Global Home Furnishings Market 2017-2021
About Home Furnishings
The home furnishing industry consists of companies that manufacture furniture, non-upholstered kitchenware, floor coverings, wall coverings, and related furnishings. The industry includes desks, tables, chairs, drawers, couches, mattresses, bed frames and headboards, carpets, rugs, wallpaper, blinds, shades and curtains, entertainment centers and stands, wall units, outdoor furniture.
Technavio’s analysts forecast the global home furnishings market to grow at a CAGR of 5.98% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global home furnishings market for 2017-2021. To calculate the market size, the report considers the revenue generated through the retail sales of different types of home furnishings.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Home Furnishings Market 2017-2021
Technavio recognizes the following companies as the key players in the global home furnishings market: Bed Bath & Beyond, Inter IKEA Systems, Macy's, Tvilum, and Wal-Mart Stores
Other Prominent Vendors in the market are: Ashley HomeStores, BERCO DESIGNS, Creative Wood, Godrej & Boyce Manufacturing, Herman Miller, HNI, and Kimball International.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing use of RTA furniture, especially customized pieces for personal interiors. The global popularity of trendy and innovatively designed RTA furniture, especially in Europe, is witnessing a significant growth. This is one of the key factors driving the growth of the market. Moreover, factors like increasing population, reducing living space, and migration are also likely to boost the market growth of RTA furniture to a considerable extent during the forecast period. The growing trend of customization has compelled the key competitors to manufacture custom designed RTA furniture. This has enabled them to attract more customers, thereby bringing in high sales figures.”
According to the report, one of the major drivers for this market is Increasing interest in interior design. Consumers worldwide have started investing in the interior decoration of their homes with the best products and concepts they can afford. This includes spending on designer home furnishings such as home furniture; floor coverings such as carpets and rugs; and home textiles such as curtains, cushion covers, beds, and other floor coverings that elevate the aesthetic appeal. The rising income levels of consumers, evolving lifestyles, increased media penetration, and adoption of different cultures have raised the interest in interior designing. Moreover, the growing population of working women and their participation in the decision-making process for home decoration are also pushing the sales of home furnishings. These factors have led consumers to spend more on different designer and luxury home furnishings, thereby driving the growth of the market during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is Uncertainty in the prices of raw materials. The rising prices of high-quality raw materials have a directly proportional impact on the manufacturing costs of home furnishing products. This additional cost is usually transmitted to consumers in the form of increased prices, which can restrict the volume sales. Recent rises in commodity prices and the scarcity of raw materials have had a potentially negative impact on the global home furnishings market. On the other hand, the increased manufacturing capacity in China has particularly created a global shortage of raw materials. Consequently, the market has been hit by frequent and steep rises in the prices of raw materials. This is particularly evident in the prices of natural fibers of floor coverings such as linen, wool, silk, jute, and cotton. The prices of artificial fibers like polypropylene and polyamide have also increased. The sheer scale and frequency of commodity price rises for other home furnishing products have also posed a significant challenge to the global home furnishings market.
Bed Bath & Beyond, Inter IKEA Systems, Macy's, Tvilum, Wal-Mart Stores, Ashley HomeStores, BERCO DESIGNS, Creative Wood, Godrej & Boyce Manufacturing, Herman Miller, HNI, and Kimball International.