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Global Bedroom Furniture Market Survey, Size, Share and Industry Growth Analysis

December 20th, 2021 10:16 AM

The global Bedroom Furniture market focuses on encompassing major statistical evidence for the Bedroom Furniture industry as it offers our readers a value addition on guiding them in encountering the obstacles surrounding the market. A comprehensive addition of several factors such as global distribution, manufacturers, market size, and market factors that affect the global contributions are reported in the study. In addition, the Bedroom Furniture study also shifts its attention with an in-depth competitive landscape, defined growth opportunities, market share coupled with product type and applications, key companies responsible for the production, and utilized strategies are also marked.

This intelligence and 2026 forecasts Bedroom Furniture industry report further exhibits a pattern of analysing previous data sources gathered from reliable sources and sets a precedent growth trajectory for the Bedroom Furniture market. The report also focuses on a comprehensive market revenue streams along with growth patterns, analytics focused on market trends, and the overall volume of the market.

The global bedroom furniture market size was valued at USD 220.6 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 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.

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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 dressers, 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 Centre for Housing Studies, the home improvement industry size was valued at USD 383.3 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 boost 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.

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.

Analyst Commentary
In terms of revenue, beds dominated the market with a share of 37.1% in 2020. 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 drive the demand for bedroom furniture products over the forecast period.

Wardrobe and storage products are expected to expand at the fastest CAGR of 5.1% from 2020 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.

Segmentation
The bedroom furniture market is segmented on the basis of product and region. By product the market is divided into Beds, Wardrobe & Storage, Dressers & Mirrors, Night Stands, Others.

Regional Analysis
Asia Pacific dominated the market for bedroom furniture with a share of 38.7% in 2020 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 2020 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.

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TABLE OF CONTENTS
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Bedroom Furniture Market
Chapter 5. Global Bedroom Furniture Market Overview, By Application, 2015 – 2027(USD Million)
Chapter 6. Global Bedroom Furniture Market Overview, By Distribution Channel, 2015 – 2027(USD Million)
Chapter 7. Global Bedroom Furniture Market Overview, By Geography, 2015 – 2027(USD Million)
Chapter 8. North America Bedroom Furniture Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 9. Europe Bedroom Furniture Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 10. Asia Pacific Bedroom Furniture Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 11. Middle East & Africa Bedroom Furniture Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 12. South America Bedroom Furniture Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Bedroom Furniture Market Cost Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market

Reasons to Buy the Report:
• Learn about the driving factors, affecting the market growth.
• Imbibe the advancements and progress in the market during the forecast period.
• Understand where the market opportunities lies.
• Compare and evaluate various options affecting the market.
• Pick up on the leading market players within the market.
• Envision the restrictions and restrains that are likely to hamper the market.

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