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The home furniture market size is forecast to increase by USD 95.7 billion at a CAGR of 4.72% between 2023 and 2028.
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The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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. 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.
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The Offline segment was valued at USD 236.50 billion in 2018 and showed a gradual increase 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 companies 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.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing online sales is the key driver of the market.
Growing importance of innovative customized furniture is the upcoming market trend.
Fluctuating labor costs and raw material prices is a key challenge affecting the industry growth.
The 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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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 market is experiencing significant growth with the rising demand for kitchen islands, buffets, cabinets, and decor items, as interior design trends focus on premium quality home furnishings, including curtains, carpets, and ergonomically designed chairs. Home furnishing retailers cater to single and two-person households by offering portable and multi-purpose furniture, such as formaldehyde-free sofa sets made from recycled textiles, bamboo, and rattan. Additionally, the market is embracing smart sensing technology and eco-friendly materials like high-resilience foam and viscoelastic foams in wooden and metal beds and mattresses. With the rise of second-hand furniture items and unorganized industry players, home centers and flagship stores are becoming key anchoring points in the wooden furniture market. Cubicles, gaming tables, and customizable pieces are also gaining popularity, contributing to the evolving landscape of home furnishings.
The growing demand for eco-friendly furniture and ready-to-assemble options is reshaping the kitchen and dining furniture market, with consumers increasingly turning to e-commerce for convenience. Popular items like couches, coffee tables, entertainment centers, dining tables, chairs, bar stools, and kitchen islands are becoming essential pieces in modern homes, offering both style and functionality. The dining room and kitchen furniture markets are seeing increased demand, alongside lamps and lighting furniture, as consumers look for functional and stylish home decor. Plastic and other materials are also gaining popularity in furniture design. Specialty stores and online retail stores are becoming key channels for customers to explore and purchase these diverse home furnishings.
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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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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 |
We can help! Our analysts can customize this home furniture 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 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
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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