Homewares Market Research, 2028
The homewares market size was valued at $1,395.73 billion in 2020, and is estimated to reach $2,028.68 billion by 2028, registering a CAGR of 5.20% from 2021 to 2028. Homewares products include various items that can be easily replaced and moved such as bed, sofa, air conditioner, refrigerator, microwave oven and other home decoration products. Homewares comprises furniture, home appliances, kitchenware, lighting systems and other accessories used in bathroom. Dynamic changes in lifestyle and tremendous rise in the number of working women have led to increase in household income, and improvement in the living standards. These attributes are majorly influencing the homewares market growth. Both the family members (husband & wife) are busy with office work, they get less time to complete household chores and for themselves, thereby people are increasing purchasing smart and advanced home appliances for convenience and comfort at home.
According to the United Nations, a large part of the world is currently undergoing urbanization. Nearly 54.8% of the world’s population presently lives in urban areas. Growth in urbanization has resulted in the increasing demand for residential homes and apartments, which is expected to add more number of households, which in turn, creates a huge demand for various Homewares products including home appliance, furniture, lighting, soft furnishing and home decoration products.
The outbreak of the COVID-19 pandemic has negatively affected the growth of the Homewares market. Sales of Homewares have witnessed significant decrease due to the disturbed distribution channel and adversely affected export and import activities. Furthermore, the pandemic has had the most impact on the manufacturing activates, which adversely affected the growth of the homewares market.
According to the homewares market analysis, the market is segmented into 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, the UK, Italy, Spain, Russia, and 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).
By Type
Home Appliances segment helds the major share of 34.6% in 2020
On the basis of type, the home appliance segment has gained major share in homewares market in 2020 and is expected to sustain its share throughout homewares market forecast period. The anticipated growth in the market can be predominantly attributed to increasing demand for smart and advanced various home appliances such as air conditioner, refrigerator, washing machine, dishwasher and microwave oven.
For instance, increasing temperature and humidity levels across the world along with rising acceptance of air conditioners as a utility product rather than a luxury product is expected to contribute to the growth of the home appliances market. Growing technological advancement in air conditioners, such as availability with inverter and air purification technologies, is further anticipated to positively influence the sales of the air conditioners, which in turn, contributes to the growth of homewares market through the home appliances segment.
According to homewares market trends, depending on distribution channel, the specialty store segment was valued at $287.54 billion in 2020, and is expected to reach $414.45 billion by 2028, with a CAGR of 5.1%. A specialty store is a shops carries a deep assortment of brands, styles, or models within a relatively narrow category of goods.
Consumers prefer to analyze and evaluate products before purchase, thereby boosting the retail sales of homewares products specially home appliances, home décor and furniture through specialty store. In addition, consumers check the quality, durability, and color variants in the stores and the type of accessories compatible with them. Therefore, specialty stores are projected to gain high demand in the near future.
By Distribution Channel
Homewares Stores segment helds the major share of 27.6% in 2020
Region wise, Asia-Pacific is projected to grow at the highest CAGR, owing to constantly expanding infrastructure and real estate sector, where air conditioning is largely demanded. Growing urbanization and high standard of living of the people, especially in developing countries including India and China, are driving the growth of the white goods market in the Asia-Pacific region.
Rise in disposable income and high spending on home improvement are some of the major factors positively influencing the product market. People in India are replacing old household appliances with smart and advanced appliances, which is further creating huge demand for white goods during the forecast period 2021-2028.
The players operating in the global homewares market have adopted various developmental strategies to expand their Homewares market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Arc International SA, Conair Corporation, Ikea Systems, International Cookware SAS, Lock & Lock Co., Ltd., Pacific Market International, SEB SA, Tempur Sealy International, Inc., The Oneida Group and Tupperware.
By Region
Asia Pacific region helds the major share of 34.7% in 2020
Key Benefits For Stakeholders
The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2028 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing homewares market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the homewares industry.
Key Market Segments
By Type
Home Decoration
- Furniture
- Kitchenware
- Home Appliances
- Soft Furnishings
- Lighting
- Bathroom Accessories
- Others
By Distribution Channel
- Homewares Stores
- Franchised Stores
- Departmental Stores
- Online Stores
- Specialty Stores
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- The Middle East
- Africa
Homewares Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By DISTRIBUTION CHANNEL |
|
 By Region |
|
 Key Market Players | ARC INTERNATIONAL SA, IKEA SYSTEMS, CONAIR CORPORATION, INTERNATIONAL COOKWARE SAS, SEB SA, PACIFIC MARKET INTERNATIONAL, THE ONEIDA GROUP, TEMPUR SEALY INTERNATIONAL, INC., TUPPERWARE, LOCK & LOCK CO., LTD. |
Analyst Review
The global homewares market exhibits high growth potential in the developing economies such as India and China, owing to increase in personal disposable income and high spending for improving high standard of living. People are actively replacing old appliances and furniture with smart & highly technological home appliances and multifunctional furniture. For instance, multifunctional furniture is a broad category of products that includes wall beds, transforming tables, compact seating, or innovative storage solutions. Nowadays, home appliance manufacturers are making more advanced and smart featured home appliances, which can be connected to the internet. In addition, most of the home appliances can be controlled and regulated with smartphones, which is expected to attract consumers and create huge demand during the forecast period 2021-2027.
Rapid expansion of the retail industry plays a major role in the distribution of homewares products. It is becoming more important to make homewares goods available to the consumers. Specialty stores and online stores are gaining major traction in the global homewares market. This is majorly attributed to availability of enormous options for the consumers to choose from. Multi brand specialty stores have many brands for the single line product segment, where people can compare their features and colors, which help them to take buying decisions.
Furthermore, increase in disposable income and improvement in lifestyle of individuals are expected to offer remunerative opportunities for investors in the homewares market. In the current scenario, eco-friendly homewares products such as home appliances, furniture and lighting products are gaining high acceptance among consumers. Thus, players operating in the market are consolidating their efforts in developing eco-friendly products to capitalize on the increasing demand.
Operating players in the market compete on certain parameters such as product design, style, and quality of raw materials. Furthermore, many manufacturers are collaborating with importers, contractors, and interior designers to sell their homewares products. Companies have further opted for e-commerce platforms to sell their products and increase their profit margins by reducing the distribution costs.
However, increasing cost of raw materials and lack of electrification in the rural areas are expected to restrain the growth of the market. Furthermore, Manufacturers need to address correct need, requirements and affordability of the rural consumers and accordingly homewares should be designed, which can be the biggest challenge for homewares products manufacturers.
The homewares market size was valued at $1,395.73 billion in 2020, and is estimated to reach $2,028.68 billion by 2028.
5.2% is the CAGR of Homewares Market.
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2021 – 2028 would be forecast period in the market report.
Arc International SA, Conair Corporation, Ikea Systems, International Cookware SAS, Lock & Lock Co., Ltd., Pacific Market International, SEB SA, Tempur Sealy International, Inc., The Oneida Group and Tupperware are some of the top companies in the homewares market.
Dynamic changes in lifestyle and tremendous rise in the number of working women have led to increase in household income, and improvement in the living standards. These attributes are majorly influencing the homewares market growth.
The homewares market is segmented into type, distribution channel, and region.
The outbreak of the COVID-19 pandemic has negatively affected the growth of the homewares market.
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