NEW
YORK, June 24, 2024 /PRNewswire/ -- The
global home furnishings market size is estimated to grow
by USD 472.4 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 6.78% during the forecast
period. Increasing interest in interior design is
driving market growth, with a trend towards increase in
demand for eco-friendly home furnishings. However, uncertainty
in the prices of raw materials poses a challenge. Key market
players include American Furniture Manufacturing Inc., Ashley
Global Retail LLC, Bassett Furniture Industries Inc., Bed Bath and
Beyond Inc., Duresta Upholstery Ltd., Ethan Allen Interiors Inc.,
Future Group, Godrej and Boyce Manufacturing Co. Ltd., Inter IKEA
Holding BV, Kroger Co., Mannington Mills Inc., MillerKnoll Inc.,
Mohawk Industries Inc., Otto GmbH and Co. KG, Penney OpCo LLC,
Pepperfry Pvt. Ltd., Shaw Industries Group Inc., Steinhoff
International Holdings NV, Tvilum AS, and Wayfair Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Home
furniture, Home textiles, and Floor coverings), Distribution
Channel (Offline and Online), and Geography (Europe, North America,
APAC, Middle East and Africa, and South America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
American Furniture
Manufacturing Inc., Ashley Global Retail LLC, Bassett Furniture
Industries Inc., Bed Bath and Beyond Inc., Duresta Upholstery Ltd.,
Ethan Allen Interiors Inc., Future Group, Godrej and Boyce
Manufacturing Co. Ltd., Inter IKEA Holding BV, Kroger Co.,
Mannington Mills Inc., MillerKnoll Inc., Mohawk Industries Inc.,
Otto GmbH and Co. KG, Penney OpCo LLC, Pepperfry Pvt. Ltd., Shaw
Industries Group Inc., Steinhoff International Holdings NV, Tvilum
AS, and Wayfair Inc.
|
Key Market Trends Fueling Growth
The home furnishings market is experiencing growth due to rising
environmental consciousness and the demand for eco-friendly
products. Furniture manufacturers, such as Bjarke Ingels Group and
PALECEK, are responding by using Moso bamboo, a sustainable and
durable material, to create aesthetically appealing furniture.
These companies are also promoting their socially responsible
manufacturing practices. Certifying agencies, like the Forest
Stewardship Council and the Sustainable Furnishing Council, are
helping the industry address environmental sustainability issues.
The increasing popularity of Moso bamboo furniture is driving
market growth during the forecast period.
The home furnishings market is currently experiencing a surge in
trends. Consumers are seeking comfortable and functional spaces,
leading to an increase in demand for sofas, chairs, and storage
solutions. Technology is also playing a role, with smart home
devices and TVs becoming popular additions to living rooms.
Sustainability is a key consideration, with consumers looking for
eco-friendly and durable options. The market is also seeing a rise
in customizable and modular furniture, allowing consumers to create
unique and personalized spaces. Additionally, the trend towards
remote work is driving demand for home offices, with consumers
investing in desks, chairs, and office equipment. Overall, the home
furnishings market is evolving to meet the changing needs and
preferences of consumers.
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Market Challenges
- The home furnishings market is currently facing challenges due
to rising raw material costs. These increases, often driven by
commodity price hikes and raw material scarcity, are passed on to
consumers through higher product prices. This can limit sales
volume. Notably, natural fibers like linen, wool, silk, jute, and
cotton, as well as artificial fibers such as polypropylene and
polyamide, have seen significant price increases. The global market
is experiencing frequent and steep rises in raw material prices for
various home furnishing products, posing a significant challenge to
market growth during the forecast period.
- The home furnishings market faces several challenges in the
current business environment. These include increasing competition,
decreasing profit margins, and changing consumer preferences.
Furniture retailers and manufacturers must adapt to new trends,
such as the rise of online shopping and the growing popularity of
sustainable and customizable products. Additionally, logistics and
supply chain management have become critical issues due to the
global nature of the industry and the need for efficient delivery
systems. To stay competitive, companies must invest in technology,
marketing, and innovation to meet the demands of consumers and
remain profitable. The future of the home furnishings market
depends on the ability of businesses to navigate these challenges
and adapt to the changing market landscape.
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challenges - Download a Sample Report
Segment Overview
This home furnishings market report extensively covers market
segmentation by
- Product
- 1.1 Home furniture
- 1.2 Home textiles
- 1.3 Floor coverings
- Distribution Channel
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Home furniture- The home furnishings market
experiences consistent growth, driven by increasing consumer demand
for comfortable and stylish living spaces. Key players focus on
product innovation and affordability to cater to diverse customer
preferences. Collaborations and partnerships are common strategies
to expand market reach and enhance offerings. Effective marketing
and distribution channels ensure products reach consumers
efficiently. Overall, the home furnishings industry remains a
vibrant and competitive business landscape.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
In the dynamic home furnishings market, retailers are embracing
smart furniture solutions to cater to changing consumer preferences
in emerging economies. This shift towards technology-driven
furniture includes small, portable, multi-purpose, and foldable
options. Revenues from living room furniture segments, such as
sofas and couches, continue to dominate the market. However,
sustainability concerns and trade restrictions have become
significant factors, leading to an increased focus on eco-friendly
materials and local production. The ongoing lockdowns have further
accelerated the shift towards online stores, making an inviting and
aesthetically pleasing gathering space for families and guests a
priority for socializing and relaxing, even in the context of a
TV-centric entertainment center.
Market Research Overview
The Home Furnishings Market encompasses a wide range of products
designed to enhance the aesthetic and functional value of
residential spaces. These include furniture, such as sofas, beds,
and tables, as well as home accessories like rugs, lighting, and
decorative items. The market is driven by various trends, such as
the shift towards sustainable and eco-friendly materials, the
increasing popularity of smart home technology, and the growing
preference for multifunctional and modular furniture designs.
Consumers are also seeking personalized and customized solutions to
reflect their unique styles and preferences. The market is expected
to grow steadily in the coming years, driven by increasing
disposable income, urbanization, and changing demographic
trends.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Home Furniture
- Home Textiles
- Floor Coverings
- Distribution Channel
-
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio