Homeware Market size is set to grow by USD 73.3 billion from 2024-2028, Innovation and portfolio extension leading to premiumization boost the market, Technavio

NEW YORK, June 26, 2024 /PRNewswire/ -- The global homeware market size is estimated to grow by USD 73.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 2.73%  during the forecast period. Innovation and portfolio extension leading to premiumization is driving market growth, with a trend towards increase in availability of private-label brands. However, volatility of raw material prices  poses a challenge. Key market players include Alibaba Group Holding Ltd., Amazon.com Inc., Avenue Supermarts Ltd., Bed Bath and Beyond Inc., Carrefour, Hermann Otto GmbH, Lowes Co. Inc., Macys Inc., Penney OpCo LLC, Target Corp., Tesco Plc, The Home Depot Inc., Transform Holdco LLC, Walmart Inc., Wayfair Inc., Williams Sonoma Inc., and Zola Inc..

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Market Driver

The global homeware market is witnessing an upward trend in the sales of private-label brand products. With lower prices compared to branded items, these products cater to price-conscious consumers. Supermarkets and retailers, including Walmart and Amazon, are increasing their offerings and marketing efforts for private-label homewares. Developing countries represent a significant market for these products, with distribution channels including supermarkets, discount outlets, and hypermarkets. Innovative retailers in developed countries offer high-quality private-label lines, making them increasingly popular alternatives to national brands. Economic conditions have further boosted the acceptance of private-label homewares. 

The homeware market is currently experiencing a surge in trends, with several key products gaining popularity. Clutter-free home solutions, such as storage containers and organizers, are in high demand. Homes are being remodeled with a focus on comfort and functionality. Smart home devices, like voice-activated assistants and home security systems, are also trending. Sustainable homeware, such as reusable water bottles and energy-efficient appliances, are becoming increasingly important to consumers. Producers are responding with innovative designs and technologies to meet these demands. Homeware retailers are promoting these trends to attract customers and stay competitive in the market. 

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Market Challenges

• The rising costs of high-quality raw materials, like cotton and silk, impact manufacturers in the homeware market. To recover these costs, vendors increase the prices of soft home furnishings and textiles, such as bed linen, kitchen linen, pillows, carpets, and towels. Fluctuating raw material prices, caused by unusual weather conditions, also contribute to this trend. Expensive materials, like leather, used in furniture upholstery further increase finished product prices, potentially hindering market growth.
• In the homeware market, several challenges exist for businesses and consumers alike. Decorative items, such as appliances, fabrics, and furniture, are essential for creating comfortable and aesthetically pleasing living spaces. However, keeping up with consumer trends and demands can be difficult. Affordability and sustainability are key concerns for many consumers. Additionally, the increasing popularity of online shopping has led to intense competition. To succeed, businesses must offer competitive pricing, high-quality products, and excellent customer service. They must also adapt to changing trends and consumer preferences. Furthermore, the ongoing challenge of supply chain management and logistics remains a significant hurdle for many homeware businesses. Overall, the homeware market presents both opportunities and challenges, requiring businesses to stay agile and responsive to meet the evolving needs of their customers.

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Segment Overview 

This homeware market report extensively covers market segmentation by  

1. Product 
• 1.1 Hardware
• 1.2 Soft furnishing and textile
• 1.3 Lighting
• 1.4 Window dressing
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Hardware-  The global homeware market is experiencing growth due to the introduction of stylish, brightly colored products. Vendors like The Home Depot offer various homeware items in different styles, materials, and brands. Smart cookware and appliances are gaining popularity, particularly in small households and urban areas. Household cleaning tools and supplies are also in demand, with customers seeking convenient and advanced options. Kitchen weighing scales, now used for measuring nutritional value, are among the hardware products expected to see increased demand due to urbanization and residential construction activities.

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Research Analysis

The Homeware Market encompasses a wide range of products designed to enhance urban living spaces. Lifestyle modifications have led to an increased demand for HomewareItems, including Furniture, Design elements such as Kitchenware, Textiles, and Soft Furnishings. Home aesthetics continue to evolve, with consumers prioritizing Environmental ideals and Sustainable resources. Homeware can be made from various materials like Metal, Plastic, Wood, Fabric, and Stone. Modern living spaces require essential appliances like air conditioners, refrigerators, washing machines, dishwashers, and microwave ovens. These appliances help maintain desirable temperature and humidity levels in homes. Homeowners and renters alike seek HomewareAccessories that complement their personal style while contributing to energy efficiency and reducing environmental impact. The Homeware Market caters to diverse preferences and needs, offering a vast array of products to create comfortable, functional, and aesthetically pleasing living spaces.

Market Research Overview

The Homeware Market encompasses a wide range of products designed for making a home more comfortable, functional, and aesthetically pleasing. These items include furniture, kitchenware, textiles, home decor, and home electronics. Homeware is essential for creating a comfortable living environment and can significantly impact the overall look and feel of a home. The market for homeware is diverse and caters to various consumer preferences and budgets. Consumers seek out homeware to enhance their daily lives, express their personal style, and create a welcoming atmosphere in their homes. The homeware industry is continually evolving, with new trends and innovations emerging to meet the changing needs and demands of consumers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Hardware
• Soft Furnishing And Textile
• Lighting
• Window Dressing
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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