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.
According to the latest revised report by Fact.MR, the homewares market 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 Takeaways from Market Study
- 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 to hold largest market share of approximately 45%. The European market is anticipated to grow around 1.5X from 2021 to 2031.
According to a Fact.MR analyst, “Increased cultural variations and improving economic conditions across different regions are driving demand for various homeware products.”
Why are Sales of Homeware Companies Rising?
Sales of homeware products are proliferating on the backbone of rent generation and swelling demand for accommodation. Over 55% of the world’s population is urbanized preferring elevated standards of living. Also, the increased government spending on the infrastructural facilities has promoted the homewares in order to provide the healthy lifestyle and reduce the risk of mishappening due to poor residential infrastructure.
Homewares manufactures are continuously introduction new improvised products due to rapid change in customer’s behaviours. The difference in the fashion taste among young generation and elderly population has provided full scale opportunity to the manufacturers for to add new trends in the market.
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