Summary
Major companies in the home furnishings and floor coverings market include Mohawk Industries Inc., Ashley Furniture Industries Inc., Berkshire Hathaway Inc., Tarkett S.A, Masco Corporation, Beaulieu International Group, Gerflor SAS, Interface Flooring Systems Inc., TOLI Corporation and Balta Group NV.
The global home furnishings and floor coverings market grew from $117.31 billion in 2022 to $125.7 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The home furnishings and floor coverings market is expected to grow to $160.05 billion in 2027 at a CAGR of 6.2%.
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.
Home furnishings and floor coverings refer to a room’s or house’s furnishings, which include the furniture, drapes, carpets, and accents like artwork, whereas "floor covering" refers to something used to cover a room’s floor, such as a carpet.
Asia-Pacific was the largest region in the home furnishings and floor coverings market in 2022.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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The main types of home furnishings and floor coverings are home furnishings and floor coverings.Household furniture refers to all mobile, compactable goods or machinery used to furnish a home, such as chairs, tables, sofas, mattresses, and so on.
The products are available at mass and premium pricing and are distributed through supermarkets and hypermarkets, specialty stores, e-commerce, and other channels. The different applications include household and commercial.
Increasing demand for online shopping is expected to help the home furnishing and floor coverings market grow.Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the home furnishing and floor coverings manufacturing market.
In countries such as India, for instance, e-commerce portals have boosted the sales of home furnishing and floor coverings by giving larger exposure to producers who were confined to one geography.
The outbreak of Corona virus disease (COVID-19) has acted as a massive restraint on the home furnishings and floor coverings manufacturing market in 2022 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2021 and into 2021. However, it is expected that the home furnishings and floor coverings manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
Home furnishings and floor covering manufacturers are adopting digital printing technology to cut down on operational expenditures.This technology lowers sampling process time and water consumption.
It is also considered to be an eco-friendly alternative to traditional home furnishings and floor coverings. Some of the companies offering digital printing technologies include Epson, Bordeaux Digital PrintInk, and Fratelli Robustelli S.r.l. According to a report by Textile World magazine, 870 million square meters of fabric worth $1.29 billion were printed using digital printing technologies to shorten lead times, customize home decorations, improve design aesthetics and reduce costs.
The countries covered in the home furnishings and floor coverings market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
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.
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.
