Homewares Market Analysis- Size, Share, Growth, Industry Demand, Forecast, Application Analysis to 2022
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Increased demand for housing and the emergence of “generation rent” is reflecting favorably on the global homewares market. Currently, the preference for inexpensive fashionable homeware items is higher than premium-priced varieties. The youth population is more fashion oriented and seek season homeware solutions, which is why manufacturers remain focused on constantly changing product design and introducing new products. At the same time, elderly shoppers tend to invest more on luxury categories, owing to their relatively higher spending ability. Factors as such are expected to play an important role in determining the future prospects of the global homewares market. Moreover, companies that manufacture homewares are also offering low-cost textile and decorative ranges in order to penetrate the wide pool of price-sensitive consumers particularly in the developing countries. Some of the companies are coming up with complete sets of homeware decor items that are specific to the aesthetic requirements of the buyer. The recent report published by Fact.MR cites that the global homewares market will reach a valuation is excess of US$ 180,100 Mn, reflecting an above average CAGR during the forecast period (2017-2022).
Global Market for Homewares – Key Insights
· On the basis of product type, the home decoration segment is will retain its top position during the forecast period. In terms of revenue, the segment currently represents for a significant share of the global market for homewares. Towards the end of 2022, the home decoration segment is estimated to surpass a valuation of US$ 35,200 Mn, reflecting a steady CAGR.
· The furniture product type segment is expected to hold the second position during the forecast period. Currently, this segment commands for more than 19% revenue share of the market and is projected to reach a market valuation in excess of 34,700 Mn by 2022 riding at a sound CAGR of 5.4%.
· Based on distribution channel, the departmental stores segment will remain dominant over the next few years. The segment is projected to account for over one-fourth revenue share of the market by 2017-end. During 2017 to 2022, the departmental stores segment is expected to exhibit a CAGR little under 6%. Franchised stores are anticipated to remain the second largest distribution channel segment over 2022 and surpass market valuation of US$ 42,300 Mn.
· Based on region, Europe will continue to dominate the global market for homewares over the assessment period. The market in the region is anticipated to witness a considerable growth in the forthcoming years owing to increasing demand for home decoration in the many of the European countries. The North America homewares revenue is also anticipated to exhibit an impressive CAGR during 2017 to 2022. In addition, the region’s market is projected to garner revenues of over US$ 32,600 Mn toward the end of 2022. Meanwhile, robust growth of the housing and constructing sector in countries such as China and India is boosting the growth of the market the Asia-Pacific excluding Japan (APEJ) region.
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Home Decoration to Remain a Highly Sough-After Homeware Product Segment
Based on product type, demand for home decoration will continue to be strong in 2017 and beyond. Over 2022, global sales of home decoration is projected account for more than 19% revenue share of the homewares market. In addition, nearly US$ 35,297 Mn worth home decoration is estimated to be sold across the globe.
Among regions, the homewares market in Europe is projected remain highly attractive throughout the forecast period. In terms of revenue, the region currently represents a significantly percentage in the global homewares market and trend is anticipated to continue over the next couple of years. Between 2017 and 2022, Europe’s homewares market is expected to expand at an impressive CAGR of 5.5%. The region’s market is expected to create absolute $ opportunity of US$ 15,154.4 Mn during the forecast period. The market in North America is also expected to surge at a healthy CAGR, owing to the increasing demand for low-cost seasonal home decoration in the region.
The report has also profiled key companies that are currently functioning in the global homewares market, which include ARC International SA, Avon Products, Inc., Conair Corporation, Inter Ikea Systems B.V., International Cookware SAS, Libbey Inc., Lock & Lock Co Ltd, Pacific Market International, SEB SA, The Oneida Group, Inc., Tupperware Brands Corporation, and Zepter International SA.
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