The home accents market is witnessing a robust growth across geographies. From the kitchen & dining room to the guest bedroom, home accents make a house aesthetically appealing. The demand for home accents is fuelled by consumer preferences for fancy items to decorate homes. Items such as vases, decorative boxes trunks & containers, candles, etc. are important components of home accents. The rapid growth of the real estate sector is complementing the growth of home accents market.
Furthermore, preference towards the adoption of environment-friendly products that put less stress on the landfills and environment has increased the need for creative home accent products manufactured with diverse raw materials, thus fuelling the demand for home accent products throughout the assessment period.
Home Accents Market – Key Trends
The fluctuating trend of consumers for urban lifestyles due to the rising rate of urbanization has fuelled market growth. Change in lifestyle invites proper furnishings and setting of furniture regarding premium products with excellent quality.
Surging trends towards the implementation of well-being, comfortable, and eco-friendly products has boosted the product application in different locations of the house such as indoor, outdoor, bathroom, and bedroom. A variety of raw materials utilized in the production of furniture such as leather, glass, plastic, and metal, together with pinewood as an alternative, has been gaining popularity in the market. Additionally, multifunctional-accents are gaining popularity due to their greater convenience is boosting the development of the home accents market.
Furthermore, the growing penetration of online and smart devices such as tablets and mobile phones with easy distribution and payment options has escalated the acceptance of online home accents products as a platform of shopping. Fast and easy access to products in addition to wider availability has also fuelled the market expansion with different home accents products.
Home Accents Market – Growth Restraints
Home accents products are often offered at expensive prices, which make it difficult for consumers across all middle & lower income levels to buy. Additionally, the growing presence of counterfeit and products made from cheap materials will be hampering market growth. This is due to an increase in costs associated with raw materials such as leather and wood is additionally responsible for impeding market growth.
COVID-19 Impact on Home Accents Market
In spite of broad indicants for recovering economy as businesses reopen from the COVID-19 pandemic, the steady growth reflects conflicting statistics. According to a report, consumer spending increased up to 8.2% in May, for instance, and in consecutive months declined, and recorded 5.6% in June. The home accents market is anticipated to stay afloat due to skyrocketing sales of home accent production via e-commerce channels.
Home Accents Market – Region-wise Analysis
North America secures the future market growth of home accents in the near term due to the rising number of homeowners, particularly in countries such as the United States. The regional market is on a rise all over the world due to wider product accessibility, together with increased penetration of offline as well as online channels of home accents.
The Asian region is anticipated to foresee significant expansion in the market because of the robust development of the real estate industry entailing the construction of new buildings and houses. Thus, new construction derives innovative and new accents products available in the market. Development of the interior design sector in emerging nations such as India, China, and Indonesia has surged the demand for home accents products.
Home Accents Market – Competitive Analysis
Prominent market players identified in the global home accents market are Forbo International SA, Inter IKEA Group, Mannington Mills, Inc., Armstrong World Industries, Inc., Mohawk Industries Inc., Herman Miller, Inc., Shaw Industries Group, Inc., Kimball International, Ashley Furniture Industries Ltd., and Duresta Upholstery Ltd. Manufacturers are focusing on technological progressions and product innovation, to boost their market impressions by securing new contracts and by tapping new markets.
Nourison, a floor covering & home accents manufacturer will be adding a virtual market to its summer schedule as well as its plans to attend Las Vegas Market and Atlanta Market. Dealers and designers attending the virtual market are likely to be able to benefit from special promotions and place discounted orders on the company’s website.
International Market Centers (IMC) took over RepZip and Pharos to fast-track the making of B2B e-commerce solutions for the apparel, home accents, and gift industries. IMC declared its initiation of IMC_di, a stand-alone, wholly-owned, B2B e-commerce segment, which would provide vendors a single integrated digital platform allowing them to grow sales, capture leads, and reach new buyers.
Home Accents Market – Market Segmentation
On the basis of material, the global home accents market has been segmented as –
On the basis of distribution channel, the global Home Accents market has been segmented as –
On the basis of product type, the global home accents market has been segmented as –
Global Home Accents Market: Key Players (this is an indicative list – full list of key players available upon request)
The report on Home Accents Market covers exhaustive analysis on:
Regional analysis for Home Accents Market includes
Report on Home Accents Market highlights:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.