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The US - online household furniture market size is forecast to increase by USD 6.21 billion, at a CAGR of 4.33% between 2023 and 2028. The market growth analysis depends on several factors such as the increasing online sales of household furniture, the increased awareness of home decor and attractive furnishings, and the increase in demand for multifunctional furniture.
The report includes a comprehensive outlook on the market, offering forecasts for the industry segmented by Product, which comprises living room furniture, bedroom furniture, storage furniture, and others. Additionally, it categorizes Material into wood, metal, and others, and covers Type, including non-ready to assemble, and ready to assemble. The market research and growth report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased awareness of home decor and attractive furnishings is the key factor driving market growth. Home decor has become one of the latest growing businesses. Rapid urbanization has prompted individuals to adopt innovative products to match the requirements of the home and individual preferences. Many home furnishing companies provide virtual tours and live demonstrations to showcase the look and feel of the furniture on display for consumers. This gives them a real picture of how the furniture of interest can fit into their apartments.
Further, manufacturers are introducing style profiling, which enables purchasers to choose from an extensive range of products. Some companies have changed their merchandising strategy to present their products using a theme rather than putting them in front of the customer just as a commodity. As a result, they attract customers by marketing a lifestyle along with the product. Thus, increased awareness of home decor and attractive furnishings will drive the growth of the market during the forecast period.
Technological innovations in household furniture is the primary trend shaping market growth. Many major players operating in the US - online household furniture market have been focusing on implementing emerging technologies to develop comfortable, attractive, and functional luxury furniture items that blend smoothly into modern lifestyles. Further, mobile technology, the Internet of Things (IoT), machine learning, augmented reality, touch commerce, and virtual reality are among the major technological advancements or innovations that are being deployed in the online household furniture market in US.
Moreover, alligned with market trends and analysis, new apps are readily being launched, which enable users to design the interiors of a room according to the furniture that suits their needs. Thus, these factors make technological innovations an emerging trend in the online household furniture market in US, which will positively impact the growth of the market during the forecast period.
Diversified customer preferences for household furniture is a challenge that affects market growth. End-users are increasingly seeking additional features even in the simplest of furniture, such as mattresses, making it difficult for manufacturers to innovate as per different preferences. Some consumers, particularly millennials, wish to pay reluctantly for superior-quality furniture. It is observed that millennials do not bother about the quality but order it when they need it.
In addition, businesses that work on built-to-order manufacturing face difficulties in noting down customers' requirements from time to time. The concept of heavy one-time investment in furniture is taking a back seat. This is because millennials are more focused on keeping updated with the rapidly evolving furniture styles. Therefore, brick-and-mortar furniture stores face issues in retaining their customers. Hence, diversified customer preferences may impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. The market analysis and report data are qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The living room furniture segment is estimated to witness significant growth during the forecast period. In the US online household furniture market, consumers with higher purchasing power prioritize spending on multifunctional living room furniture like sofas, entertainment units, and tables. The demand for versatile seating solutions such as portable recliners and the JumpSeat 90 is rising, catering to smaller living spaces. Innovative sofa styles, convertible options, and a variety of chair types, including armchairs and bean bags, are driving the growth of the living room furniture segment in the US.
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The living room furniture segment was the largest segment and valued at USD 11.55 billion in 2018. High-spending consumers are increasingly investing in thematic furniture for a cohesive look in living rooms and outdoor spaces during home refurbishment. In the US online household furniture market, the demand for tables and desks is growing, fueled by the multifunctional trend. Innovative designs, such as wireless charging and integrated cooktops, cater to small spaces. Folding and versatile tables like console tables and 3-in-1 tables are gaining popularity, driving the growth of the tables and desks market in the US. Thus, such factors are driving the growth of the US - online household furniture market in the living room furniture segment during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends opportunities from 2018 to 2028.
US Online Household Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.33% |
Market growth 2024-2028 |
USD 6.21 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.48 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amazon.com Inc., Anthropologie, Beyond Inc., Costco Wholesale Corp., Etsy Inc., Floyd Home, Inter IKEA Holding BV, Lulu and Georgia Inc., Macys Inc., Medley, Ronbow, Serena and Lily Inc., Society Social Inc., Target Corp., The Home Depot Inc., The Roomplace, Walmart Inc., Wayfair Inc., Williams Sonoma Inc., and World Market |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Material
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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