NEW YORK, Feb. 12, 2024 /PRNewswire/ — The home furnishings market is estimated to grow by USD 473.96 million from 2022 to 2027, growing at a CAGR of 7.17%. By Geography, the market is classified as Europe, North America, APAC, Middle East and Africa, and South America. Europe will have the largest share of the market. The region will contribute 42% to the growth of the global market during the forecast period. The high demand for aesthetically appealing luxury furniture made of good-quality raw materials is the factor that drives the regional market. Furthermore, countries such as Germany, Italy, and France are the three leading markets for home furnishings in Europe, with France being one of the largest furniture importers in the European market. According to The World Bank Group, the EU’s urban population (% of the total) increased from 74.30% in 2018 to 75% in 2021. Additionally, urban population expansion is expected to increase the need for housing construction projects during the forecast period. Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.
Technavio has announced its latest market research report titled Global Home Furnishings Market 2023-2027
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.17% |
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Growth 2023-2027 |
USD 473.96 million |
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Structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.27 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing contribution |
Europe at 42% |
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Key countries |
US, China, Japan, Germany, and France |
The home furnishings market is fragmented owing to the presence of many global and regional companies. A few prominent companies are American Furniture Manufacturing Inc., Ashley Furniture Industries LLC, Bassett Furniture Industries, 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. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying
Company Offering:
American Furniture Manufacturing Inc. – The company offers home furnishings such as stationary and motion sofas, sectionals, recliners and chairs complimentary accent tables.
Ashley Furniture Industries LLC – The company offers home furnishings such as Sofas, Loveseats, Sectional Sofas, Sleeper Sofas, Futons, and Reclining Furniture.
Bassett Furniture Industries – The company offers home furnishings such as Marge oak parsons chairs embedded with cushioned seats, thus mostly used for dining.
For details on companies and their offerings – Buy the report!
Impactful driver- Increasing interest in interior design
Key Trend – Increase in demand for eco-friendly home furnishings
Major Challenges – Uncertainty in the prices of raw materials
Segmentation
The home furniture segment will contribute the largest share. Owing to its necessity in most residential buildings, villas, and bungalows, the segment grows significantly during the forecast period. Due to the presence of countries in APAC, such as China, India, and Japan, is the fastest-growing region. This can be attributed to factors such as the rise in average dual-household income and an increase in population. Additionally, trends such as the construction of prayer rooms, gymnasiums, children’s rooms, and study rooms in modern houses are expected to boost growth during the forecast period. Technavio Research experts have provided more insights on the share of segments – View a Free Sample Report
Related Reports:
The home furnishings market size in Europe is estimated to grow at a CAGR of 6.46% between 2022 and 2027. The size is forecast to increase by USD 171.19 billion.
China-furniture market size is estimated to grow at a CAGR of 11.19% between 2022 and 2027. The size is forecast to increase by USD 57.74 billion.
Transform living space with exquisite range of furniture, home decor, textiles, lighting, rugs, bedding, kitchenware, wall art, window treatments, home accessories, and outdoor furniture. Elevate interiors with stylish furniture pieces and cozy bedding options. Illuminate home with elegant lighting fixtures and adorn walls with captivating art pieces. Add warmth and comfort with plush rugs and textiles. Upgrade kitchen with premium kitchenware collection. Complete the look with window treatments and home accessories. Extend style outdoors with durable and chic outdoor furniture. Discover endless possibilities to enhance home decor.
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SOURCE Technavio