USD 1590.33 Billion
Homewares Market Size, Share, Growth Analysis, By Type(Home Decoration, Furniture, Kitchenware, Home Appliances), By Distribution Channel(Homewares Stores, Franchised Stores, Departmental Stores, Online Stores), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25I2023 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
70
|Figures:
75
Homewares Market Insights
Global Homewares Market size was valued at USD 1590.33 Billion in 2022 and is poised to grow from USD 1673.82 Billion in 2023 to USD 2520.49 Billion by 2031, at a CAGR of 5.25% during the forecast period (2024-2031).
A mix of changing customer preferences, urbanization, and lifestyle modifications are propelling the continuous rise of the global homewares market. Consumers are spending on a wide range of homeware products, covering everything from furniture and design to kitchenware and textiles, as they place an increasing emphasis on home aesthetics and utility.
The increasing demand for green and sustainable home goods is one significant trend influencing the market. Customers are looking for goods that support their environmental ideals, which is driving producers to use sustainable resources and production techniques. This change has also led to an increase in home furnishings that have been salvaged and repurposed, appealing to a consumer base that is increasingly ecologically conscious.
The development of the market has been significantly aided by the e-commerce industry, which provides customers with better convenience and access to a wide variety of goods from around the globe. Online marketplaces offer chances for both well-known businesses and up-and-coming artists to display their goods, fostering healthy competition and encouraging innovation in form and function.
US Homewares Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Furniture
Fastest Growth
Furniture
Growth Rate
5.25% CAGR
Global Homewares Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Homewares Market Segmental Analysis
The market is segmented into home decoration, furniture, kitchenware, home appliances, soft furnishings, lighting, bathroom accessories, and others based on type. Based on distribution channel, the market is divided into homewares stores, franchised stores, departmental stores, online stores, specialty stores. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Homewares Market Analysis By Type
It is projected that the furniture and home furnishings segment will dominate the market, mainly due to households' extensive acceptance of these products for daily use. This category includes a wide variety of furniture pieces, including couches, tables, chairs, and sitting options.
The alluring selection of furniture options is in line with consumers' increasing needs, who want their living spaces to have both practical and aesthetically pleasing value. Consumers are more likely to purchase furniture that matches their décor preferences as interior design trends change frequently. This preference for individuality and design increases demand for a wide variety of furniture and home items.
Homewares Market Analysis By Distribution Channel
The specialty stores category claims the most substantial portion of this market, primarily owing to its comprehensive assortment of branded kitchenware and furniture products. These specialty stores serve as hubs for consumers seeking distinctive and high-quality homeware items that cater to specific tastes and preferences.
Online shopping has grown to be a serious competitor in the distribution space as the industry develops. Online retailers make it easy to browse a wide selection of products from the comfort of one's home. The adaptability of this channel, along with the inclusion of user evaluations and thorough product descriptions, has increased its appeal, especially among technologically sophisticated customers.
Global Homewares Market By Type
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Homewares Market Regional Insights
A sizable portion of the market belongs to the Asia-Pacific area, partly because of the region's developed furniture manufacturing industry. Due to their existing manufacturing infrastructure, nations like China and India have become important furniture manufacturing hubs. This advantageous setup propels the availability of a diverse range of furniture products, subsequently fostering higher consumption rates within the regional population. The region's increasing urbanization rate, coupled with the prevailing trend of nuclear families, serves to further amplify the demand for homeware products. These dynamics underscore the growing importance of Asia Pacific as a significant contributor to the global homewares market.
Meanwhile, the European region also experiences noteworthy growth, driven by the expansion of prominent companies specializing in kitchenware items. Notable entities like Sambonet Paderno Industrie S.p.A. and I.L.L.A. S.p.A. are strategically positioning themselves in key European countries such as the U.K. and Germany. This deliberate market presence supports the region's consumption rates for kitchenware products. The European market's allure is augmented by its rich tradition of culinary excellence and sophisticated dining culture, which contributes to a strong demand for high-quality kitchenware. This confluence of factors underlines the European region's substantial role within the global homewares market.
In summary, the regional segmentation of the global homewares market showcases the distinctive growth trajectories of different regions. The Asia Pacific region capitalizes on its production capabilities, while the European market thrives on the reputation and expansion of prominent kitchenware companies. As these regional dynamics continue to evolve, they collectively shape the overarching landscape of the global homewares market.
