Home Decor Furnishing Market Share Projections: CAGR of 3.90% Envisions Market Size of $923.67 Billion by 2032
The home décor furnishing industry is anticipated to grow due to the growing influence of social media and the increase in the penetration of the e-commerce sector. North American regional market share is attributed to highly developed and varied design styles and offerings of home decoration products.
Newark, Jan. 01, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global home decor furnishing market is expected to grow from USD 630.03 Billion in 2022 to USD 923.67 Billion by 2032, at a CAGR of 3.90% during the forecast period 2023-2032.
The Home Decor Furnishing market is growing as the demand for the product is growing, and consumers are looking for luxurious products to decorate their homes, especially with furniture, hardwood flooring, and wooden floors. Also, there is a huge opportunity for sustainable, economical, and environmentally friendly products.
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Competitive Strategy
To enhance their market position in the global Home Decor Furnishing market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2023: Mannington Mills, Inc. launched its new dwelling collections, including broadloom carpets that provide comfort to all living areas. This launching of collections expands the organisation's market share in the flooring segment, which eventually expands its market share in the Home Decor Furnishing market.
Market Growth & Trends
Expensive and premium items provide spiritual and aesthetic satisfaction and also add value and decoration to the home and the people who are living in. Home décor product sales have increased, and consumers have gradually started preferring online channels for buying products, especially after the pandemic. It has opened the window for the small home décor furnishing brands. The market is becoming more in demand due to rapid industrialization and urbanization. The home's decoration easily shows the buyer's lifestyle preference, and these people thus want to buy good aesthetic products. These home decor products can be used for several purposes, such as enhancing the aesthetic appeal of a home, decorating the apartment, and furnishing. Due to globalization, the consumer can easily access a large array of products used in home decor. One of the factors which are expanding the market is the growing disposable income of the people due to the urbanization process, which also increased the number of households. There is also the demand for personalized and unique home interiors with changes in consumer lifestyles and preferences. The millennial and Gen-Z populations are tech-savvy, and most use social media. Recent trends suggest that social media culture will continue to be crucial in shaping home décor product trends. Social media has given platforms to interior designers to showcase their work all across the world. Leading social media platforms such as Pinterest, Instagram, and Houzz have led these designers to share their designs globally and inspire people to design their living spaces and homes.
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Key Findings
• In 2022, furniture segment dominated the market with the largest market share of 45.55% and market revenue of USD 286.98 Billion.
The product segment is divided into furniture, textile, flooring and others. In 2022, furniture segment dominated the market with the largest market share of 45.55% and market revenue of USD 286.98 Billion. This market share is high because there is a high preference for wooden furniture with aesthetic looks and premium quality.
• In 2022, the indoor segment dominated the market with the largest market share of 86.42% and market revenue of USD 544.47 Billion.
The application segment is divided into indoor and outdoor. In 2022, the indoor segment dominated the market with the largest market share of 86.42% and market revenue of USD 544.47 Billion. Furniture that can be folded and of multiple uses is broadly preferred in the home's indoor space.
• In 2022, the offline segment dominated the market with the largest market share of 70.56% and market revenue of USD 444.55 Billion.
The distribution channel segment is divided into offline and online. In 2022, the offline segment dominated the market with the largest market share of 70.56% and market revenue of USD 444.55 Billion. Customers are found to prefer shopping offline for furniture and home décor items.
Regional Segment Analysis of the Home Decor Furnishing Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Home Decor Furnishing industry, with a market share of 33.21% and a market value of around USD 209.23 Billion in 2022. This market share is attributed to highly developed and varied design styles and offerings of home decoration products in the region. Most of the consumers in this region prefer functional and beautiful design elements for their décor items, and there is a growing demand for green and sustainable design. Asia Pacific region has shown the fastest growth for the Home Decor Furnishing market as there is rapid urbanization happening in emerging economies like India and China.
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Key players operating in the global Home Decor Furnishing market are:
• Ashley Furniture Industries, LLC.
• Inter IKEA Holding B.V.
• Forbo Management SA
• Armstrong World Industries, Inc
• Mannington Mills, Inc.
• Kimball International Inc.
• Duresta Upholstery Ltd.
• Mohawk Industries, Inc.
• MillerKnoll, Inc.
• Shaw Industries Group, Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Home Decor Furnishing market based on below mentioned segments:
Global Home Decor Furnishing Market by Product:
• Furniture
• Textile
• Flooring
• Others
Global Home Decor Furnishing Market by Application:
• Indoor
• Outdoor
Global Home Decor Furnishing Market by Distribution Channel:
• Offline
• Online
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About the report:
The global Home Decor Furnishing market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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