Major companies in the home furnishings and floor coverings market include IKEA AB; Ashley Furniture Industries Inc; Shaw Industries; Mohawk Industries and Milliken & Co.
The global home furnishings and floor coverings market is expected to grow from $98.08 billion in 2020 to $104.97 billion in 2021 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $131.66 billion in 2025 at a CAGR of 6%.
The home furnishings and floor coverings market consists of sales of home furnishings and floor covering products by entities (organizations, sole traders and partnerships) that produce home furnishings, such as curtains and draperies, and soft and hard surface floor coverings. The home furnishings and floor coverings market is segmented into home furnishings and floor furnishings.
Asia Pacific was the largest region in the global home furnishings and floor coverings market, accounting for 32% of the market in 2020. North America was the second largest region accounting for 28% of the global home furnishings and floor coverings market. Africa was the smallest region in the global home furnishings and floor coverings market.
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 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 was printed using digital printing technologies to shorten lead times, customize home decorations, improve design aesthetics and reduce costs.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the home furnishings and floor coverings manufacturing market in 2020 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 is expected to continue to have a negative impact on businesses throughout 2020 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
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.
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