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Report Overview: Global Bedroom Furniture MarketThe global bedroom furniture market size was valued at USD 119.5 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2027. Shifting consumer preference towards high-end furniture products owing to technological advancements in the home furnishing industry is a key factor driving the market for bedroom furniture. In addition, prevalence of mini-housing boom across the globe is paving way for greater demand for bedroom furniture. Increasing per capita income of consumers, particularly in the developing nations, easy access to digital tools, and adoption of newer lifestyle trends, have revamped the traditional households into modern luxury residential dwellings. Increased attention towards gaining trending bedroom styles has influenced major bedroom renovation projects inducing minimalist appeal for the serene and calming environment of bedrooms with functional furniture. For instance, the Culla Collection by Article, a Canada-based furniture company, offers a single drawer nightstand, bed frame, and three drawer dresser, which is made from veneered American white oak. In addition, rising adoption of four-poster beds as a need to accommodate bigger mattresses is gaining traction in the market. These modern four-poster beds also feature a clean and simple style, which stands out without overwhelming the space. According to the American Housing Survey by the Harvard Joint Center for Housing Studies, the home improvement industry size was valued at USD 272.2 billion in 2017. Moreover, increasing wave of millennials buying homes, particularly older homes, which require more refurbishment, is boosting the market growth. According to studies by HomeAdvisor, millennials are investing in greater number of home improvement projects each year compared to other age groups. Increased splurge on real estate investment is helping drive the furniture industry, thereby increasing demand for bedroom furniture. According to the Global Real Estate report published by HSBC, real estate was valued at USD 228 trillion in 2016, which grew by 5% from 2015. Growing need for new houses as a result of growing population across regions is also expected to increase market growth. According to the National Association of Home Builders (NAHB), the number of single-family permits in the U.S. has increased by 8.4% in 2018. Thus, rising developments in the residential household category are expected to drive the need for residential furniture, thereby resulting in the rise in the demand for bedroom furniture.
Product Insights: Global Bedroom Furniture MarketIn terms of revenue, beds lead the market with a share of 37.1% in 2019. This is attributed to the rising construction of residential households, along with rapid urbanization in developing nations, including India, China, and Brazil. Increasing support by the government of these countries is also boosting the growth of residential housing, thereby propelling demand for beds among bedroom furniture products. For instance, the government of India offers housing loan and reconstruction loans to the citizens at low-interest rates. In addition, government initiatives such as Pradhan Mantri Awas Yojana and National Urban Housing Fund to provide residential housing at an affordable rate in India are expected to generate the demand for bedroom furniture products over the forecast period 2021-2027. Wardrobe and storage products are expected to expand at the fastest CAGR of 5.1% from 2021 to 2027. Increasing inclination towards light, stylish, and comfortable walk-in closet designs or free-standing wardrobes has resulted in an important element of creating modern bedroom interiors. Growing trend of sliding wardrobes as a simple and stylish way of adding functional storage and maximizing the space of closet has been increasing the demand for this bedroom furniture. High preference for space-saving fixtures is drawing more attention towards closet drawers, which are replacing bedroom dressers, thereby leaving more space in the bedroom. This scenario is likely to propel the demand for wardrobes and storage furniture over the forecast period.
Distribution Channel Insights: Global Bedroom Furniture MarketIn terms of revenue, offline distribution channels lead the market with a share of 72.5% in 2019. This is attributed to higher demand for household furniture in the industry as a result of rise in the real estate sector, which has drawn demand for flexible and sustainable furniture. Dominance of retail stores has created intense competition in the market with major producers, such as Inter IKEA Systems B.V.; Williams-Sonoma Inc.; La-Z-Boy Incorporated; and Raymour & Flanigan Furniture, across the globe. These stores help consumers to visualize their home and setting of furniture as a result of the home environment created in the store. In addition, increasing focus by these furniture manufacturers on sustainability factors is helping draw attention of consumers through proper product assortment in these stores. For instance, CRATE & BARREL provide FSC certified, reclaimed, and sustainable pieces of furniture produced with high-end designs. Moreover, availability of the furniture segment in hypermarket or supermarket stores has increased the sales of bedroom furniture from offline stores in the market. Online distribution channel is expected to expand at the fastest CAGR of 3.6% from 2021 to 2027. This is attributed to increasing number of companies catering to consumers via their respective website portals and third-party online retailers. Access to a large number of brands and their offerings, ability to compare prices, and ease of availing discounts and coupons have popularized the online mode of purchasing bedroom furniture among the consumers. An increasing number of online shoppers is likely to offer potential opportunities for furniture brands to cater to the large customer base. For instance, the U.K. is emerging as a regional e-commerce center, which is driven by large population and people with high standard of living. With rapid growth in retail e-commerce as compared to brick and mortar business model, companies are increasingly showcasing their bedroom furniture through online channels.
Regional Insights: Global Bedroom Furniture MarketAsia Pacific lead the market for bedroom furniture with a share of 38.7% in 2019 and is anticipated to witness the fastest growth over the forecast period. This is attributed to growing real estate sector in developing countries, such as China and India, which increases the consumers’ need to invest in furnishing activities and add an aesthetic look to the bedroom environment as a cause of remodeling. Moreover, increasing share of millennials in the furniture market is bound to invest in various modern bedroom furniture products owing to customization and space-saving features. Large population in the region is boosting the real estate development, thereby increasing adoption of various bedroom furniture, such as nightstands, dressers, and beds. North America is expected to expand at a CAGR of 4.6% from 2021 to 2027. Steady growth of new furniture sales in regards to rising development of residential construction in the U.S., Canada, and Mexico is generating greater demand for household bedroom furniture. According to the National Association of Realtors, existing home sales growth is forecasted at 4% for the residential property market in 2018. Moreover, rising traction of sustainable furniture across U.S. households is projecting growth of eco-friendly furniture products for bedrooms. According to the National Association of Home Builders, green residential construction for single-family has incurred growth of 2% in 2005, to 23% in 2013. Therefore, consumers are highly focused on building a green environment inside their houses, thereby driving demand for sustainable bedroom furniture products.
Key Companies & Market Share Insights: Global Bedroom Furniture MarketThe market has been characterized by intense competition. Companies are focusing on expanding their product lines and are adopting innovative technologies in order to meet consumer demand for custom furniture products. For instance, in August 2019, Malouf launched a new bedroom furniture line, including two complete designer beds, two headboards, and two bases available in five fabric options of five colors. Some of the prominent players in the bedroom furniture market include:
Key companies Profiled: Global Bedroom Furniture Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global bedroom furniture market report on the basis of product, distribution channel, and region:
- Bed Bath & Beyond Inc.
- Williams-Sonoma, Inc.
- Target Corporation; Wayfair Inc.
- Home Depot, Inc.
- Ashley Furniture Industries, Inc.
- Heritage Home Group; La-Z-Boy
- Mattress Firm Inc.
- Herman Miller, Inc.
Product Outlook (Revenue, USD Million, 2016 - 2027)
- Wardrobe & Storage
- Dressers & Mirrors
- Night Stands
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...