Furniture Manufacturing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 7/3/2017
SIC Codes: 2511, 2512, 2514, 2515, 2521, 2522, 2531, 2599
NAICS Codes: 337
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Furniture Manufacturing Industry Profile

Companies in this industry manufacture household, office, and institutional furniture and related products, including mattresses. Major companies include Heritage Home Group, 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), Natuzzi (Italy), Okamura Corporation (Japan), and Samson Holding (China).

Worldwide, furniture sales total about $400 billion annually, according to CSIL Centre for Industrial Studies. Top exporters of furniture include China, Germany, Italy, Poland, and Vietnam. The US is the largest importer of furniture, followed by Germany, the UK, France, and Canada.

The US furniture manufacturing industry includes about 15,000 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 one-third of furniture ...

 
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