Home Furnishings Market size is set to grow by USD 472.4 million from 2024-2028, Increasing interest in interior design to boost the market growth, Technavio

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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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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Segment Overview 

This home furnishings market report extensively covers market segmentation by

1. Product 
• 1.1 Home furniture
• 1.2 Home textiles
• 1.3 Floor coverings
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. 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.

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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
• Offline
• Online
• 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.

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SOURCE Technavio