About Bedroom Furniture
Developing countries and less developed countries have witnessed growth in the high net-worth individuals (HNWIs) due to the increase in preference of the luxurious lifestyle of consumers. Factors like economic growth and increasing individual household incomes with an increased number of independent dwellings by consumers have contributed to the growth of the bedroom furniture market. The purchasing of bedroom furniture is mostly replacement driven among which 62% of consumers are looking to replace an old, broken, or ineffective product.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.4% |
The market is fragmented with many players and there is strong price competition among manufacturers has sparked consumer interest in bedroom furniture products.The Vendors having a strong hold in the market are IKEA. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Bedroom Furniture market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ashley Furniture Industries (United States), Century Furniture (United States), La-Z-Boy (United States), Legends Furniture (United States), Vaughan-Bassett Furniture Company (United States), IKEA (Netherlands), Rooms To Go (United States), TJX Companies (United States), Wal-Mart (United States) and Williams-Sonoma (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Kincaid Furniture (United States), Hooker Furniture (United States) and Tropitone Furniture (United States).
Segmentation Overview
AMA Research has segmented the market of Global Bedroom Furniture market by Type (Beds, bunks, lofts, and headboards, Wardrobes, Mattresses and supporters, Chest and chest of drawers, Dressers, Chairs and benches, Nightstands and Wall shelves), Application (Online Sales and Offline Sales) and Region.
On the basis of geography, the market of Bedroom Furniture has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Spain, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe and Asia Pacific, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Application Coverage, the sub-segment i.e. Adult bedroom will boost the Bedroom Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing demand for eco-friendly products among consumers.
Market Growth Drivers:
Increased introduction of premium products owing to the high standard of living, Spending capacity of consumers and their expenses on luxury goods, Increasing number of residential dwellings globally and Innovation, especially in the mattresses continues to introduce an important quality differential to this market encouraging consumers to trade up.
Challenges:
Storage and maintenance of high-quality raw materials. and The increasing cost of raw material.
Restraints:
The risk factor of International trading is hampering the market.
Opportunities:
Rapidly increasing consumer demands have influenced manufacturers to introduce multifunctional and customized products.
Market Leaders and their expansionary development strategies
In March 2022, Target invested up to USD 5 billion to continue scaling its operations in 2022. Target invested in its physical stores, digital experiences, fulfillment capabilities, and supply chain capacity, further differentiating its retail offering and driving continued growth.
In March 2023, Ikea expanded in Ireland with a distribution hub twice the size of Croke Park at a site in south Dublin. The Swedish furniture giant expects the distribution center to make more than 300,000 deliveries in the first year of operation, almost doubling to nearly 600,000 within five years.
Key Target Audience
Furniture manufacturer, Traders, Suppliers, Distributors and Government agencies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.