NEW YORK — Technavio, a global technology research and advisory company, announced that the home furnishings market size is expected to grow by $473.96 million from 2022 to 2027. 

During those five years, the market will grow at a CAGR of 7.17%. Currently, there are over 15 vendors within the industry, including American Furniture Manufacturing Inc., Ashley Furniture Industries LLC, Basset Furniture Industries, Bed Bath and Beyond Inc. and more. 

The increasing competitiveness is driving vendors to adopt a variety of growth tactics, including promotional activities and advertisements to improve visibility among potential customers. 

There are several major drivers in the home furnishings market. These include a growing demand for high-end and luxury home furnishings, consumers looking for unique and designer home furnishings, customers adopting luxury furnishing brands and consumers buying unique floor coverings. 

A significant market trend is the increase in eco-friendly home furnishings. This is due to growing environmental consciousness from manufacturing companies. Another trend is the use of Moso bamboo instead of oak, due to its strength factors and wide range of aesthetic furniture appeal. 

These trends contribute to the expansion of the market during the forecast period. However, many challenges come alongside these trends that threaten the home furnishing market growth.  One of these is uncertainty in the prices of high-quality raw materials. The prices affect the manufacturing costs of products, which leads to increased prices for consumers and less number of sales. China’s increased manufacturing capacity has created a global shortage of raw materials, hindering the home furnishing market along with many others. 

For more information and to request a copy of the research report, visit technavio.com.