Homewares Market to Witness Incremental Growth at 5.2% CAGR to Surpass $2028.68 billion by the End of 2028 – Digital Journal
Growing demand for advanced, smart and elegant home appliances and furniture are expected to escalate the demand for homewares products. Increase in spending for home decoration and improvement practices owing to growing disposable income specially in emerging economies including China, India and Brazil, are anticipated to contribute toward the homewares market growth during the forecast period.
According to a new report published by Allied Market Research, titled, “Homewares Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028,”
The global homewares market size is expected to reach $2,028.68 billion by 2028 at a CAGR of 5.2% from 2021 to 2028.
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Homewares market is made up of various markets such as furniture, home appliances, home décor, lighting and bathroom accessories. Homewares market is majorly driven by surge in number of residential homes, increase in disposable income, and rise in adoption of smart and advanced home appliances. Changing lifestyles owing to rapid urbanization and increasing purchasing power of the developing countries including China, Taiwan, India, and Brazil, is fueling the demand for various homewares products including microwave oven, dishwashers, sofa, bed and refrigerator. In addition, manufacturers are introducing localized products based on the need of the consumers from a particular region or country. For instance, in March 2019, Robert Bosch GmbH announced the launch of India-specific dishwashers that will incorporate the Kadhai feature, which is an essential utensil for Indian consumers.
Due to the COVID-19 pandemic, supply chain has been adversely affected, thereby resulting in the whole consumer goods industry incurring losses. Government is frequently practicing total lockdown in order to limit the spread of corona virus, in which retail stores including specialty shops are strictly suggested to remain closed. Manufacturing units are also temporarily closed, which is expected to decrease the production of furniture, home appliances and lighting products, which in turn adversely impacts the homewares market.
According to the homewares market analysis, the homewares market segmented on the basis of type, distribution channel, and region. On the basis of type, the market is categorized into home decoration, furniture, kitchenware, home appliances, soft furnishings, lighting, bathroom accessories and others. According to distribution channel, it is divided into homewares stores, franchised stores, departmental stores, online stores and specialty stores. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, The Middle East and Africa).
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According to the homewares market opportunities, on the basis of type, furniture segment was valued at $370.17 billion in 2020, and is projected to reach $500.47 billion by 2028, registering a CAGR of 4.30% from 2021 to 2028. Owing to space constraints faced in urban areas, multifunctional furniture is gaining popularity among urban consumers, as this furniture aids in space saving, which fuels the growth of the furniture segment. In addition, rise in awareness regarding environment safety among consumers has led to surge in demand for eco-friendly furniture. Furthermore, with increase in disposable income and willingness of customers to invest in furniture significantly contribute toward the growth of the market. Moreover, rapid urbanization coupled with increase in concept of nuclear family structure drives the growth of the furniture market. In addition, development of the real estate industry coupled with surge in penetration of e-commerce platform is expected to provide significant opportunities to the …….