According to the latest market study released by Technavio, the global home furnishings marketis expected to grow at a CAGR of close to 6% during the forecast period.
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Technavio has published a new report on the global home furnishings market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Home Furnishings Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global home furnishings market into the following types of products:
- Home furniture
- Home textiles
- Floor coverings
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Global home furniture market
The increasing number of residential buildings, villas, and bungalows is fueling the necessity of home furnishing. In 2016, APAC countries such as China, India, and Japan were the fastest growing home furniture markets. The rise in average dual-household income and an increase in population is contributing to the growth of these regions. The growing traction of multifunctional furniture and RTA furniture will have a positive impact on the growth of this market segment. The home furniture segment accounted for more than 52% of the total market share in 2016.
According to Narendra Nandaigari, a lead analyst at Technavio for furniture and home furnishing research, "The customers in the market are focusing on bathroom furniture, where demand for country and rustic style furniture is high. The manufacturers are offering uniquely styled products to cater to these new customer demands. Growing trends in the construction of prayer rooms, gymnasiums, children's room, and study rooms in modern houses will propel the growth of the home furnishing market."
Global home textiles market
The global home textiles market occupied close to 27% of the total market share. The vendors are offering a varied range of furnishing fabrics, curtains, bedspreads, rugs, cushion covers, placemats, made-ups, bedspreads, table covers, linen, kitchen accessories, carpets, bath linen, and other home furnishing accessories to stay competitive in the market. The growing demand for rich colors conveying luxury and intricate prints is driving the demand in this market segment. The embellishment on decorative pillows is another trend that is likely to remain strong during the forecast period.
"The rising consumer investment in home renovation and accelerating investments in infrastructure is boosting the sales in this market segment. Demand for product innovation and development from the Asian markets such as China, India, South Korea, Japan, and Indonesia will create new opportunities for retailers and manufacturers," says Narendra.
Global floor coverings market
The growing demand for high-quality products, increasing average income, the importance of home decor, the prosperous housing industry, and increasing demand for luxury flooring are a few factors contributing to the growth of this market segment. In 2016, the residential segment accounted for over 56% of the total floor coverings market share. Urbanization is resulting in a wide availability of flooring products and designs across different markets. The floor covering segment in the home furnishing market accounted for around 21% of the total market share in 2016.
The top vendors highlighted by Technavio's market research analysts in this report are:
- Bed Bath Beyond
- Inter IKEA Systems
- Macy's
- Tvilum
- Wal-Mart Stores
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