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The home furnishings market size is forecast to increase by USD 473.96 million at a CAGR of 7.17% between 2022 and 2027. The growth of the market depends on several factors, including increasing interest in interior design, growing demand for high-end and luxury home furnishings, and rising demand for multifunctional home furniture. Growing demand for high-end and luxury home furnishings is driving the global market. Consumers seek unique and designer furnishings, especially luxury floor coverings, in emerging markets like Brazil and China. In addition to interior accessories such as bedding, curtains, and rugs, there's a growing demand for high-quality lighting, appliances, and textiles. The allure of designer mirrors and cabinets adds sophistication to modern living spaces, while upholstery and mattresses provide comfort and style.
Online shopping has become increasingly popular in the home furnishing market, offering a wide variety of products and convenient delivery options. With rising disposable incomes, consumers consider home furnishings a status symbol, leading to increased demand for premium furniture and decorative products. This trend is particularly prominent in China, South Korea, and the UAE, driving market growth in the forecast period.
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The Home Furnishings Market is witnessing transformative changes driven by evolving consumer preferences and technological innovations. With the rise of single- and two-person households, there's a growing demand for small, portable, and multi-purpose furniture, including foldable and technology-driven options. Home furnishing retailers, especially those with online stores, are capitalizing on these trends, offering smart furniture solutions to cater to the modern lifestyle. Despite challenges like sustainability concerns and trade restrictions, revenues in the home furniture manufacturing market continue to soar. In particular, the living room furniture segment, featuring sofas, couches, and entertainment centers, emphasizes aesthetics and functionality, creating inviting spaces for socializing, relaxing, and entertaining guests.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Million for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
The home furniture segment is estimated to witness significant growth during the forecast period. The segment accounts for more than half the market share due to its necessity in most residential buildings, villas, and bungalows. APAC, especially countries such as China, India, and Japan, is the fastest-growing in the market. This is because of the rise in average dual-household income and an increase in population. The market is expected to receive traction during the forecast period due to the demand for luxury furniture.
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The home furniture segment was the largest segment and was valued at USD 516.23 million in 2017. This segment categories include living room, bedroom, and kitchen furnishings. Consumers have also started to place a high value on bathroom furniture, with a strong demand for country and rustic-style furniture. Furthermore, trends such as the construction of prayer rooms, gymnasiums, children's rooms, and study rooms in modern houses are expected to boost market growth during the forecast period. Thus, because of the above factor, the growth of the market shows growth through the home furniture market segment during the forecast period.
The home decor market is influenced by changing trends in interior design and consumer preferences. The home furnishing decor market is witnessing dynamic shifts driven by evolving consumer tastes and lifestyle trends. Sustainability is a key focus, with a growing demand for eco-friendly materials like recycled wood and organic textiles. Versatile, space-saving furniture is gaining popularity in urban areas, while diverse design trends, from minimalist to bohemian, cater to various style preferences. Technological advancements introduce smart home solutions, enhancing convenience and functionality. Furthermore, e-commerce platforms offer vast selections and doorstep delivery, revolutionizing the way consumers shop for furniture and decor. Consumers seek personalized touches to create unique living spaces, driving demand for a wide array of products including bedding, curtains, rugs, and lighting. Additionally, the focus on sustainability has led to the popularity of eco-friendly materials in furniture and appliances. From stylish mirrors and artwork to functional cabinets and shelves, there's a growing emphasis on both aesthetics and functionality.
An increase in demand for eco-friendly home furnishings is the primary trend shaping the global market. Factors such as growing environmental consciousness and concerns for a healthy and green environment have increased the demand for eco-friendly furniture and other furnishings. Awareness about deforestation, climate change, and the effects of toxic finishes in the air inside homes has compelled several manufacturers to practice green and eco-friendly manufacturing processes.
Furthermore, manufacturers use only Moso bamboo, which is stronger and harder than oak, to offer a wide range of furniture that has an aesthetic appeal. For instance, companies such as Bjarke Ingels Group and PALECEK are involved in the manufacture of eco-friendly furniture. A few agencies, including the Forest Stewardship Council and the Sustainable Furnishing Council, certify and help the industry manage issues on environmental sustainability. Thus, increasing demand for Moso bamboo furniture will drive the global market during the forecast period.
