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The Global Home Furniture Market size is estimated to grow by USD 105.01 million between 2022 and 2027 accelerating at a CAGR of 5.34%.
The growth of the home furnishing market depends on several factors such as the availability online, the advancement of the residential construction market, and growing consciousness among millennials to invest in home decor and attractive furnishings.
Some of the upcoming market trends include the popularity of customized furniture, innovative product launches, and surging demand for eco-friendly furniture.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The global market industry is fragmented owing to the presence of various vendors that offer differentiated products. These vendors have strong financial resources and technical expertise and focus on enhancing and customizing their products for end-users. Small-scale vendors compete with established vendors by adopting low-pricing strategies and strengthening their positions in local markets. Also, key vendors have been adopting business strategies such as the expansion of retail channels and the launch of innovative products to gain competitive advantages. Some of the prominent players in the market are Ashley furniture, and Inter.Ikea, and Godrejinterio.com.
The offline segment was valued at USD 227.81 billion in 2017 and continued to grow until 2021. Offline stores enable consumers to physically experience the product before purchasing them. Therefore, offline stores are prominent in developed and developing countries across the world. The growth in the 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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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.
The living room furniture segment accounts for the largest market share of the global market in the product segmentation in 2022. It has been observed that consumers with higher purchasing power are likely to spend considerably on living room sofas and couches, entertainment units, and tables and tabletops. Moreover, many consumers wish to buy multifunctional or multipurpose sofas and couches due to the shrinking living spaces in developed nations such as the US and the UK. Consumers look forward to investing in entertainment units and multipurpose tables and tabletops during the forecast period. Portable recliners and the JumpSeat 90 are a few flexible seating solutions that are gaining popularity. Some companies are making tables that can be charged wirelessly and used as iron tables. Some manufacturers are integrating cooktops within wooden tables to utilize kitchen areas efficiently, which gives a sleek look to kitchens. All these factors are driving the market growth.
APAC is estimated to contribute 42% 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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APAC accounted for a major share of revenue in 2022. 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 focuses on designing, manufacturing, and marketing upholstered and wood furniture products such as sofas and loveseats, and sleepers. The key offerings of the company include furniture for homes.
The home furnishing 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.
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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 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 forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The Market is experiencing a surge in demand due to the rise in remote work and the adoption of work-from-home policies. Consumers are seeking ergonomic home office furniture that combines functionality with style, including desks, chairs, bookcases, and storage solutions.
Companies like Herman Miller, Inc. are leading the market with innovative products such as ergonomic chairs and standing desks that promote health and wellness. The market is also witnessing a shift towards technology-enabled furniture with features like charging ports and adjustable heights to cater to the needs of modern home offices.
Online retail platforms are playing a crucial role in the market's growth, offering a wide range of products with customization options. As more people opt for virtual working and look to enhance their working environment at home, the demand for home furniture is expected to continue growing, especially in urban areas like Hong Kong where private spaces are limited, and small system cubicles and residential spaces require comfort and privacy.
Home Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.34% |
Market growth 2023-2027 |
USD 105.01 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.3 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ashcomm LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Global Furniture USA Inc., Godrej Interio, Inter IKEA Systems 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. |
Market dynamics |
Parent market analysis, Market forecasting, 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 the 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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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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