Global Home Furniture & Decoration Industry
The worldwide home furnishing industry is expected to reach $700 billion by 2015, according to research figures from Global Industry Analysts. Increased consumer interest in home decoration is fuelling new market growth. In particular, demand for organic home furnishing products is continuing to rise thanks to increased consumer awareness regarding the importance of choosing more environmentally friendly materials. Other factors driving market growth include availability of wider product ranges, regional market development and electronic media campaigns. Consumers are showing particular interest in natural products and alternative materials in the home furnishing products sector.
The worldwide bed and bath furniture industry is expected to reach almost $28 billion by 2015, according to Global Industry Analysts. Market growth will be fuelled by recovery in the housing sector, with increased construction activity leading to higher consumer demand for home decoration products. Developing markets such as Latin America and Asia-Pacific are expected to record rising demand over the coming years for colorful, vibrant bed furnishings.
Premium high-end beds made using materials such as hand-tufted horsehair, memory foam, silk, latex, flex, cashmere and lamb’s wool will be in growing demand over coming years. The baby boomer generation in particular will opt for premium beds, attracted by their superior comfort level. Manufacturers are responding to this demand by offering a wide range of luxury beds and mattresses. Luxury towels are also in greater demand, with consumers willing to pay extra for stylish colors and more fashionable designs.
The worldwide lamp market is expected to exceed $40 billion by 2017, reports Global Industry Analysts. Factors fuelling market growth include urbanization, rising global population, and the phasing out of incandescent bulbs across several nations sparking demand for alternatives such as CLFs and LED lamps. Demand for lamps in other applications including LEDs in mobile devices will also drive demand.
Companies are focusing on the benefits of new technology innovation to offer consumers energy savings, cost reductions and more environmentally friendly lighting solutions. This shift has led to a decline in demand for conventional lighting options like electronic ballasts and T12, HID fixtures, but has spurred a subsequent rise in demand for integrated systems and solid-state technologies, including T8 and T5 fixtures and lamps.
Solid-state lighting controls facilitate more-efficient energy use, thereby reducing overall energy costs. Due to the higher price of technology, companies first target high-end markets when launching newer products such as LEDs and CFLs, which are popular for their superior energy efficiency and power.
Regional Market Share
The US carpet and rug industry is set to record strong growth over the coming years, with demand expected to reach a yearly rate of 8% between 2010 and 2015. By that time, industry volume should reach close to 17 billion square feet, according to research from Freedonia. Growth will be largely fuelled by recovery in the US housing sector and wider economy. Expansion in the battered new residential construction sector will also help drive demand for area rugs and tufted carpet. Increased construction in the US will see consumers and businesses alike opt for new carpet and rug products to furnish their homes and offices. Growing consumer confidence and increased discretionary spending will see demand from the residential sector grow, while the nonresidential sector will be a source of demand due to expansion in commercial and new office space. Replacement markets will similarly reflect economic recovery. Nylon, the most used fiber in the manufacture of carpet and rug products, is likely to remain the leading choice over the coming years. However, polyester fibers are becoming more attractive due to high petroleum prices and improved fiber quality, making them more appealing than polypropylene fibers.
The Indian lighting fixture market generated close to $1.3 billion in 2011, according to figures from CSIL. More than 15% of India’s production of lighting fixtures is for export, reaching a total of $215 million in 2011 – or a 2% decline on 2009 figures. India has been becoming a bigger manufacturer of industrial and outdoor lighting products, though much lighting for the consumer market is imported.