Furniture Manufacturing
Companies in this industry manufacture household, office, and institutional furniture and related products, including mattresses. Major companies include Herman Miller, HNI, La-Z-Boy, Leggett & Platt, Steelcase, and Tempur Sealy (all based in the US), along with Hunter Douglas and IKEA (both in the Netherlands), Kokuyo and Okamura Corporation (both in Japan), and Samson Holding (China).
The global furniture market is projected to reach over $650 billion by 2027, according to Statista. China was the leading exporter of furniture to the rest of the world, with about $70 billion export value in 2020. Poland, on the other hand, had an exporting value of about $13 billion.
The US furniture manufacturing industry includes about 14,500 establishments (single-location companies and units of multi-location companies) with annual revenue of about $75 billion.
Competitive Landscape
The volume of home furniture sold depends heavily on the level of home sales, while office furniture sales depend on the health of the US economy overall. The profitability of individual companies is closely linked to volume, since many costs are fixed. Large companies enjoy economies of scale in purchasing. Small companies can compete effectively if they produce specialty items or high-quality workmanship that can sell for a premium price. Some segments, such as mattress manufacturing and office furniture manufacturing, are highly concentrated, but the US industry as a whole is fragmented: the largest 50 companies generate about 40% of revenue.
Imports, primarily from China, account for about 60% of furniture sold in the US. Other leading sources of imports include Vietnam, Canada, and Mexico. Exports, which go mainly to Canada, represent about half of US furniture production.
Products, Operations & Technology
Major product categories include household furniture (about 40% of US industry revenue); institutional furniture (about 15%); office furniture (about 20%);
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