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The Global Home Furniture Market size is estimated to grow by USD 95.7 billion, accelerating at a CAGR of 4.72% between 2023 and 2028. The growth of the home furnishing market is influenced by several key factors. One major driver is the increasing availability of home furnishings online. The expansion of e-commerce platforms has made it easier for consumers to access a wide range of products from the comfort of their homes, boosting market growth. Additionally, advancements in the residential construction market play a significant role. As new housing developments and renovations increase, there is a rising demand for home furnishings to complement these new spaces. Moreover, growing consciousness among millennials about investing in home decor and attractive furnishings is shaping the market. This generation values personalized and stylish living environments, leading to higher spending on home furnishings and decor. Together, the enhanced online availability, the booming residential construction sector, and the millennial focus on home aesthetics are driving robust growth in the home furnishing market.
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The offline segment will account for a major share of the market's growth during the forecast period.? Offline stores enable consumers to physically experience the product before purchasing it. Therefore, offline stores are prominent in developed and developing countries across the world. The growth in offline distribution is augmented by a significant increase in the number of vendors expanding and operating their offline stores across both developed and developing regions. Such expansion has led to the growth of the global market through the offline distribution channel.
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The offline segment was valued at USD 236.50 billion in 2018. Furthermore, the advent of online retailing positively impacted product sales in the regional market. Quick delivery options and secure transactions contribute to the popularity of online distribution channels in India. The global market is flooded with a rising number of online startups and various other already-established companies venturing into the digital space to reach out to a larger customer base. The millennial crowd is the largest set of the population using smartphones. This is driving the sales online.
APAC is estimated to contribute 44% to the growth of the global home furnishing market industry during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The rapidly growing real estate sector in APAC has led to an increase in the adoption of these by both domestic users, which in turn, has boosted the growth of the regional market. In India, consumers are opting for branded home furnishing products due to growing disposable incomes. Thus, various key vendors, such as IKEA and others, are expanding their retention in the region. Thus, the increasing penetration of retail channels in the region will drive the growth of the regional market in focus during the forecast period.
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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.
Bernhardt Furniture Co. - The company offers home furniture such as sofas, loveseats, and sleepers.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market is experiencing diverse trends, with a strong emphasis on premium quality home furniture and smart sensing technology. Consumers are increasingly looking for multi-purpose furniture and portable furniture that cater to the needs of single and two-person households. Specialty stores and home furnishing retailers are adapting their marketing strategies to meet the demands for formaldehyde-free sofa sets and recycled textiles. The market spans various segments, including dining room furniture, kitchen furniture, and lamps and lighting furniture. Plastic and other furniture options are gaining traction alongside traditional wooden and metal furniture. The wooden home furniture segment remains strong, driven by the appeal of high-resilience foam and viscoelastic foams in beds & mattresses. Home centers are expanding their offerings to include a range of premium quality and eco-friendly options to meet evolving consumer preferences.
The increasing online sales are notably driving the home furnishing market share. The rising popularity of online channels is the primary driver behind the growth of the global market. Owing to increasing internet penetration globally, the influence of e-commerce-based shopping and online retailing has grown. Many major players have either launched their new specialist online stores or are planning to launch their new e-commerce-based outlets. The entry of horizontal players, such as Flipkart and Amazon, has been positively impacting the market in focus during the forecast period.
The growing importance of innovative customized furniture is an emerging trend in the market. There has been a substantial increase in the customization of this as people have become increasingly aware of technologically driven smart furniture. IKEA and Ethan Allen are a few of the actively engaged mainstream manufacturers in innovative and fabric customization, attracting various consumers to design their patterns right from the fabric to the type of wood being used in the manufacturing. Thus, growing innovation by vendors operating in the market will drive the growth of the market in focus during the forecast period.
Fluctuating labor costs and raw material prices are major challenges impeding market growth. Manufacturing and furnishing products include procurement and use of several raw materials such as steel, iron, plastic, wood, glass, petroleum products, and paints. Hence, fluctuations in raw material cost directly impact the price of products or the profit margins of manufacturers. This further imposes a major price challenge for the vendors of these products. The major raw materials are witnessing increasing price volatility. This volatility has consequently led to either an increase in the price of final products or reduced profit margins.
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The home furnishing market 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 market growth and trends report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is diverse, encompassing a range of products from online retail stores to eco-friendly furniture options. Consumers are increasingly drawn to ready-to-assemble furniture, including essentials like couche, coffee table, and entertainment center. The kitchen and dining furniture market is robust, featuring items such as dining table, chair, bar stool, kitchen island, buffet, and cabinet. Trends in interior design are evolving, with a focus on ergonomically designed chairs and innovative gaming tables. Materials like bamboo and rattan are popular in modern designs, alongside decor items such as curtains, carpets, and second-hand furniture items. The market also includes wooden furniture and interior designs that reflect a blend of traditional and contemporary styles. Flagship stores and unorganized industry players contribute to the market's dynamic nature, offering cubicles and anchoring points for various furniture needs
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Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.72% |
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Market growth 2024-2028 |
USD 95.7 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.42 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, Japan, Germany, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ashley Global Retail LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Global Furniture USA Inc., Godrej Interio, Inter IKEA Holding B.V., Kimball International Inc., LaZBoy Inc., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., ROCHE BOBOIS SA, Roomstogo.com Inc., Stanley Lifestyles Ltd., Steelcase Inc., Steinhoff International Holdings NV, Wayfair Inc., and Williams Sonoma Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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