DUBLIN--(BUSINESS WIRE)--The "Homewares Market by Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The homewares market size was valued at $1,395.73 billion in 2020, and is estimated to reach $2,028.68 billion by 2028, registering a CAGR of 5.20% from 2021 to 2028.
Furniture, appliances, soft furnishing, lighting and home decoration items are some of the product categories explicitly included in the homewares market. Increase in population density in metro cities has been majorly influencing the demand for the various homewares products such as furniture, home appliances, lighting and home decor products. People are majorly migrating from rural areas to metro cities in the search of job opportunities. This migration creates potential opportunities for real estate, where various homewares products are required. Rise in urbanized population creates a huge demand for homewares products as individuals living in metro cities are considerably seeking for high standard of living.
Home appliances companies operating globally are planning to invest in the emerging countries of Asia-Pacific including India, China, and Indonesia, owing to growing popularity of the smart and advanced appliances, increasing disposable income, and rising millennial population.
COVID-19 pandemic is negatively affecting the growth of the homewares market. The outbreak of the novel coronavirus has affected the growth of the home appliances and home decor market. As during the lockdown period, people are considerably reducing their home expenditures, which is expected to decrease the demand for homewares product.
However, increase in cost of raw material, prices of electricity and improper electrification in rural and under privileged areas are expected to hamper the growth of the homewares market during the forecast period. Increase in brand counterfeiting, especially through online shopping is further restraining the growth of the global homewares market during the forecast period.
According to the homewares market analysis, the homewares market is segmented on the basis of type, distribution channel, and region. On the basis of type, the market is categorized into home decoration, furniture, kitchenware, home appliances, soft furnishings, lighting, bathroom accessories and others. According to distribution channel, it is divided into homewares stores, franchised stores, departmental stores, online stores and specialty stores. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, The Middle East and Africa).
Key Benefits
- The study provides an in-depth analysis of the global homewares market, with current and future trends to elucidate the imminent investment pockets in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis from 2020 to 2028 is provided to showcase the financial competency of the market.
- Porter's five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
Market Dynamics
Drivers
- Increase in consumer interest toward home decor
- Rise in construction activities in developing countries
- Growth in urbanized population
- Growth in technological advancements in home appliances
- Changes in lifestyle and rise in disposable income
- Rapid adoption of online sales channels
Restraints
- Increase in cost of raw materials
- Availability of counterfeit brands
- Lack of proper electrification and increase in electricity prices
Opportunity
- Investing in developing economies
- Improvement in lifestyle
- Rapid growth of the retail sector
Companies Mentioned
- Arc International SA
- Conair Corporation
- Ikea Systems
- International Cookware SAS
- Lock & Lock Co. LTD.
- Pacific Market International
- SEB SA
- Tempur Sealy International Inc.
- The Oneida Group and Tupperware
For more information about this report visit https://www.researchandmarkets.com/r/djdkdn.
