Homewares Market 2023 – 2030 By Distribution Channel (Homewares Stores, Franchised Stores, Departmental Stores, Online Stores and Specialty Stores),Type (Home Decoration, Furniture, Kitchenware, Home Appliances, Soft Furnishings, Lighting, Bathroom Accessories and Others)- Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Electronics & Semiconductors | Pages : 187 Pages | Published On : Jul 2023
The Homewares market had a value of $1,395.73 billion in 2022 and is projected to reach $2,028.68 billion by 2030, with a compound annual growth rate (CAGR) of 5.20% from 2023 to 2030. Homewares encompass a wide range of products that are easily replaceable and movable, including items such as beds, sofas, air conditioners, refrigerators, microwave ovens, and other home decoration products. This category includes furniture, home appliances, kitchenware, lighting systems, and various accessories used in bathrooms. The dynamic changes in life and the significant increase in the number of working women have led to higher household incomes and improved living standards.
These factors are major influencers in the growth of the Homewares market. With both husband and wife occupied with office work and having limited time for household chores and personal activities, people are increasingly purchasing smart and advanced home appliances to enhance convenience and comfort at home. According to the United Nations, a large portion of the global population is currently undergoing urbanization, with approximately 54.8% living in urban areas. The growth in urbanization has resulted in increased demand for residential homes and apartments, leading to a higher number of households and a significant demand for various Homewares products, including home appliances, furniture, lighting, soft furnishings, and home decoration products.
However, the outbreak of the COVID-19 pandemic has had a negative impact on the growth of the Homewares market. Sales of Homewares have significantly declined due to disruptions in the distribution channels and the adverse effects on import and export activities. Additionally, the manufacturing sector has been greatly affected by the pandemic, further hampering the growth of the Homewares market.
The Homewares market is segmented by type, distribution channel, and region. The types of Homewares products include home decoration, furniture, kitchenware, home appliances, soft furnishings, lighting, bathroom accessories, and others. The distribution channels comprise Homewares stores, franchised stores, departmental stores, online stores, and specialty stores. The market is analyzed across different regions, including North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
In terms of type, the home appliance segment dominated the Homewares market in 2020 and is expected to maintain its leading position throughout the forecast period. The projected growth in this segment can be attributed to the increasing demand for smart and advanced home appliances such as air conditioners, refrigerators, washing machines, dishwashers, and microwave ovens. For example, the rising global temperature and humidity levels, coupled with the growing acceptance of air conditioners as a utility product rather than a luxury, are expected to drive the demand for home appliances. Technological advancements in air conditioners, such as the availability of inverters and air purification technologies, are also anticipated to have a positive impact on sales, thereby contributing to the overall market growth through the home appliances segment.
Regarding distribution channels, the specialty store segment was valued at $287.54 billion in 2020 and is projected to reach $414.45 billion by 2030, with a CAGR of 5.1%. Specialty stores are known for carrying a wide range of brands, styles, or models within a specific category of goods. Consumers prefer to analyze and evaluate products before making a purchase, which boosts the retail sales of Homewares products, particularly home appliances, home décor, and furniture, through specialty stores. Additionally, consumers visit these stores to check the quality, durability, color variants, and compatibility with accessories. Therefore, specialty stores are expected to experience high demand in the near future.
By Distribution Channel
In terms of region, Asia-Pacific is projected to exhibit the highest CAGR, primarily due to the continuous expansion of infrastructure and the real estate sector, where air conditioning is in high demand. The region's growing urbanization and high standard of living, particularly in developing countries like India and China, are driving the growth of the white goods market in Asia-Pacific. Increased disposable income and higher spending on home improvement are also contributing factors that positively influence the product market. In India, people are replacing old household appliances with smart and advanced models, creating a significant demand for white goods during the forecast period from 2021 to 2030.
The key players operating in the global Homewares market have implemented various strategies to expand their market share, increase profitability, and maintain competitiveness. Some of the prominent players profiled in this report include 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.
Key Benefits for Stakeholders
• The report offers a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2030, providing valuable insights into the prevailing opportunities in the Homewares market.
• Porter's five forces analysis sheds light on the power dynamics between buyers and suppliers, enabling stakeholders to make informed and profit-oriented business decisions while strengthening their supplier-buyer network.
• The in-depth analysis of market size and segmentation helps stakeholders identify and capitalize on the existing opportunities in the Homewares market.
• The revenue contribution of major countries in each region is mapped, providing a comprehensive understanding of their impact on the market.
• The market player positioning segment allows for benchmarking and provides a clear understanding of the current position of market players in the Homewares industry.
Key Market Segments
• Home Decoration
o Home Appliances
o Soft Furnishings
o Bathroom Accessories
By Distribution Channel
• Homewares Stores
• Franchised Stores
• Departmental Stores
• Online Stores
• Specialty Stores
• North America
o Rest of Europe
o South Korea
• Rest of Asia-Pacific
o Latin America
o The Middle East
Table and Figures
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Covered Key Topics
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Market Size and Growth Rate
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