Global Home Furnishings Market Competitive Landscape, Growth Factors, Revenue Analysis by 2028

The global home furnishings market is anticipated to grow at a CAGR of 6.3% during the forecast period. Home furniture is a category of products that fill the physical ambiance of a home. National chains and independent stores sell home furnishings. The growing need for relocating and settling down has resulted in an increase in demand for home furnishings. Increasing demand for smart furniture is also expected to significantly contribute to the growth of the global home furnishing market. Customers across the globe are purchasing home furniture as the quality of the furniture continues to deteriorate.

Low lending rates and the spread of online stores in emerging economies may boost global market growth. The global market is highly adaptable to changing trends and is experiencing increased competition from new entrants. As the percentage of one- and two-person households grows, so does the supply for small portable furniture. Consumers are also looking for multi-purpose, foldable, and technologically advanced furniture, particularly when living in small spaces. The COVID-19 outbreak acted as a significant restraint on the home furnishings manufacturing market in 2020, as supply chains were disrupted due to trade restrictions and consumption declined due to global government lockdowns. However, with various economies gradually easing their respective lockdowns, a steady recovery trend is anticipated.

The rising demand for multifunctional furniture is expected to boost the growth prospects of market. Moreover, there is an increase in the adoption of luxury home furnishings due to the increasing disposable incomes of individuals. The increasing number of households and rapid expansion of interior design businesses across the globe are also strengthening the market growth. Customers are increasingly looking for furniture that is compact and easily movable to make the most of the available space as rooms become smaller. To meet such demands, the companies operating in the market are heavily investing in development and launches of various home décor and furnishings products. Most modern furniture items, such as tables and beds, include additional storage space. For instance,

• In February 2022, H&M India introduces home furnishing brand H&M Home in both online, offline formats. H&M Home offers fashion-forward decor and accessories for every room and style. Its assortment ranges from high-quality bed linen and dinnerware to diversified textiles, with contemporary style.
• In December 2021, Amazing Home has launched its own range of furniture, furnishing and home decor products that bring a range of aesthetic home decor solutions to a variety of consumers.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Distribution Channel
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- IKEA, Walmart, Bed Bath & Beyond, Macy’s, Wayfair, Future Group, Haworth, Ashley Furniture, Carrefour, J.C. Penny, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Home Furnishings Market Report by Segment

By Type

• Home Furniture
• Home Textile
• Others

By Distribution Channel

• Supermarkets and Hypermarkets
• Specialty Stores
• Online Stores
• Others