Home Furnishings Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR70969
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The home furnishings market has the potential to grow by USD 354.85 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.17%.

This home furnishings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (home furniture and home textiles) and geography (Europe, North America, APAC, MEA, and South America). The home furnishings market report also offers information on several market vendors, including Bed Bath and Beyond Inc., Godrej and Boyce Manufacturing Co. Ltd., Inter IKEA Holding BV, Kimball International Inc., Macy s Inc., Penney IP LLC, The Home Depot Inc., Walmart Inc., and Wayfair Inc. among others.

What will the Home Furnishings Market Size be in 2021?

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Home Furnishings Market: Key Drivers and Trends

The increasing interest in interior design is notably driving the home furnishings market growth, although factors such as uncertainty in the prices of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the home furnishings industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • The increasing interest in interior design is a key driver for the home furnishings market growth as consumers worldwide have started investing in interior decoration with the best products and concepts they can afford for their homes.
  • The rising income levels of consumers, evolving lifestyles, and the adoption of different cultures have persuaded more consumers to consider a better interior design.
  • The growing population of working women and their participation in the decision-making process at home with regard to interior decoration is pushing the sales of home furnishings.
  • The growing demand for high-end and luxury home furnishings is another key factor supporting the home furnishings market share growth as consumers lookout for unique and designer home furnishings.
  • The economic development and increasing income levels have driven a rise in demand for brands that offer luxury floor coverings as well. 
  • The changing economic environment has brought in global demand for luxury furniture and home furnishing products, which until recently was limited to the US and Europe.

This home furnishings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Home Furnishings Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Bed Bath and Beyond Inc.
  • Godrej and Boyce Manufacturing Co. Ltd.
  • Inter IKEA Holding BV
  • Kimball International Inc.
  • Macy s Inc.
  • Penney IP LLC
  • The Home Depot Inc.
  • Walmart Inc.
  • Wayfair Inc.

 

This statistical study of the home furnishings market encompasses successful business strategies deployed by the key vendors. The home furnishings market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market. The global home furnishings market has multiple established players, which makes it fragmented. Market players drive to focus on the customization of furniture through consumer interactions, which is a fast-moving trend in the global home furnishings market at present.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The home furnishings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Home Furnishings Market?

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42% of the market’s growth will originate from Europe during the forecast period. Germany and Italy are the key markets for the home furnishings market in Europe. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.

Product innovation will facilitate the home furnishings market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Home Furnishings Market?

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The home furnishings market share growth by the home furniture segment will be significant during the forecast period. The home furniture segment will witness growth as residential buildings and houses are a necessity in the current day and age. During the forecast period, the market is expected to receive some traction due to the demand for luxury furniture. APAC, especially countries such as China, India, and Japan, is the fastest-growing home furniture market owing to the rise in average dual-household income and an increase in population. Furthermore, trends such as the construction of prayer rooms, gymnasiums, children's rooms, and study rooms in modern houses are expected to boost the market growth.

This report provides an accurate prediction of the contribution of all the segments to the growth of the home furnishings market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this Home Furnishings Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive home furnishings market growth during the next five years
  • Precise estimation of the home furnishings market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the home furnishings industry across Europe, North America, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of home furnishings market vendors

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Home Furnishings Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.17%

Market growth 2021-2025

$ 354.85 billion

Market structure

Fragmented

YoY growth (%)

5.54

Regional analysis

Europe, North America, APAC, MEA, and South America

Performing market contribution

Europe at 42%

Key consumer countries

US, Germany, Italy, China, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Bed Bath and Beyond Inc., Godrej and Boyce Manufacturing Co. Ltd., Inter IKEA Holding BV, Kimball International Inc., Macy s Inc., Penney IP LLC, The Home Depot Inc., Walmart Inc., and Wayfair Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact 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.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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