Rising Demand for Stylish and Comfortable Furnishings among Residential Buyers drives Home Furniture Market
Home furniture forms an integral part of home décor and furnishings in living rooms of consumers across the world. The intensifying focus on decorating their living spaces with creative pieces of furniture innovative design is a key factor boosting the home furniture market. The growing proclivity of residential buyers to opt for ingeniously-designed furnishings to make the most of the available space is helping in creating exciting avenues for manufacturers of home furniture. The global home furniture market is expected to grow from strength to strength from the rising demand for high-quality furnishings to suit different preference and aesthetic value of consumers, world over. The home furniture market is benefitting increasingly from the advent of furniture that promises to enhance the comfort substantially. The overall demand is increasingly fueled by the rise in urbanization, especially in emerging economies. The growing uptake of smart furniture in the hospitality sector to allure customers is a notable factor expanding the home furniture market.
Growing Trend of Smart Furnishing catalyzing Home Furniture Market
Integrating home furniture with technology can be a potentially compelling proposition for manufacturers to meet the demand for smart furniture among residential as well as hospitability buyers. The advent of remote-controlled home furniture is a case in point. There is a growing demand for home furniture integrated with user-friendly electronic technologies that enhance the level of comfort for end users. Apart from this, there is a profuse demand for multi-purpose home furniture, especially among residential buyers. Pieces of multi-purpose furniture such as sofa cum beds, hydraulic beds, foldable tables, and bed with storage are gaining massive popularity among home buyers who want to make optimal use of living spaces. This is a crucial trend among urban buyers, which is expected to fuel the expansion of the home expansion market.
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Aesthetics as well as Functionality key Aspects in Deciding Raw Materials and Additives for Making Home Furniture
Over the past few years, focus on aspects such as functionality and durability of products are gaining equal significance as the aesthetics of the pieces in the home furniture market. The growing popularity of home furniture that are made of durable raw materials is catalyzing the expansion of the market. This is evident in the growing adoption of rust-free aluminum and engineered wood coating in making home furniture among manufacturers to meet the need of furniture in garden, patios, terraces, and balcony among hotel and restaurant owners. The useful property of being weather-resistant, these home furniture are expected to witness higher uptake in the hospitality industry in the coming years.
Among the various raw materials for making home furniture, the demand for plastics is anticipated to rise at a prominent pace through 2022. However, home furniture made of wood is expected to collect substantial revenues in the coming years.
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About the Report
The report titled "Home Furniture Market Forecast, Trend Analysis & Competition Tracking – Global Market insights 2017 to 2022" offers a critical tracking of various elements of key growth dynamics of the home furniture market. The report offers insights into the revenue share and size of various segments in the global home furniture market. The study assesses factors and trends impacting the revenue generating potential of key product types in the home furniture market, including of beds and mattresses, sofas and armchair, entertainment units, storage units, upholstery, table and desks, dining, and kitchen furniture. The analysis also evaluates the prospects of various raw material used in making home furniture such as wood, metal, glass, and plastic. It also highlights lucrative avenues in various distribution channels in the home furniture market such as retail store, direct to consumer, manufacturer stores, e-commerce stores, discount stores, rental stores, club stores, and do-it-yourself (DIY) stores.
Home furniture are essentially movable furnishings that can be used for sitting, resting, sleeping, and eating. Various type of home furniture with varied designs and comfort level are extensively demanded among homes, hotels, and restaurants. Over the past few years, multi-purpose and smart pieces of furniture have gained popularity to meet the rising demand in the home furniture market, in order to meet the criteria of aesthetics and functionality. In recent years, consumers are increasingly demanding home furniture that are integrated with exciting technologies, notably remote-controlled mattresses and furniture.
Additional Questions Answered
The report takes a critical look at key factors shaping the contours of the home furniture market and shines light on most pertinent aspects. It does so by providing answers to some of the most notable trends, including:
Which distribution channels other than retail channels are expected to pick up substantial demand over the assessment period?
Why will plastics as raw material for home furniture garner a relatively higher CAGR than others?
What factors are likely to make hospitality end-user industry increasing lucrative in the home furniture market over the assessment period?
What makes Europe the most prominent market for home furniture?
Which technologies will gain popularity in the home furniture market?
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