BEDROOM FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

BEDROOM FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The bedroom furniture market is growing with a CAGR of 3.4% from 2018 to 2024.

Key Highlights

• The rising demand for multifunctional furniture is expected to support the growth prospects of the market in the future. The rising standard of living, which in turn, leads to the increased introduction of premium products, is driving the market growth as well.
• With an expanding global population, the real estate prices have decreased significantly in global perspective, especially in cities and urban areas. This has led to a considerable reduction in house sizes. As rooms are getting smaller, consumers are increasingly looking for furniture that are compact and easily movable, in order to efficiently use the available space.
• To cater to such requirements, vendor companies have introduced multifunctional furniture with storage facilities. Most modern furniture products, like tables and beds, come with additional storage spaces.
• Customers are changing their buying patterns in accordance with evolving home and living concepts and trends. Home style, lifestyle, and fashion magazines and blogs are influencing customers.

Key Market TrendsGrowing Beds Segment

The beds market segment comprises full, queen, and king-size beds, single and guest beds, beds with storage units, and bunk beds. The bed segment is the largest segment of the market worldwide in terms of revenue, due to its essential value and benefits in every household compared to other bedroom furniture. The segment is expected to grow with a significant percentage in the future years.

Asia-Pacific is Expected to Witness the Highest Growth

• In the near future, there is an increasing demand for bedroom furniture in the regions of Asia-Pacific, and that is expected to drive the market for more high-quality bedroom furniture.
• Growth in residence income in the principal countries, increasing of consumption expenditures, more-intense competition, launches in introducing new products, retrofitting and renovation of old technology, increasing adoption of bedroom furniture will drive growth in Europe.

Competitive Landscape

The report covers major international players operating in the bedroom furniture market. In terms of market share, few of the major players currently dominate the market. It is also labor-intensive and includes craft-based local firms and mass volume producers and retailers. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Ikea
Bed Bath & Beyond Inc.
Williams
Sonoma, Inc.
Target Corporation
Wayfair Inc.
Home Depot, Inc.
Ashley Furniture Industries, Inc.
Heritage Home Group
La
Z
Boy
Rooms To Go
Mattress Firm
Herman Miller *
Other Companies (Vogue Furniture 4U, INTERIO International Limited, Godrej Interio, Durian Furniture, Nitori Co., Ltd, and Stanley Furniture)

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