Europe is expected to capture the highest share in the homewares market due to large number of timber industries and high living standards of people. Europe is followed by North America due to similar economic conditions. Contributing factors to market growth are rising infrastructural facilities across the globe, changing residential facilities, and availability of less living space due to rising population.
Rising investments by manufacturers for the establishment of new products that utilize less space and give an aesthetic appeal to the house is being seen. These variables have a significant impact on the market’s development.
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According to the latest revised report by Fact.MR, the sales of Homewares is estimated to reach a market value of over US$ 200 Bn by the end to 2031, and is expected to expand at a CAGR of more than 5% during the forecast period.
Key Trends of Homewares Market
- Among the products, home décor holds a major market share, which is expected to contribute more than 19% revenue by the end of the projected period.
- On comparing home décor and furniture under products, home décor is estimated to have a market value of more than US$ 35 Bn, while furniture holds the second-largest share and is expected to reach US$ 36.4 Bn by 2031.
- On the basis of distribution channel, departmental stores grab the largest share and are expected to expand at a CAGR of over 6% through 2031, crossing a market value of US$ 42 Bn.
- Europe Homewares Market to hold largest market share of approximately 45%. The European market is anticipated to grow around 1.5X from 2021 to 2031.
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Key Market Segments Covered
- Product
- Home Decoration
- Furniture
- Soft Furnishings
- Kitchenware
- Home Appliances
- Lighting
- Storage and Flooring
- Bathroom Accessories and Cleaning
- Tableware
- Hardware
- Distribution Channel
- Homeware Stores
- Franchised Stores
- Specialty Stores
- Departmental Stores
- Online
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Winning Strategy
Key market players are experimenting with customer engagement strategies. It has been observed that instead of sales pitches, companies are pitching for experience and experimenting with designs. In fact, companies are also integrating AR/VR technology to provide a rich experience to customers, wherein, any typical smartphone can be used to experience the aesthetics of the house if the selected homeware product is placed in front of the camera.
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