Market Forecast By Product Type (Home furniture market, Home textiles market, Floor coverings market), By Distribution Channel (Offline Retail, Online Retail) And Competitive Landscape
Product Code: ETC016787 | Publication Date: Dec 2022 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
Singapore Home Furnishings Market is projected to grow at a CAGR of XX% during the forecast period by the growing demand for eco-friendly and sustainable products and the increasing preference for online shopping. The home furnishing market comprises of products such as bedding, bathroom accessories, kitchenware, furniture, and others. Furniture includes items such as beds, cabinets, and others. Bedding comprises of blankets. The growing residential construction activities and rising disposable incomes are the major drivers for the Singapore Home Furnishings Market growth in the coming time zone. Moreover, increase in demand for smart furniture, rise in popularity of modular furniture, and growth of online retailing are propelling the demand for this market.
According to 6Wresearch, Singapore Home Furnishings Market is expected to grow during 2022-2028. Some of the major opportunities for market players operating in the Singapore home furnishings market include expansion into new segments such as pet furniture and office furniture. The growth of the Singapore Home Furnishings Industry is driven by factors such as rising disposable incomes, growing demand for better quality products, and changing consumer preferences. Additionally, the expansion of the e-commerce sector and the increasing number of home improvement stores are expected to fuel market growth over the forecast period. However, the high cost of raw materials and labor costs are expected to restrain market growth to some extent over the next few years. Nevertheless, growing awareness about environmental sustainability is anticipated to create new opportunities for market players in the forthcoming years.
The COVID-19 epidemic substantially impacted the Singapore Home Furnishings Market as the demand for home furnishings products has declined due to financial crisis and reduced purchasing power of individuals. Also, the decrease in foreign tourist arrivals has also had a negative impact on the market as tourism sector is a key driver of demand for luxury home furnishings products. Moreover, many retailers have been forced to shut their business operations on temporary basis amid the crisis.
The market is segmented by Product Type into Home Furniture Market, Home Textiles Market, and Floor Coverings Market. The Home Furniture Market is accounted to held the largest Singapore Home Furnishings Market share due to the rising demand for storage furniture such as cabinets and dressers. Floor Coverings are expected to be the fastest growing segment due to the increasing preference for hardwood floors.
Based on Distribution Channel, the market is segmented into online retail and offline retail. The online retail channel is expected to witness the highest growth during the forecast period on the back of growing popularity of e-commerce platforms and the increasing number of internet users.
The competitive landscape of the Singapore Home Furnishings Market is highly fragmented with the presence of a large number of small and medium-sized players in the market. The key players in the market are engaged in intense competition to gain a larger share over their competitors. Moreover, these players are also investing heavily in research and development activities to introduce innovative products and improve their product offerings.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Singapore Home Furnishings Market Overview |
3.1 Singapore Country Macro Economic Indicators |
3.2 Singapore Home Furnishings Market Revenues & Volume, 2021 & 2028F |
3.3 Singapore Home Furnishings Market - Industry Life Cycle |
3.4 Singapore Home Furnishings Market - Porter's Five Forces |
3.5 Singapore Home Furnishings Market Revenues & Volume Share, By Product Type, 2021 & 2028F |
3.6 Singapore Home Furnishings Market Revenues & Volume Share, By Distribution Channel, 2021 & 2028F |
4 Singapore Home Furnishings Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Singapore Home Furnishings Market Trends |
6 Singapore Home Furnishings Market, By Types |
6.1 Singapore Home Furnishings Market, By Product Type |
6.1.1 Overview and Analysis |
6.1.2 Singapore Home Furnishings Market Revenues & Volume, By Product Type, 2018 - 2028F |
6.1.3 Singapore Home Furnishings Market Revenues & Volume, By Home furniture market, 2018 - 2028F |
6.1.4 Singapore Home Furnishings Market Revenues & Volume, By Home textiles market, 2018 - 2028F |
6.1.5 Singapore Home Furnishings Market Revenues & Volume, By Floor coverings market, 2018 - 2028F |
6.2 Singapore Home Furnishings Market, By Distribution Channel |
6.2.1 Overview and Analysis |
6.2.2 Singapore Home Furnishings Market Revenues & Volume, By Offline Retail, 2018 - 2028F |
6.2.3 Singapore Home Furnishings Market Revenues & Volume, By Online Retail, 2018 - 2028F |
7 Singapore Home Furnishings Market Import-Export Trade Statistics |
7.1 Singapore Home Furnishings Market Export to Major Countries |
7.2 Singapore Home Furnishings Market Imports from Major Countries |
8 Singapore Home Furnishings Market Key Performance Indicators |
9 Singapore Home Furnishings Market - Opportunity Assessment |
9.1 Singapore Home Furnishings Market Opportunity Assessment, By Product Type, 2021 & 2028F |
9.2 Singapore Home Furnishings Market Opportunity Assessment, By Distribution Channel, 2021 & 2028F |
10 Singapore Home Furnishings Market - Competitive Landscape |
10.1 Singapore Home Furnishings Market Revenue Share, By Companies, 2021 |
10.2 Singapore Home Furnishings Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |