Homewares Market Size Expected to Reach $2.02 Trillion by 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.

The home appliances segment to retain the lion's share-

On the basis of type, the home appliances segment held the major share in 2020, garnering more than one-third of the global homewares market. Technological advancements in home appliances propel the segment growth. The bathroom accessories segment, however, is projected to cite the fastest CAGR of 8.8% throughout the forecast period. With the increasing expansion of real estate, the bathroom accessories industry has received a major boost, thereby driving the segment growth.

The homeware stores segment to dominate by 2028-

On the basis of distribution channel, the homeware stores segment contributed to the lion's share in 2020, holding more than one-fourth of the global homewares market. Homeware stores are the stores where people can easily and conveniently find homeware products such as lighting, furniture, home appliances, kitchenware products and bathroom accessories. This factor propels the growth of the segment. The online stores segment, on the other hand, is projected to manifest the fastest CAGR of 7.3% from 2021 to 2028. Change in shopping behavior of millennial and increase in adoption of mobile devices for internet access are expected to drive the growth of the segment.

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Asia-Pacific, followed by North America, held the major share in 2020-

By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering more than one-fourth of the global homewares market. Changing lifestyles of people in the Asia-Pacific region have influenced the buying trends of consumers, thereby boosting the market growth. The LAMEA region is expected to cite the fastest CAGR of 6.9% throughout the forecast period. Increase in urbanization and improvement in lifestyles are the key factors that boost the market growth.

Key Players in the industry-

Conair Corporation
Ikea Systems
Tupperware
International Cookware SAS
Pacific Market International
SEB SA
Arc International SA
Tempur Sealy International, Inc.
Lock & Lock Co., Ltd.
The Oneida Group

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