
FIGURE 27.HNI CORPORATION: NET SALES, 2017-2019 ($MILLION)
FIGURE 28.HNI CORPORATION: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 29.HOOKER FURNITURE CORPORATION: NET SALES, 2018–2020 ($MILLION)
FIGURE 30.HOOKER FURNITURE CORPORATION.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 31.LA-Z-BOY INC.: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 32.LA-Z-BOY INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 33.LA-Z-BOY INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 34.SLEEP NUMBER CORPORATION: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 35.SLEEP NUMBER CORPORATION: NET SALES, 2018–2020 ($MILLION)
FIGURE 36.STEELCASE: R&D EXPENDITURE, 2018–2020 ($MILLION)
FIGURE 37.STEELCASE: NET SALES, 2018-2020 ($MILLION)
FIGURE 38.STEELCASE: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 39.TEMPUR SEALY INTERNATIONAL, INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 40.TEMPUR SEALY INTERNATIONAL, INC.: REVENUE SHARE BY SEGMENT, 2020 (%)

 
 

The U.S. home furniture and bedding market is expected to exhibit notable growth during the forecast period, owing to increase in consumer’s interest toward home improvement. In addition, upsurge in urban population and development of the real estate industry have fostered the sales of new and existing residential homes, thereby fueling the growth of the market. Moreover, surge in adoption of concept of home garden is supporting the growth of the market, as consumers are spending significantly on garden furniture to beatify their homes. 

Upsurge in disposable income and improvement in lifestyle of individuals are further expected to offer remunerative opportunities for investors in the home furniture and bedding market.

In the current scenario, eco-friendly home decor products are gaining high acceptance among consumers. Rapid expansion of the retail industry plays a major role in the distribution of home furniture.

In addition, specialty stores and supermarket & hypermarkets are witnessing increase in footfall of buyers in the U.S. This is majorly attributed to availability of enormous options for consumers to choose from. Multi-brand furniture specialty stores offer sofa, cupboards, and beds under many brands, which allow buyers to compare their elegant designs, size, utility, and colors, thus helping them to take buying decisions.

Furthermore, many manufacturers are collaborating with importers, contractors, and interior designers to sell their home furniture and bedding products. Companies have further opted for e-commerce platforms to sell their products and increase their profit margins by reducing the distribution costs.

However, increase in cost of raw materials has a direct impact on consumer price, which is likely to hamper the growth of the U.S. home furniture and bedding market. Imposition of regulation and conditions on the timber production is further limiting the supply of raw materials, which leads to increase in cost of production.

On the contrary, surge in demand for customizable and suitable furniture for nuclear family household and small size residential homes is expected to act as a potential growth opportunity for the furniture manufacturing companies operating in the U.S. 

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FREQUENTLY ASKED QUESTIONS?
Our Report Looks Like This
 

A. The U.S. home furniture and bedding market size was valued at $138,187.52 million in 2019, and is estimated to reach $183,489.52 million by 2027, registering a CAGR of 3.07% from 2021 to 2027.

A. The forecast period in the U.S. Home Furniture and Bedding Market report is 2021-2027.

A. The base year calculated in the U.S. Home Furniture and Bedding Market report is 2019.

A. Steelcase, HNI Corporation, Herman Miller, Sleep Number Corporation and La-Z-Boy Inc. are some of the top companies holding the market share in the U.S. home furniture and bedding market.

A. Cupboard is the most influential segment growing in the U.S. home furniture and bedding market report.

A. Sofa segment holds the maximum market share of the U.S. Home Furniture and Bedding Market

A. Companies are selected on the basis of product portfolio, market share in U.S. region, and revenue.

A. In 2019, the U.S. home furniture and bedding market was valued at $138,187.52 million.

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