According to the latest market study released by Technavio, the global home furnishings marketis set to reach USD 824.1 billion by 2020, growing at a CAGR of 5.36% during the forecast period.
This research report titled 'Global Home Furnishings Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Based on product, the report classifies the global home furnishings market into three segments:
- Home furniture
- Home textile
- Floor coverings
Global home furniture market
In 2015, the home furniture segment held the highest market share in the global furniture market. APAC is the fastest-growing region in this market, where countries like China and India, with their growing disposable income and high population, continue to be major growth drivers. Multifunctional furniture is gaining popularity in the home furniture segment. The demand for luxury home furniture will also boost market growth. The living room and bedroom segments contributed the highest revenue in 2015, followed by the kitchen segment, in terms of consumer spending on luxury home furniture.
"A major trend in the bathroom furniture segment in 2015 was the country or rustic style, involving the use of pale, pastel colors and traditional styling. IKEA's STORJORM mirror cabinets cater to the bathroom segment, and have gained considerable consumer interest due to the unique styling of this range," says Brijesh Kumar Choubey, a lead analyst at Technavio for furniture and home furnishing
Global home textiles market
The home textiles and furnishing sector forms a significant part of the overall textile industry. It offers products like bedspreads, furnishing fabrics, curtains, rugs, carpets, placemats, cushion covers, table covers, linen, kitchen accessories, bed spreads, and bath linen. Carpets and laminates are the most purchased floor coverings by consumers worldwide. Rich colors that convey a sense of luxury have been in demand in this market. Decorative pillows are likely to remain a strong trend over the next five years.
"Over the past five years, the demand for home textiles has grown consistently on the back of factors like rising consumer spending on home renovation, accelerating investments on infrastructure, and demand from Asian markets like India, China, Korea, and Indonesia. Product innovation and development has allowed retailers and manufacturers to widen their customer reach," says Brijesh.
Global floor coverings market
The global floor covering market is expected to benefit from a large population of consumers seeking high-quality products. In addition, the rising consumer confidence across the world, increasing disposable income, the booming housing industry, and growing demand for luxury flooring options are the other factors contributing to the growth of the market worldwide.
In 2015, the residential floor covering segment, which includes residential replacements and new residential fitments, dominated the overall sales of floor coverings globally. The residential segment accounted for the largest market share of 52%-56%. Demand for residential floor covering replacements has risen steadily; approximately half of the shipments in the residential floor covering segment were made in response to this demand.
The top vendors highlighted by Technavio's research analysts in this report are:
- Bed Bath Beyond
- IKEA
- Macy's
- Walmart
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- Global Luxury Furniture Market 2015-2019
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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