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Rockville, MD, Aug. 06, 2018 (GLOBE NEWSWIRE) -- The latest study conducted by Fact.MR’s reveals that the global homewares market is set to ride at a value CAGR of 5.5% between 2017 and 2022 to surpass a valuation of US$ 180,100 Mn. The growth of the market is attributed to factors such as emergence of “generation rent” and increasing demand for apartment accommodations by young couples, especially in urban areas. The youth or the working population gives more emphases to style and are attracted towards low-cost seasonal homewares, whereas elderly shoppers seek luxury class homeware products. The aforementioned factors have been instrumental in fueling the growth of the global market for homewares over the recent past and is expected to stay relevant in the foreseeable future as well. In addition, the manufacturers of homewares are also introducing affordable decorative and textile rages to lure the large pool of price-conscious shoppers present in developing countries.
Homewares are household commodities used within household. Some of the commonly used homeware items include furniture, home decoration, soft furnishings, kitchenware, home appliances, lighting, storage and flooring, bathroom accessories and cleaning, tableware and hardware tools. Homewares make living areas more habitual and functional.
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Key Insights on Global Market for Homewares
1- On the basis of product type, the home decoration segment is will retain its top position during the forecast period. In terms of revenue, the segment currently represents for a significant share of the global market for homewares. Towards the end of 2022, the home decoration segment is estimated to surpass a valuation of US$ 35,200 Mn, reflecting a steady CAGR.
2- The furniture product type segment is expected to hold the second position during the forecast period. Currently, this segment commands for more than 19% revenue share of the market and is projected to reach a market valuation in excess of 34,700 Mn by 2022 riding at a sound CAGR of 5.4%.
3- Based on distribution channel, the departmental stores segment will remain dominant over the next few years. The segment is projected to account for over one-fourth revenue share of the market by 2017-end. During 2017 to 2022, the departmental stores segment is expected to exhibit a CAGR little under 6%. Franchised stores are anticipated to remain the second largest distribution channel segment over 2022 and surpass market valuation of US$ 42,300 Mn.
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4- Based on region, Europe will continue to dominate the global market for homewares over the assessment period. The market in the region is anticipated to witness a considerable growth in the forthcoming years owing to increasing demand for home decoration in the many of the European countries. The North America homewares revenue is also anticipated to exhibit an impressive CAGR during 2017 to 2022. In addition, the region’s market is projected to garner revenues of over US$ 32,600 Mn toward the end of 2022. Meanwhile, robust growth of the housing and constructing sector in countries such as China and India is boosting the growth of the market the Asia-Pacific excluding Japan (APEJ) region.
Conair Corporation, ARC International SA, International Cookware SAS, Lock & Lock Co Ltd, SEB SA, Tupperware Brands Corporation, Avon Products, Inc., Libbey Inc., Pacific Market International, Zepter International SA, Inter Ikea Systems B.V., and The Oneida Group, Inc. are some of the leading players currently operating in the global market for homewares.
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