According to a new report the North American furniture market is projected to grow this decade from $249.4 billion in 2020 to $400.07 billion by 2030, registering a compound annual growth rate (CAGR) of 4.9% from 2021 to 2030.

The Allied Market Research report, titled “North America furniture Market by Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2030,” projects the residential segment in the furniture market to have the highest market share during the forecast period. However, the report states the commercial segment is expected to grow comparatively faster than other types, witnessing a CAGR of 5.1%.

According to the report, the furniture market is driven by various factors such as a rise in disposable incomes, growth of real estate and hospitality industries, and demand for luxury and premium furniture from certain consumer sections. Furthermore, increased government investments in infrastructure development are projected to improve furniture demand in the residential and commercial sectors in the near future.