|Last Quarterly Update:||10/14/2013|
|SIC Codes:||2511, 2512, 2514, 2515, 2521, 2522, 2531, 2599|
|NAICS Codes:||3371, 3372, 3379|
|Industry Overview||Trends & Challenges||Industry Forecast|
|Quarterly Industry Update||Call Prep Questions||Website & Media Links|
|Business Challenges||Financial Information||Glossary & Acronyms|
Companies in this industry manufacture products such as wood and metal household, office, and institutional furniture; mattresses; wood kitchen cabinets; and commercial showcases and shelving. Major companies include Furniture Brands International, Herman Miller, HNI, La-Z-Boy, Leggett & Platt, Steelcase, and Temper-Pedic (all based in the US), along with Hunter Douglas (the Netherlands), IKEA (Sweden), Natuzzi (Italy), Okamura Corporation (Japan), and Samson Holding (China).
Worldwide, the furniture manufacturing industry generates about $400 billion in annual revenue. Top countries for furniture manufacturing include China, Germany, Italy, Malaysia, Taiwan, and Vietnam. The European Union is the largest consumer of furniture goods, followed by the NAFTA region (primarily the US and Canada), and Asia (primarily China and Japan).
The US furniture manufacturing industry includes about 20,000 companies with annual revenue of more than $60 billion.
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. 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 percent of revenue.
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