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The homeware market size is forecast to increase by USD 73.3 billion, at a CAGR of 2.73% between 2023 and 2028. The homeware market refers to the industry that focuses on the production and sale of household products and accessories. It includes a wide range of products such as furniture, kitchenware, bedding, lighting, and home decor items. The growth of the market depends on several factors, including innovation and portfolio extension leading to premiumization, growing construction industry globally, and consumer behavior and increasing spending on home interior designing and household furnishing. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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As urbanization shapes modern living, lifestyle modifications drive a shift towards sustainable homeware choices. From textiles to metal, consumers prioritize environmental ideals in home aesthetics, seeking products made from sustainable resources like wood and fabric. Homeware encompasses a range of essentials, from appliances like the air conditioner, refrigerator, and washing machine to items enhancing living spaces like the dishwasher and microwave oven. These appliances play a vital role in maintaining optimal temperature and humidity levels, particularly in urban settings. In response to environmental concerns, manufacturers are exploring eco-friendly alternatives, reducing reliance on plastic and embracing materials like stone. Sustainable air conditioners and other appliances are gaining traction, aligning with consumer demand for eco-conscious solutions in the ever-evolving homeware market. 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.
The growing construction industry globally is notably driving the market growth. The growth of the real estate industry across the globe may propel the demand for homeware products among customers worldwide. The demand for luxury and superior-quality homeware products is expected to grow significantly in residential establishments. Therefore, the growing housing construction industry will drive the demand for homeware products. For instance, the privately owned housing construction industry in the US has witnessed a significant growth rate in recent years. The increase in the construction of new housing units will simultaneously drive the demand for homeware products such as soft furnishing and textile products, cleaning tools and supplies, glassware, flatware, and window dressing products during the forecast period.
Additionally, the housing market in Europe also witnessed significant growth even after the Euro crisis. Although the pace of growth is comparatively lower than in the earlier years, the demand for residential houses is still growing. The number of residential construction activities is also increasing year over year, owing to factors such as an increase in the dual household income and government initiatives to support the construction of residential facilities. Therefore, the growth in the demand for residential housing worldwide will fuel the demand for homeware during the forecast period.
The high penetration of organized retailing in many developing countries is one of the major trends in the market. Vendors in the global are adopting various strategies to broaden their customer base and increase their revenue. One of the popular strategies adopted by vendors is the expansion of online and offline distribution channels. Many vendors in the market are opening new stores as well as online stores as a part of the expansion strategy. Consequently, the availability of different types of homeware is increasing. The fast-evolving global retail industry, especially in developing countries, is witnessing the emergence of a large number of retail stores, such as hypermarkets, supermarkets, and specialty stores.
Moreover, convenience and comfort are increasingly becoming important to customers because of their hectic lifestyles and work schedules. Large organized retail stores stock several brands and varieties of homeware under one roof, which provides various options to customers. With an increase in brand consciousness among customers, the importance of organized retailers carrying branded homeware and other home furnishing products has increased. The entry of global players adds to sales through organized retail. The penetration of organized retailing will enable customers to seek information on various brands; compare prices, quality, and design; and then make a buying decision. Therefore, growth in organized retailing will have a positive influence on the market during the forecast period.
The volatility of raw material prices is the major challenge impeding the market growth. The rising prices of superior-quality raw materials, such as cotton and silk, have resulted in high manufacturing costs. As a result of this, vendors sell soft home furnishing and textile products at higher prices in the market to recover manufacturing costs. However, the high prices of soft home furnishing and textile products restrict the purchases by end-users. Moreover, due to the fluctuations in the prices of raw materials, vendors demand low-priced and low-quality raw materials to produce soft home furnishing and textile products such as bed linen, kitchen linen, pillows, carpets, and towels.
Further, another reason for the volatility of raw material prices is the unusual weather conditions such as unusually heavy snow or rain, storms, hurricanes, floods, tornados, or extended periods of unseasonable temperatures. These conditions hinder the growth of raw materials, which can lead to a shortage of raw materials and increase prices. Such factors will affect the revenue of the vendors and may hinder the growth of the soft home furnishing and textile products segment during the forecast period.
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 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.
Bed Bath and Beyond Inc. - The company offers various types of products such as kitchen items, living room items, kids' room items, hallway, home office items, and beauty products.
The research report also includes detailed analyses of the competitive landscape of the market and information about 17 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 market is segmented into hardware, soft furnishing and textile, lighting, and window dressing. The market share growth of the hardware segment will be significant during the forecast period. Hardware products include cookware and bakeware, kitchen tools and accessories, dinnerware, glassware, and flatware; home cleaning tools and supplies; and kitchen weighing scales. The introduction of homeware products by vendors with new designs and bright colors is driving the global market. Customers are increasingly demanding stylish products that allow them to showcase their unique sense of style in the kitchen. The sales of brightly colored and stylish homeware products, such as kitchenware, have been increasing. With this styling factor, customers are often willing to buy a new product simply because its unique style appeals to their individuality.
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The hardware segment was valued at USD 206.80 billion in 2018. Small households are majorly occupied by individuals, working couples, and nuclear families, and most of them are based in urban areas. These households look for cookware and appliances that could ease their cooking experience and provide convenience. Such a reduced household size increases the demand for small smart cookware due to the requirement for a convenient cooking experience. The increasing demand for these smart homewares is mainly led by growing technological advances and the increasing adoption of smart homes. Europe and North America are among the large markets for smart homeware globally.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing penetration of superior-quality soft furnishing and textile products in the emerging markets of APAC is providing immense potential for international brands to penetrate emerging economies such as India and China. An increase in the number of retail stores in the region is also propelling the demand for soft furnishing and textile products. The window dressing market in APAC is growing at a rapid rate. The market is witnessing huge demand for window dressings from developing countries such as China and India. As a result of the increasing product innovations by vendors, advertising, and the availability of products, the window dressing market in APAC will see significant growth during the forecast period.
The market 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.
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The market is evolving with innovative production techniques and a plethora of offerings in home furnishings and decorative accessories. Online marketplaces empower businesses and artists to showcase their creations, catering to diverse tastes in home decoration and bathroom accessories. From franchised and departmental stores to specialized homewares stores, household acceptance of online shopping is fueling growth. Consumers seek culinary excellence and embrace dining culture, with a focus on synthetic materials and environmentally friendly options in soft furnishings like bed sheets and blankets for warmth and relaxation. As concerns for the environment rise, sustainable practices and smart home systems gain prominence, shaping interior design trends and homeware industry standards. With working women influencing living standards and smart home appliances enhancing convenience, the Homeware market reflects changing lifestyles and aspirations in urban areas.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
177 |
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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 2.73% |
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Market Growth 2024-2028 |
USD 73.3 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.64 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, Germany, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alibaba Group Holding Ltd., Amazon.com Inc., Avenue Supermarts Ltd., Bed Bath and Beyond Inc., Carrefour, Hermann Otto GmbH, Lowes Co. Inc., Macys Inc., Penney OpCo LLC, Target Corp., Tesco Plc, The Home Depot Inc., Transform Holdco LLC, Walmart Inc., Wayfair Inc., Williams Sonoma Inc., and Zola Inc. |
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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. |
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Customization purview |
If our market 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 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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