Latest News- Home Furniture Market: Offline is expected to lead the Distribution Channel segment during 2024-2028

The Home Furniture Market is being driven by Increasing online sales

The Home Furniture Market is expected to grow at a CAGR of 4.72% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 95.7 billion. In the home furniture market, there has been a significant shift towards customization, driven by the growing popularity of technologically advanced, smart furniture. Consumers are increasingly seeking personalized units that cater to their unique preferences. Leading manufacturers, such as IKEA and Ethan Allen, are responding to this trend by offering innovative fabric and design customization options. For instance, IKEA recently announced plans to launch multifunctional furniture that transforms according to daily needs, reflecting the industry's focus on adaptability and consumer-centricity. These developments are attracting a broad consumer base, enabling them to design furniture that aligns with their individual tastes and lifestyles. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• Product
  • Living room furniture
  • Bedroom furniture
  • Storage furniture
  • Others
• Geography
  • APAC
    • China
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing online sales
• Increased awareness of home decor and attractive furnishings
• Growing residential construction market

However, the market also witnesses some limitations, which are as follows:

• Fluctuating labor costs and raw material prices
• Long product replacement cycle
• Threat from re-used furniture market

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Market Scope in Home Furniture Market Research Report

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Research Analysis Overview

The home furniture market is a dynamic and diverse industry, encompassing a wide range of products from home centers to specialty stores. Key players in this market include glass, metal, wooden, plastic, and a growing number of eco-friendly options made from recycled textiles. Marketing strategies for home furnishing retailers often focus on comfort and innovation, with an increasing emphasis on viscoelastic foams and high-resilience foam for beds and mattresses. Smart sensing technology is also gaining popularity, particularly in the form of smart furniture that adapts to the user's needs. Multi-purpose and portable furniture are other trends, as consumers seek flexible solutions for small spaces. Home centers offer a wide selection of affordable options, while specialty stores cater to those seeking unique and high-end pieces. Kitchen, bedroom, dining room, and living room furniture remain staples in the market, with a growing focus on formaldehyde-free sofa sets and eco-friendly materials. Online stores have disrupted traditional retail models, offering convenience and competitive pricing, while smart furniture continues to push the boundaries of home design. Overall, the home furniture market is a dynamic and innovative space, driven by consumer demand for comfort, style, and sustainability.

Market Research Overview

The global home furnishings market encompasses businesses involved in the manufacturing and marketing of furniture, home decor, floor coverings, and related products. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by manufacturers and marketers of consumer electronics, home furnishings, decorative items, household appliances, and other homeware merchandise. Key growth drivers for the home furnishings sector include the surge in residential and commercial construction projects, as well as the increasing focus on infrastructure development. This trend is anticipated to boost sales of new furniture and home decorations in major markets such as the US, China, and India, due to the rising number of new constructions and renovation projects.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/