Home Furnishing Market Scope
Home furnishing refers to furniture, appliances, rugs, and other decorative accessories used for home décor purpose. The rising number of nuclear families and growing usage of creative furniture for decorating living spaces and rising inclination of residential buyers towards designed, multi-purpose and smart pieces of furniture boosting the home furnishing market. Increasing demand for interior designing and furniture integrated with technologies such as remote controlled furniture expected to drive the home furnishing market over the forecasted period.
According to AMA, the Global Home Furnishing market is expected to see growth rate of 4.65% and currently pegged at USD563.0 Billion.The home furniture market is fragmented owing to the presence of numerous players. Merchants are gradually focusing on the improvement of assorted styles of home furnishing products specifically the portable and ready-to-assemble (RAD) furniture. Increasing demand for hardwood and wood look-alikes products for home décor further generating lucrative opportunities for the companies involved in home furnishing. Leaders in the Industry are constantly focusing on product type such as Rugs, Bath Textiles, Bed Textiles, Kitchen and Dining Textiles, Living room Textiles etc and flooring type like Tiles, Wood & Laminate, Vinyl & Rubber, Carpet & Rugs. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Home Furnishing market throughout the predicted period.
Cisco Bros. Corp. (United States), Bob Mills Furniture (United States), Eco Balanza Modern Artisan Furniture (United States), Vermont Wood Studios LLC (United States), Kimball International Inc. (United States), Godrej & Boyce Manufacturing Company Limited (India), Raymours Furniture Company, Inc. (United States), Crest Furniture Inc. (United States), L. & J. G. Stickley, Inc. (United States), Ashley Furniture Industries, Inc. (United States), Herman Miller, Inc. (United States), Century Furniture LLC (United States), Heritage Home Group LLC (United States), Modani furniture stores (United States) and Masco Corporation Designs (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are PFC Furniture Industries, Inc. (United States), Okamura Corporation (Japan), HNI Corporation (United States), IKEA (Sweden), Bed Bath & Beyond (United States), Duresta Upholstery Ltd. (United Kingdom) and Others.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Home Furnishing market by Type (Home Furniture, Home Textiles, Floor Coverings, Wall Decor, Lighting and Others) and Region with country level break-up.
On the basis of geography, the market of Home Furnishing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In 2019, Bed Bath & Beyond launch a private label home & furniture line which includes home goods and furniture as an eclectic mix of rustic and modern styles. and LGI Homes builder of housing developments, introduces new floor plans for its newest community, Stratford, in Monroe, NC. This includes wood flooring, Gourmet kitchens with the suite of stainless-steel appliances, and others.
Market Trend
- Emphasizing on Development of Green Furniture
- Increasing Demand for Technologically Advanced Furniture
Market Drivers
- Increasing Popularity of Interior Designing
- Growing Online Retail Platform
- Rising Demand for Customized Home Furnishing Products
Opportunities
- Growing Real Estate Industry
- Emergence of Smart Homes
- Increasing Demand for Luxury and Premium Home Furnishing Products from High Income Group
Restraints
- Fluctuating Raw Material Prices
- High Maintenance Cost Associated with Wooden Furniture
Challenges
- Increasing Dominance of Local Players Product
Key Target Audience
Furniture Manufacturer/ Distributors, Online Vendors, Retail Stores, Government Agencies, Research Institute, Government Authorities, Agencies Related Home Furnishing, Market Research and Consulting Firms, Potential Investors and Others