Living Room Furniture - NAFTA | Statista Market Forecast

In 2024, the revenue in the Living Room Furniture market in NAFTA amounts to US$81.26bn.
It is projected to grow annually by 3.52% (CAGR 2024-2029).
When compared globally, United States leads in generating the most revenue, with US$73bn in 2024.
Looking at the per person figures, in 2024, each individual in NAFTA generates revenues of US$159.20.
The demand for modern and minimalist living room furniture is growing steadily in the NAFTA market, particularly in the United States.

Definition:

This Living Room Furniture segment refers to movable objects that are designed to be used in a living room, which is typically a central and multi-functional space in a home. It includes items that are intended to make the room more comfortable and functional, such as seating, tables, and storage unts (e.g., TV stands, console tables, etc.)

Structure:

The Living Room Furniture segment is divided into two subsegments:

The Seats & Sofas subsegment refers to furniture designed for sitting, lounging, or reclining, and typically includes items such as sofas, armchairs, recliners, and ottomans.
The Cabinets, TV Stands, & Side Tables subsegment refers to furniture items that are designed to store or hold various objects such as media equipment, drinks, books, or lamps.

Additional Information:

The Living Room Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Sofas and armchairs, dining chairs
Bar tables and chairs, stools, and benches
Coffee, console, and side tables
TV and media furniture

Consumer electronics
Household appliances
Lamps and lighting
Floor covering

The Living Room Furniture market in nafta is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.

Customer preferences: play a crucial role in driving the growth of the Living Room Furniture market in nafta. Consumers in this region are increasingly seeking stylish and comfortable furniture for their living rooms. They are looking for pieces that not only provide functionality but also enhance the overall aesthetics of their homes. Additionally, customers are becoming more conscious about the environmental impact of their purchases and are opting for sustainable and eco-friendly furniture options. This shift in consumer preferences is driving manufacturers to innovate and offer a wide range of sustainable living room furniture options.

Trends in the market: are also shaping the development of the Living Room Furniture market in nafta. One prominent trend is the rise of online shopping. With the increasing penetration of the internet and the convenience it offers, more and more consumers are turning to online platforms to purchase their living room furniture. This trend is driving manufacturers and retailers to establish a strong online presence and offer seamless online shopping experiences. Additionally, customization is gaining popularity in the market. Customers are looking for unique and personalized furniture pieces that reflect their individual style and taste. As a result, manufacturers are offering customizable options to cater to this demand.

Local special circumstances: in the nafta region are also contributing to the growth of the Living Room Furniture market. One such circumstance is the increasing urbanization in the region. As more people move to urban areas, the demand for compact and space-saving furniture is on the rise. Consumers are seeking furniture that can fit into smaller living spaces without compromising on comfort and style. This has led to the development of innovative and multifunctional furniture designs that cater to the needs of urban dwellers.

Underlying macroeconomic factors: are also playing a role in the development of the Living Room Furniture market in nafta. The region's stable economic growth and rising disposable incomes have increased consumers' purchasing power. As a result, they are more willing to invest in high-quality living room furniture that offers long-term durability and value for money. Additionally, favorable government policies and initiatives to promote the local manufacturing industry are boosting the production and availability of living room furniture in the market. In conclusion, the Living Room Furniture market in nafta is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers seek stylish and sustainable furniture, manufacturers are innovating and offering a wide range of options. The rise of online shopping and customization, along with increasing urbanization, are shaping the market. Favorable macroeconomic factors, such as stable economic growth and rising disposable incomes, are also driving the market forward.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.