Global Homewares Market By Geography
- Largest
- Fastest
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Homewares Market Dynamics
Homewares Market Drivers
Consumer Lifestyle and Urbanization
- Rapid urbanization and evolving consumer lifestyles are driving the demand for homewares. Urban dwellers often seek functional yet stylish products to enhance their living spaces.
Home Renovation and Remodeling
- The market for homeware products is expanding as a result of rising home remodeling and renovation projects, which are motivated by aesthetic preferences and property value development.
E-Commerce Growth
- Consumers now have easy access to a wide range of home goods because of the expansion of e-commerce platforms, which is fostering industry growth and competition.
Homewares Market Restraints
Supply Chain Disruptions
- Production delays and higher costs can result from supply chain disruptions brought on by events like global pandemics, trade disputes, or natural disasters.
Fluctuating Raw Material Costs
- Manufacturers may find it difficult to maintain competitive rates due to fluctuations in the cost of raw materials, which can also affect product pricing and profit rates.
Economic Uncertainties
- Consumer spending habits and economic turbulence can have an impact on customer appetite for non-essential goods like home goods.
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Homewares Market Competitive Landscape
Intense competition among a wide range of competitors defines the global homewares market's competitive landscape. In this crowded sector, well-known companies, burgeoning startups, and regional artists compete for consumers' dollars. To keep a firm grip on the market, well-known homeware producers and merchants take advantage of their strong brand recognition, broad distribution networks, and variety of products. They frequently make research and development investments to bring new materials and designs to market that are in line with shifting consumer demands.
Through e-commerce, both established and niche players may now access a worldwide audience, revolutionizing the competitive landscape. Online marketplaces offer a fair playing field, enabling smaller businesses to present their distinctive offers and compete with sector heavyweights. Businesses are encouraged by the digital environment to improve user experiences, provide competitive pricing, and apply successful marketing techniques.
Homewares Market Top Player’s Company Profiles
- IKEA (Sweden)
- Williams-Sonoma, Inc. (United States)
- Bed Bath & Beyond Inc. (United States)
- The Home Depot, Inc. (United States)
- Target Corporation (United States)
- Wayfair Inc. (United States)
- Crate and Barrel Holdings, Inc. (United States)
- Amazon.com, Inc. (United States)
- Wesfarmers Limited (Australia)
- J.C. Penney Company, Inc. (United States)
- Kohl's Corporation (United States)
- Tesco PLC (United Kingdom)
- Woolworths Group (Australia)
- West Elm (United States)
- H&M Home (Sweden)
- Pier 1 Imports Inc. (United States)
- Macy's, Inc. (United States)
- Alibaba Group Holding Limited (China)
- HSN, Inc. (United States)
- Bed Bath N' Table (Australia)
Homewares Market Recent Developments
- In March 2023, IKEA made the announcement that it would close its locations in Russia. The current conflict in Ukraine is to blame for the shutdown.
- In February 2023, The closure of Crate & Barrel's locations in Canada was announced. The company's financial troubles are to blame for the collapse.
- In January 2023, It was revealed by Wayfair that it will be purchasing Joss & Main. Wayfair anticipates using the acquisition to increase its presence in the home goods industry.
Homewares Key Market Trends
- Sustainable Homewares: As customers place a higher value on environmentally friendly options, environmentally conscious materials, upcycling, and sustainable manufacturing techniques are becoming more popular.
- Minimalist and Functional Design: The simplicity and adaptability of minimalist design aesthetics and versatile items appeal to consumers.
- Smart and Connected Products: Home furnishings are incorporating smart home technologies, which offer advantages like energy conservation, automation, and remote control.
Homewares Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global homewares market analysis, the global homewares market is undergoing a transformation as a result of changing customer preferences, urbanization, and technological improvements. The market's future course depends on sustainability initiatives, with eco-friendly activities becoming increasingly significant. E-commerce has altered the nature of the industry, enabling customers convenience and access to a wide range of products while escalating competition. Product innovation is being shaped by clever technology integration and simple designs that reflect changing consumer lives.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1590.33 Billion |
| Market size value in 2031 | USD 2520.49 Billion |
| Growth Rate | 5.25% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Homewares Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Homewares Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Homewares Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Homewares Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Homewares Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Homewares Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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