Canada's home furnishing market has been forecast to increase from a market value of C$12.6 billion recorded in 2011, to reach a total value of C$13.7 billion by 2016, growing at a compound annual growth rate (CAGR) of 2%.
New trends in home furnishings will continue to drive sales through to 2016, along with improvements in the economy leading to Canadians beginning to invest once again in the home furnishings market.
Bedroom furniture was the fastest growing segment in 2011, registering a CAGR of 5% to reach total sales of C$2.15 billion. This was a significant improvement on the flat performance of 2010 and is largely due to new home design styles which focused increasingly on the importance of the bedroom in the home.
IKEA Ltd were the dominate force in the home furnishings market in Canada during 2011 with an 8% market value share, with many other international brands having a substantial presence.
IKEA's rise to supremacy has led to the shrinking of the number of independent establishments operating in the Canadian home furnishings market. There were 4,191 furniture stores operating in Canada at the end of 2010, compared to 4,352 at the end of 2009 and 4,458 in 2008.
With 11 stores currently up and running in Canada, and with a new location in Winnipeg expected to be built in 2012, IKEA Ltd is expected to hold its position as the market leader.
For more information on the Canadian home furnishings market, see the latest research: Canadian Home Furnishings Market Report
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