The furniture market is evolving continually and striving hard to present pieces that will attract a variety of customers and lifestyles globally. Several factors are contributing to the growth of the market, including shifting lifestyles, consumer income, changing urban landscapes, and additional economic factors. Other factors that are equally contributing to the market growth are the growing consumer demands and habits across different regions.
Market Overview
As one of the largest furniture markets in the world, the U.S. has a prominent market scenario comprising of both major domestic furniture companies and leading multinational furniture manufacturers. Together, they manufacture and distribute some of the best furniture pieces for both residential and commercial applications.
According To Straits Research, The global market for furniture is anticipated to grow at a CAGR of around 5.3% and reach USD 571.69 billion in terms of value by the year 2026.
Top 10 Furniture Manufacturers
Ashley Furniture Industries Ashley Furniture Industries, Inc. is a U.S.-based manufacturer, distributor, and retailer of home furnishings. The company has several subsidiaries, including Ashley Global Retail that primarily focuses on marketing, distribution, sales, and e-commerce of the products and Ashley Home Store, ltd., that mainly manages all the supply and distribution of products manufactured by their parent company. Ashley Furniture Industries reported revenues of over USD 500 million in 2018.
HNI - U.S. based Company The U.S.-based HNI is the world’s second-largest furniture company and one of the leading furniture manufacturers in the United States, in terms of office furniture sales. The company’s product portfolio comprises a wide range of office furnishing products, workspace accessories, and hearth products. HNI is a parent company for many of its subsidiaries, such as HNI International Inc., HNI Services LLC, HTI Hungary LLC, The HON Company, HNI Asia LLC, Holga Inc., and HFM Partners. In 2018, the company announced its partnership plans with Nowy Styl Group, one of the leaders in office furnishings. The partnership will allow both the companies to create a homogeneous service and support for clients across international markets.
IKEA - Furniture Retail Company IKEA is a leader among the top 10 furniture manufacturers globally and is renowned for its furnishings and home décor products. IKEA’s product portfolio includes a wide range of furnishing and home décor products such as bedding, flooring, outdoor furniture, decoration material, mirrors, lighting, kitchen cabinets and appliances, and clothes storage cabinets. The company sells its products through online stores and brick-and-mortar stores comprising of 1,002 home furnishing suppliers with its presence in 51 countries. IKEA’s retail business recorded USD 42.05 billion in revenue in FY2018, with a 4.5% increase in sales. By 2025, the company aims to expand its reach and interact with 3 billion people.
Steelcase - US company Founded in 1912, Steelcase remains to be one of the oldest and largest furniture companies in the U.S., specializing in the design, manufacture, distribution, and sales of furniture settings, interior architectural products, and the latest technology solutions. The company operates through three product segments — Systems and Storage, Seating and Others (including textiles and surface materials, tools, tech solutions), and Uncategorized Product Lines and Services. Since 2017, Steelcase and Microsoft have been working together on Creative Spaces — an interdependent ecosystem of office workspaces — to empower individuals and teams to do their best work. They have even co-developed the Steelcase Roam, a mobile stand and wall mounting system that allows groups and individuals to work together anywhere. Steelcase recorded USD 3.4 billion in revenue in FY2019, up from USD 3.1 billion in FY2018.
Williams-Sonoma Williams-Sonoma, Inc. is a U.S.-based publicly traded consumer products retailer that mainly sells home furnishings and kitchen wares. The company operates through its stores in countries, including the US, Puerto Rico, Australia, Canada, and the U.K. In 2018, the company announced its partnership plans with Reliance Industries Limited to expand its presence in the booming Indian market. The company recorded a revenue of USD 5.84 billion in FY2019. Williams-Sonoma is one of the most renowned top furniture manufacturers across the world.
Rooms To Go Rooms To Go is a U.S.-based furniture store chain that offers a wide range of home furnishing products, including living room sets, sleepers, loveseats, sofas, chairs, table sets, recliners, ottomans, chaises, and home entertainment products. In 2014, the company integrated Google Analytics Premium with BigQuery to provide a seamless shopping experience to the customers by offering thoroughly designed room packages. In 2019, Rooms To Go invested a staggering USD 69 million to locate its new warehouse and retail outlet store in Wilson County, creating more than 200 jobs and expanding its presence in Middle Tennessee.
Herman Miller Herman Miller is one of the leading office furniture manufacturers and suppliers in the United States. The company specializes in the design, manufacture, and sales of a wide range of furniture systems, textiles, and seating products in the U.S. and across the world. Herman Miller sells its office furnishings and accessories through third-party retail distributors. In February 2020, Herman Miller announced it’s partnering with tech company Logitech to manufacture a range of furniture for ‘high-performance’ gamers, thereby making a mark in the ever-growing P.C. gaming industry. In FY2019, the company’s sales accounted for a whopping USD 2.57 billion, for the fourth consecutive year.
TJX - U.S. based Company TJX is a U.S.-based furniture manufacturer that also sells clothing, footwear, gourmet food, beauty products, and housewares. TJX was formed as a subsidiary of Zayre Corp. in 1987 and became the latter’s legal successor. The company’s retail channels comprise of more than 3,800 stores spanning 43 states. The company recorded sales of more than USD 39 billion for the fiscal year 2019.
Okamura - Japanese Company Okamura is a Japanese industrial manufacturing company that specializes in the manufacture and sales of high-quality steel furniture and industrial machinery and equipment, including office chairs, tables, and accessories. For the fiscal year 2019, Okamura’s office furniture business recorded sales worth USD 1.21 billion, a YOY increase of 4.7%.
9 to 5 Seating 9to5 Seating is a U.S.-based furniture company that specializes in the design and manufacture of ergonomic office seating to meet the growing demands of today’s office environments. The company’s product portfolio comprises a wide range of designer products such as Link, Bella, Agent, Cydia, Aria, and Axis. In November 2019, 9to5 Seating was acquired by Flokk Group, a leader in office furnishings.
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