Bedroom furniture market to grow 5.22% from 2022 to 2027
16 March, 2023
The global bedroom furniture market size is estimated to increase by $37.06 billion from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 5.22% during the forecast period.
The report from Technavio found that rising standards of living will lead to the introduction of premium products, which it said will drive market growth. Moreover, the growing demand for multifunctional bedroom furniture is a key trend in the market.
Leading drivers:
The rising standard of living, leading to the introduction of premium products, is driving market growth. The rise in the number of high net-worth individuals (HNWIs) has led to a gradual increase in preference for luxury products.
As a result, the spending capacity of consumers on luxury goods and services has increased. In addition, the rise in the number of working women has increased the number of dual-income households. This has increased the number of independent dwellings globally. These factors are expected to drive market growth during the forecast period.
Key trends:
The growing demand for multifunctional bedroom furniture is a key trend in the market. The demand for multifunctional bedroom furniture has increased worldwide owing to shrinking residential spaces and high rents. In studio apartments, beds are designed to have a sleeping area, along with an attached working table or a side bed. Manufacturers have introduced multifunctional and customized products to cater to the changing demands of consumers. These products are sold online as well as offline channels. The demand for such furniture is expected to increase during the forecast period owing to the rising number of residential dwellings.
Vendor analysis
The global bedroom furniture market is fragmented, with the presence of several global, regional, and local vendors.
A few prominent vendors that offer bedroom furniture in the market are: Ashley home stores Ltd., Abbyson Living LLC, Central Furniture Manufacturing Ltd., Century Furniture LLC, Dunns Furniture, FurnitureRoots, Giessegi Industria Mobili Spa, Global Furniture USA Inc., Godrej Interio, Hillsdale Furniture LLC, Hooker Furnishings Corp., hulsta werke Huls GmbH and Co. KG, Inter IKEA Systems B.V., Kohinoor Furniture, LaZBoy Inc., Legends Furniture Inc., MillerKnoll Inc., Restoration Hardware Inc., Roomstogo.com Inc., and Vaughan Bassett and others.
The key inputs of vendors include capital expenditure and labor.
Vendors invest significantly in building infrastructure suitable for manufacturing and testing bedroom furniture. They are focusing on introducing products equipped with innovative technologies. They are also focusing moderately on building brand and brand equity to differentiate themselves from other competing brands. The increasing awareness about advanced furniture and the rapid growth in online retail sales of bedroom furniture products will intensify the competition in the market during the forecast period.
Segment overview
Technavio has segmented the market based on Product (BBL and H, wardrobes, mattresses and supporters, chests and chest of drawers, and others) and distribution channels (offline and online).
The BBL and H segment will account for a significant share of the market's growth during the forecast period. Beds, bunks, lofts, and headboards form the major segment of the global bedroom furniture market. A bed defines the overall look and style of the bedroom. Headboards enhance the look and view of the bedroom. Bunks and lofts are available in various designs, styles, and colors. These factors will drive the growth of this segment during the forecast period.
Major challenges
The long replacement cycle is challenging market growth. Branded, high-quality furniture does not have to be replaced frequently. High-quality wood furniture has a longer replacement cycle than furniture made of materials such as plastic.
Major players in the US have to adhere to safety standards set by American National Standards Institute (ANSI) and the Business and Institutional Furniture Manufacturers Association (BIFMA).
Hence, they produce high-quality products with long replacement cycles. This restricts the frequent sales of bedroom furniture, thus hampering the growth of the market.
Source: www.woodworkingnetwork.com