Home Furnishings And Floor Coverings Global Market Report 2024

The home furnishings and floor coverings market size has grown strongly in recent years. It will grow from $125.86 billion in 2023 to $134.9 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion observed in the historical period can be credited to various factors, including shifts in the housing market, changes in consumer lifestyles, economic conditions, and demographic transformations.

The home furnishings and floor coverings market size is expected to see strong growth in the next few years. It will grow to $174.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be linked to several key factors, notably the rise of e-commerce and digitalization, increased integration of smart home technologies, a growing focus on health and wellness, and the impact of trends emerging from the hospitality and commercial sectors. Major trends expected in this period encompass sustainability and eco-friendliness, solutions that are multi-functional and space-saving, a heightened emphasis on personalization and customization, and advancements in materials used within the industry.

The rising preference for online shopping is projected to significantly contribute to the growth of the home furnishing and floor coverings market. Manufacturers now have the opportunity to expand their product sales on a broader platform compared to previous avenues, thereby expanding their customer base across various geographical locations. This expansion is expected to drive growth within the home furnishing and floor coverings manufacturing market. For example, in countries like India, e-commerce platforms have notably amplified sales for home furnishing and floor coverings by providing broader exposure to producers who were previously limited to specific geographical regions.

These categories mainly encompass household furniture, which includes all movable and compact items used for home furnishing purposes, such as chairs, tables, sofas, mattresses, and more. These products are available across a spectrum of pricing, spanning from mass-market to premium segments, and are retailed through supermarkets, hypermarkets, specialty stores, e-commerce platforms, and various distribution channels. Their diverse applications range from household use to commercial settings.

The home furnishings and floor coverings market research report is one of a series of new reports that provides home furnishings and floor coverings market statistics, including home furnishings and floor coverings industry global market size, regional shares, competitors with a home furnishings and floor coverings market share, detailed home furnishings and floor coverings market segments, market trends and opportunities, and any further data you may need to thrive in the home furnishings and floor coverings industry. This home furnishings and floor coverings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increase in residential construction and renovation undertakings is a key driver behind the growing demand in the home furnishing and floor coverings market. Floor covering is a comprehensive term used to describe any finishing material applied over a floor structure to create a functional walking surface. Within construction activities, floor coverings and home furnishing materials play a crucial role in enhancing safety, durability, and the aesthetic appeal of the constructed site. For instance, as of April 2023, there's an expected 5.9% rise in construction deliveries in the US, reflecting a 5% increase in construction activities overall. Consequently, the surge in residential construction and renovation endeavors is anticipated to further fuel the demand for products within the home furnishing and floor coverings market.

The COVID-19 outbreak significantly restrained the home furnishings and floor coverings manufacturing market in 2022. Trade restrictions led to disrupted supply chains, while government-imposed lockdowns globally caused a decline in consumption. COVID-19, identified in 2019 in Wuhan, China, spread worldwide, affecting regions like Western Europe, North America, and Asia. National efforts to control transmission halted manufacturing activities, leading to an economic downturn as countries implemented lockdowns. The outbreak negatively impacted businesses throughout 2021 and into 2021. However, it's anticipated that the home furnishings and floor coverings manufacturing market will gradually recover throughout the forecast period. This downturn resulted from an unforeseen 'black swan' event, rather than stemming from inherent weaknesses within the market or the global economy.

Manufacturers within the home furnishings and floor coverings sector are increasingly embracing digital printing technology as a means to reduce operational expenses. This innovative technology significantly reduces the time required for the sampling process and minimizes water consumption. Moreover, it's acknowledged as an environmentally sustainable alternative to traditional methods within the home furnishings and floor coverings industry. Notable companies such as Epson, Bordeaux Digital PrintInk, and Fratelli Robustelli S.r.l. are among those offering digital printing technologies. According to a Textile World magazine report, approximately 870 million square meters of fabric, valued at $1.29 billion, were printed using digital printing methods. This approach facilitates shorter lead times, allows for customized home decorations, enhances design aesthetics, and contributes to cost reduction within the industry.

Leading companies in the home furnishings and floor coverings market are introducing new wood flooring options to diversify their product offerings. Wood floors are recognized as a favorable choice for durable flooring solutions. For example, in April 2023, Bjelin, an innovative Swedish family-owned flooring company, unveiled an updated line of resilient wood floors. This new line, called the hardened wood 3.0 floor range, showcases improved colors, formats, and cutting-edge technologies. The enhancements include upgraded designs, a brushed lacquered surface, and a new lacquer with an enhanced classification for use.

Major companies operating in the home furnishings and floor coverings market include Mohawk Industries Inc., Ashley Furniture Industries Inc., Berkshire Hathaway Inc., Tarkett SA, Masco Corporation, Beaulieu International Group, Gerflor SAS, Interfaceflor LLC, TOLI Corporation, Balta Group NV, MillerKnoll Inc., Steelcase Inc., La-Z-Boy Inc., Leggett & Platt Incorporated, Tempur Sealy International Inc., Ethan Allen Interiors Inc., HNI Corporation, Shaw Industries Group Inc., Newell Brands Inc., LG Electronics Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, Electrolux AB, Miele & Cie KG, Dyson Ltd., iRobot Corporation, Hunter Fan Company, Casper Sleep Inc., Purple Innovation Inc., Tuft & Needle LLC, Saatva Inc., Amerisleep LLC, Leesa Sleep LLC, Avocado Green Brands.

Asia-Pacific was the largest region in the home furnishings and floor coverings market in 2023. North America was the second largest region in the home furnishings and floor coverings market. The regions covered in the home furnishings and floor coverings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the home furnishings and floor coverings market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The home furnishings and floor coverings market consists of sales of cork tile, asphalt tile, and printed felt base. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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