PUBLISHER: Grand View Research | PRODUCT CODE: 1512090
PUBLISHER: Grand View Research | PRODUCT CODE: 1512090
The North America contract furniture market size is expected to reach USD 51.58 billion by 2030, growing at a CAGR of 4.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is primarily attributed to factors such as growth of hospitality and housing sectors, developments in the commercial construction industry, and the growing demand for premium and luxury furniture.
There is a notable increase in the usage of sustainable and eco-friendly raw materials in the market. With growing awareness of environmental concerns, manufacturers are shifting to materials that have minimal impact on the environment throughout their lifecycle. These include renewable resources such as sustainably-sourced wood, bamboo, and cork, as well as recycled materials like reclaimed wood, recycled plastics, and repurposed metals.
The increase in commercial development in the region is a significant factor driving the market growth. As of November 24, 2022, Growth Natives, a prominent modern marketing and customer engagement agency based in the U.S., expanded its corporate offices to accommodate its rapid growth and future market development plans. This expansion, coinciding with the company reaching the milestone of 300 employees within just three years, reflects the increasing demand for office space and the need for flexible, adaptable environments to support growing businesses. With offices spanning, the U.S., and Canada, covering over 30,000 square feet collectively, this commercial development and corporate expansion will potentially drive the demand for contract furniture solutions.
The healthcare sector in North America is undergoing expansion and renovation to meet the needs of the aging population and evolving healthcare delivery models. As new hospitals, clinics, and medical offices are built or renovated, there is a demand for specialized healthcare furniture designed to enhance patient comfort, facilitate care delivery, and comply with regulatory standards, driving the growth of the market.
Moreover, the hospitality industry, which includes hotels, restaurants, and entertainment venues, is experiencing robust growth driven primarily by increased travel and tourism. This growth fuels the demand for contract furniture to furnish lobbies, guest rooms, dining areas, and outdoor spaces, creating opportunities for furniture manufacturers and suppliers. For instance, according to the U.S. Hotel Construction Pipeline Trend Report published by Lodging Econometrics (LE), in Q1 2024, there were around 6,065 projects with 702,990 rooms in the pipeline.