The demand for home accents is driven by the consumers inclined towards fancy aesthetics. Wooden furniture and floorings are being preferred by the consumers. Besides, the same consumers are pressing for creative home accents manufactured from natural raw materials, so as to cause least hazards to the environment.
Rapid urbanization asks for appropriate settings on the count of furniture as well as furnishings, that too with quality not to compromise with. The UN states that as of the year 2018, about 55% of the total global population stays in cities. This rate is likely to cast a positive spell on demand from “interior désigning” industry from 2020 to 2030. Also, the real estate sector has grown by more than 50% in the last few years and is expected to continue with the same going forward.
Home Accents Market Tidbits
Globalization has facilitated easier product availability. Also, there is a spectrum of products to choose from. Moreover, the ravishing experience that visitors get on laying their hands on premium and fancy home accents is unparalleled. These accents add to consumers’ sophistication along with providing an aesthetic and a spiritual pleasure to the consumers. As such, more number of consumers are preferring renovation of their homes, which asks for marble or wooden flooring, eco-friendly furniture, and decorative lighting.
Plus, growing penetration of smartphones and tablets with e-commerce channels abreast with easy payment/distribution options has increased adopting online home accents as medium of shopping. There is also a broader availability of these accents in the market.
At the same time, it needs to be noted that these accents are quite costly. This makes it difficult for consumers of all the income levels to buy them. Also, the outbreak of Covid-19 has resulted in improper distribution of raw materials, which is expected to restrain the market further.
How About Product-Wise Insights?
The “furniture” section accounts for more than half of the market share. Wooden furniture does give premium quality “look and feel”. Plus, the fact that there is an escalating demand for wardrobes and modular kitchen can’t be ruled out. Multifunctional furniture is gaining popularity due to higher level of convenience. Eco-friendly products like pinewood are being spoken of. These trends are bound to bolster the home accents market in the upcoming period.
The other sector expected to grow great guns includes “textile”. The home textile products are inclusive of kitchen linen, upholstery, floor covering, bathroom linen, curtains, and bed linen. The usage of these products has given an impetus to the people’s growing inclination towards safety and hygiene coupled with maintaining a homely environment. The demand for king-sized/queen-sized mattresses and beds is also fueling the home accents market.
Home accents usually find their applications indoors. They accounted for more than 90% of market share in the year 2019. These indoor applications cover bathroom, living room, bedroom, and various other covered areas in the house. There is a paradigm shift towards innovative and creative furnishing, which is influencing even the previously not interested people to pitch in. Foldable furniture is another trend creating ripples. Compact housing has resulted in preferring compact products. Foldable furniture suffices with convenience as well as easy storage.
Along these lines, Inter IKEA Systems B.V., in Feb 2019, did launch space-saving shelves. This launching happened under “IVAR” storage system product line. The basic purpose of bringing this product to the fore is addressing the concern of “small space dwellers”. Upholstery is being increasingly used in several applications, which is also looked upon as a promising revenue generator. Moreover, there are ever-increasing number of experiments with diverse kinds of lightings embellishing living room space. This will also drive the market from 2020 to 2030.
The outdoor accents are also seeing growth as urban consumers do relish the outdoor experience by investing in furniture suiting outdoor settings, grassy or wooden floorings, decorative lightings.
North America accounts for more than 30% of market share. This could be solely attributed to the growing willingness on the part of consumers to shell out more money on home accents.
Asia-Pacific is expected to witness substantial growth due to rapid urbanization. The real estate sector is booming, with India emerging as the most sought-after destination for residential housing coupled with interior designing.
The key players in the home accents market include Conair Corporation, Siemens AG, Springs Window fashions LLC, Suofeiya Home Collection co., Ltd., Hanssem Corporation, home24, Herman Miller, Inc., Kimball International Inc., and Koninklijke Philips N.V. apart from Inter IKEA Systems B.V.
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