Uncertainty in the prices of raw materials is the key challenge impeding the growth of the global market. Owing to the rising prices of high-quality raw materials impact the manufacturing costs of home furnishing products. This additional cost is usually transmitted to consumers through increased prices. This can restrict volume sales. Recent hikes in commodity prices and the scarcity of raw materials have had a potentially negative impact on the global market.
However, the increased manufacturing capacity in China has created a global shortage of raw materials. Similarly, the market has been hit by frequent rises in the prices of raw materials. This is evident in the prices of natural floor covering fibers, such as linen, wool, silk, jute, and cotton. The prices of artificial fibers such as polypropylene and polyamide have also increased. The sheer scale and frequency of commodity price rises for other home furnishing products have also posed a significant challenge to the global market. This factor impedes the global market during the forecast period.
This market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Home Furnishings Market Customer Landscape
Europe is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for the European home furnishing market is expected to increase during the forecast period, due to the high demand for aesthetically appealing luxury products made of good-quality raw materials. Germany, Italy, and France are the three leading markets in Europe, with France being one of the largest importers in the European market.
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Furthermore, another factor that drives the growth of the European market is the increasing construction of residential buildings. For example, according to The World Bank Group, the EU's urban population (% of the total) increased from 74.30% in 2018 to 75% in 2021. Urban population expansion is expected to increase the need for housing construction projects during the forecast period., increasing the demand in Europe during the forecast period. Therefore, the above-mentioned factors will drive the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Furniture Manufacturing Inc.: The company offers home furnishings services and solutions such as stationary and motion sofas, sectionals, recliners, chairs complimentary accent tables.
This market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including;
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The home furnishing industry is evolving rapidly with the rise of small, portable, and multi-purpose furniture, catering to changing lifestyles influenced by technology-driven solutions. Foldable furniture meets the demand for space-saving options, especially in urban areas affected by trade restrictions and lockdowns. Home furniture manufacturing markets capitalize on revenue generation opportunities by offering trendy and aesthetically pleasing pieces like coffee tables. These furnishings not only enhance the aesthetics of living spaces but also serve as gathering spaces for socializing and relaxing. As consumers seek versatile and adaptable solutions, the home furnishings industry continues to innovate, providing functional and stylish options to meet evolving needs in the modern home.
In today's technology-driven home market, small portable furniture has become trendy living room furniture. Suppliers offer a wide range of trendy options, including tech-integrated pieces and stylish accessories. Enhance your space with kitchenware that doubles as decor, mattresses for comfortable relaxation, and plants to bring the outdoors in. Upgrade your home furnishings with these innovative and functional additions. In the Home furniture manufacturing market, revenues are driven by single- and two-person households, demanding technology-driven furniture for their home. These households seek functional yet stylish pieces that create gathering space, often centered around the TV.
The furniture industry is experiencing dynamic growth, driven by a range of factors including changing trends, emerging technological advancements, and increasing competition in the global market. With lending rates favorable in many regions, consumers are turning to online stores to explore a wide array of home furniture options. Emerging economies are becoming significant home furnishing retailers in the industry, offering innovative solutions to cater to the needs of single- and two-person online households. Smart furniture and multi-purpose pieces are gaining popularity, especially among urban dwellers seeking small, portable, and foldable options. Additionally, sustainability concerns are influencing consumer preferences, driving the demand for technology-driven and eco-friendly furniture. The living room furniture segment, including sofas, couches, and entertainment centers, is particularly lucrative, providing an inviting space for families and guests to socialize, relax, and enjoy gatherings.
Home Furnishings Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.17% |
Market growth 2023-2027 |
USD 473.96 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.27 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 42% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Trends and Analysis, Market Positioning of Companies , Competitive Strategies, and Industry Risks |
Key companies profiled |
American Furniture Manufacturing Inc., Ashley Furniture Industries LLC, Bassett Furniture Industries, Bed Bath and Beyond Inc., Duresta Upholstery Ltd., Ethan Allen Interiors Inc., Future Group, Godrej and Boyce Manufacturing Co. Ltd., Inter IKEA Holding BV, Kroger Co., Mannington Mills Inc., MillerKnoll Inc., Mohawk Industries Inc., Otto GmbH and Co. KG, Penney OpCo LLC, Pepperfry Pvt. Ltd., Shaw Industries Group Inc., Steinhoff International Holdings NV, Tvilum AS, and Wayfair Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth and trends and inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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