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The home furnishings market size is forecast to increase by USD 472.40 million at a CAGR of 6.78% between 2023 and 2028. The expansion of the market is influenced by several key factors. These include the escalating fascination with interior design, the rising demand for premium and luxury home furnishings, and the increasing preference for multifunctional home furniture. The global market is experiencing significant growth due to the increasing demand for high-end and luxury home furnishings. Consumers in emerging markets such as Brazil and China are particularly drawn to unique and designer pieces, particularly in the realm of luxury floor coverings. In addition to interior decorative items like bedding, wall coverings, curtains, and rugs, there is a growing appetite for top-tier lighting, appliances, and textiles. The appeal of designer mirrors and cabinets adds an air of sophistication to contemporary living spaces, while upholstery and mattresses offer both comfort and style.
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The home furnishings market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The home furniture segment is estimated to witness significant growth during the forecast period. The residential building sector holds a significant market share, exceeding 50%, due to its essential role in constructing and furnishing homes, including residences such as townhouses, villas, and bungalows. Among the regions driving the most growth is Asia Pacific (APAC), particularly countries like China, India, and Japan. This expansion is attributed to the escalating average dual-income households and population growth. Sub-segments such as luxury furniture are anticipated to gain momentum throughout the forecast period, fueled by the growing demand for high-end home furnishings.
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The home furniture segment was the largest segment and was valued at USD 534.80 million in 2018. In the home furniture market, categories such as living rooms, bedrooms, and kitchens continue to hold significant importance. Consumers are increasingly valuing bathroom furniture and recliner sofas, with a growing preference for country and rustic styles. Additionally, the emergence of prayer rooms, gymnasiums, children's rooms, and study rooms in contemporary homes is anticipated to fuel market expansion throughout the forecast period. Consequently, the home furniture market segment is poised for growth during this timeframe.
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Europe is estimated to contribute 39% to the growth of the global market during the forecast period. Analysts at Technavio have provided an in-depth analysis of the regional market, detailing the key drivers and trends shaping its growth throughout the forecast period. The European home furnishings market is poised for expansion due to the significant consumer demand for visually appealing, high-quality luxury products. Germany, Italy, and France are the leading markets within Europe, with France being a major importer in the European market. An additional factor fueling market growth is the increasing construction of residential buildings. For instance, according to The World Bank Group, the EU's urban population grew from 74.30% in 2018 to 75% in 2021. The ongoing expansion of urban populations is anticipated to boost the demand for housing construction projects during the forecast period, thereby increasing market demand in Europe. The European and US markets exhibit robust growth, characterized by a unique blend of traditional craftsmanship and contemporary design, catering to a wide range of consumer preferences. Consequently, these factors are expected to fuel the regional market's expansion throughout the forecast period.
The home furniture market is experiencing a shift towards smart and functional designs, particularly among households with one or two residents. E-commerce platforms are spearheading sales growth, particularly in developing economies. Notable trends include compact, moveable furniture, versatile pieces, and folding furniture, which cater to space-conscious living. Technology integration in furniture is gaining traction, addressing environmental concerns. Despite trade barriers and lockdowns, the home furniture manufacturing industry continues to register rising revenues. Essential living room furniture, such as sofas, coffee tables, and entertainment units, are vital for crafting an appealing living room - a welcoming space for families, visitors, social gatherings, TV viewing, and relaxation.
The growing fascination with interior design is significantly contributing to market expansion. Consumers globally are allocating larger budgets towards enhancing the interior design of their homes, seeking top-tier products and concepts. This trend encompasses investments in designer home furnishings, including furniture, carpets and rugs, curtains, cushion covers, and other decorative items that elevate visual appeal.
Several factors are fueling this interest in interior design. Rising disposable incomes, evolving lifestyles, increased media exposure, and the influence of diverse cultural backgrounds are key drivers. Furthermore, the increasing number of working women and their growing influence on home decoration decisions are further boosting sales. As a result, consumers are spending more on luxury and designer furnishings, leading to a thriving home furnishings market during the forecast period.
The global home furnishings market is experiencing a significant growth trend due to the rising demand for eco-friendly options. Consumers are increasingly conscious of their environmental impact and are seeking sustainable alternatives for their home furnishings. This shift in consumer preferences is driven by concerns for the environment and the desire for healthier living spaces.
One material that has gained popularity in the eco-friendly furniture market is Moso bamboo. This sustainable resource is not only stronger and harder than oak but also offers an aesthetic appeal. Manufacturers are responding to this demand by producing a wide range of eco-friendly furniture using Moso bamboo. Certifying agencies such as the Forest Stewardship Council and the Sustainable Furnishing Council play a crucial role in ensuring the industry adheres to environmental sustainability standards. With the increasing demand for Moso bamboo furniture, the home furnishings market is expected to grow substantially during the forecast period.
The uncertainty surrounding the cost of raw materials poses a significant obstacle to the expansion of the global home furnishings market. The rising prices of top-tier raw materials have a direct impact on the manufacturing expenses of home furnishings products. In turn, these increased costs are often passed on to consumers through higher prices, which can limit sales volume. Recent trends of escalating commodity prices and the scarcity of raw materials have negatively influenced the global market.
For instance, the prices of natural floor covering fibers, including linen, wool, silk, jute, and cotton, have experienced significant increases. Similarly, the cost of artificial fibers, such as polypropylene and polyamide, has risen. The extensive and recurring price hikes for other home furnishings products have also posed a substantial challenge to the market's growth during the forecast period. Furthermore, the growing manufacturing capacity in China has resulted in a global shortage of raw materials. This situation, coupled with the recurring price increases for raw materials, has had a considerable impact on the home furnishings industry.
The home furnishings market forecasting 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 home furnishings market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
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, and chairs complimentary accent tables.
The home furnishings market forecast 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 furnishings market is undergoing significant transformations, influenced by shifting consumer trends and preferences. Home furnishing retailers are keeping pace with these changes, providing fashionable living room furniture that not only enhances the appearance of a space but also creates an inviting atmosphere for social gatherings. Decorative items such as shelves, artwork, and plants play a crucial role in achieving a stylish and cohesive look. Furthermore, kitchenware continues to be a vital sector within the home furnishings industry. Despite fluctuations in interest rates, the home furnishings industry remains strong, catering to the needs of the housing market with innovative and alluring products.
Consumers are increasingly demanding a wide range of bedding materials, art objects, and wall-to-wall carpeting to elevate their interior design. High-quality cushions, cooking utensils, and kitchen and dining furniture are essential for creating visually appealing living spaces. Hall style is a critical factor in setting the overall tone of homes, with eco-friendly shower material options gaining popularity. Modern kitchens are embracing built-in ovens, ranges, and dishwashers, which complement RTA furniture for ease of assembly. The residential construction market is witnessing a surge in demand for customizable and stylish spaces. The growth of e-commerce has made it more convenient for consumers to access a diverse range of home furnishings, contributing to the market's expansion. Wall-to-wall carpeting and hall style are particularly significant as consumers seek harmonious, comfortable living environments.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 472.4 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 39% |
Key countries |
US, Germany, France, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Furniture Manufacturing Inc., Ashley Global Retail LLC, Bassett Furniture Industries Inc., 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 forecast, Market growth 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 |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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