Surge in number of residential homes, increase in disposable income, and rise in adoption of smart and advanced home appliances drive the growth of the global homewares market.
Allied Market Research published a report, titled, “Homewares Market by Type (Home Decoration, Furniture, Kitchenware, Home Appliances, Soft Furnishings, Lighting, Bathroom Accessories and Others), and Distribution Channel (Homewares Stores, Franchised Stores, Departmental Stores, Online Stores and Specialty Stores): Global Opportunity Analysis and Industry Forecast 2021–2028.” According to the report, the global homewares industry was estimated at $1.39 trillion in 2020, and is anticipated to hit $2.02 trillion by 2030, registering a CAGR of 5.2 from 2021 to 2028.
Drivers, restraints, and opportunities-
Surge in number of residential homes, increase in disposable income, and rise in adoption of smart and advanced home appliances drive the growth of the global homewares market. On the other hand, high product costs restrain the growth to some extent. Nevertheless, growing technological advancements and upsurge in online sales are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The distorted distribution channel and adversely impacted import & export activities impacted the global homewares market negatively, especially during the initial phase of the pandemic.
- However, the global situation is now getting better and the market is anticipated to recoup soon.
The home appliances segment to retain the lion’s share-
On the basis of type, the home appliances segment held the major share in 2020, garnering more than one-third of the global homewares market. Technological advancements in home appliances propel the segment growth. The bathroom accessories segment, however, is projected to cite the fastest CAGR of 8.8% throughout the forecast period. With the increasing expansion of real estate, the bathroom accessories industry has received a major boost, thereby driving the segment growth.
The homeware stores segment to dominate by 2028-
On the basis of distribution channel, the homeware stores segment contributed to the lion’s share in 2020, holding more than one-fourth of the global homewares market. Homeware stores are the stores where people can easily and conveniently find homeware products such as lighting, furniture, home appliances, kitchenware products and bathroom accessories. This factor propels the growth of the segment. The online stores segment, on the other hand, is projected to manifest the fastest CAGR of 7.3% from 2021 to 2028. Change in shopping behavior of millennial and increase in adoption of mobile devices for internet access are expected to drive the growth of the segment.
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Asia-Pacific, followed by North America, held the major share in 2020-
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering more than one-fourth of the global homewares market. Changing lifestyles of people in the Asia-Pacific region have influenced the buying trends of consumers, thereby boosting the market growth. The LAMEA region is expected to cite the fastest CAGR of 6.9% throughout the forecast period. Increase in urbanization and improvement in lifestyles are the key factors that boost the market growth.
Key Players in the industry-
- Conair Corporation
- Ikea Systems
- Tupperware
- International Cookware SAS
- Pacific Market International
- SEB SA
- Arc International SA
- Tempur Sealy International, Inc.
- Lock & Lock Co., Ltd.
- The Oneida Group
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