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Home Furnishings Market – Innovative Furniture Designs to Boost Sales | Technavio |

Home Furnishings Market – Innovative Furniture Designs to Boost Sales | Technavio

LONDON–(BUSINESS WIRE)–According to the latest market study released by Technavio,
the global home furnishings market is expected to grow at a CAGR
of close to 6% during the forecast period.

This research report titled ‘Global
Home Furnishings Market 2017-2021
‘ provides an in-depth analysis of
the market in terms of revenue and emerging market trends. This report
also includes an up to date analysis and forecasts for various market
segments and all geographical regions.


This report is available at a USD 1,000 discount for a limited time
only:
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market snapshot before purchasing

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The market research analysis categorizes the global home furnishings
market into the following types of products:

  • Home furniture
  • Home textiles
  • Floor coverings

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challenges, trends, and more.

Global home furniture market

The increasing number of residential buildings, villas, and bungalows is
fueling the necessity of home furnishing. In 2016, APAC countries such
as China, India, and Japan were the fastest growing home furniture
markets. The rise in average dual-household income and an increase in
population is contributing to the growth of these regions. The growing
traction of multifunctional furniture and RTA furniture will have a
positive impact on the growth of this market segment. The home furniture
segment accounted for more than 52% of the total market share in 2016.

According to Narendra Nandaigari, a lead analyst at Technavio for furniture
and home furnishing
research, “The customers in the market are
focusing on bathroom furniture, where demand for country and rustic
style furniture is high. The manufacturers are offering uniquely styled
products to cater to these new customer demands. Growing trends in the
construction of prayer rooms, gymnasiums, children’s room, and study
rooms in modern houses will propel the growth of the home furnishing
market.”

Global home textiles market

The global home textiles market occupied close to 27% of the total
market share. The vendors are offering a varied range of furnishing
fabrics, curtains, bedspreads, rugs, cushion covers, placemats,
made-ups, bedspreads, table covers, linen, kitchen accessories, carpets,
bath linen, and other home
furnishing
accessories to stay competitive in the market. The
growing demand for rich colors conveying luxury and intricate prints is
driving the demand in this market segment. The embellishment on
decorative pillows is another trend that is likely to remain strong
during the forecast period.

“The rising consumer investment in home renovation and accelerating
investments in infrastructure is boosting the sales in this market
segment. Demand for product innovation and development from the Asian
markets such as China, India, South Korea, Japan, and Indonesia will
create new opportunities for retailers and manufacturers,”
says
Narendra.

Global floor coverings market

The growing demand for high-quality products, increasing average income,
the importance of home decor, the prosperous housing industry, and
increasing demand for luxury flooring are a few factors contributing to
the growth of this market segment. In 2016, the residential segment
accounted for over 56% of the total floor coverings market share.
Urbanization is resulting in a wide availability of flooring products
and designs across different markets. The floor covering segment in the
home furnishing market accounted for around 21% of the total market
share in 2016.

The top vendors highlighted by Technavio’s market research analysts in
this report are:

  • Bed Bath Beyond
  • Inter IKEA Systems
  • Macy’s
  • Tvilum
  • Wal-Mart Stores

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