Wednesday, 05 April 2023 10:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / April 5, 2023 / It is estimated that the global market for kids' storage furniture may reach US$ 13 billion by 2023 at a CAGR of 19.7%. Due to rising home prices, consumers are increasingly investing in home improvement and remodeling projects. This may drive the market to US$ 65.58 billion by 2033.
Due to rising property values, homeowner equity has doubled, resulting in homeowners becoming richer and investing in home improvements. According to data collected by Houzz, an online platform for remodeling homes, project leads have increased by 58% since June 2020.
When it comes to children's furniture, blunt edges, low maintenance, and easy washing are typical characteristics. Consumers are increasingly seeking portable, portable, and flexible products that can fit into small spaces and fulfill multiple purposes. There is an increasing demand for space-saving and portable furniture items due to the increasing nuclear households.
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With urbanization, the popularity of kids' furniture is increasing. Parents are now investing in customized furniture that can create an imaginative vibe in their rooms. Products such as store cabinets, bunk beds, cribs, and kids' study tables and chairs, among others. The market is expanding as parents' purchasing power increases.
Increasing real estate prices are expected to change the size of both homes and children's rooms. Therefore, space-saving furniture is gaining traction among parents. This presents growth opportunities for businesses selling lightweight, portable, and easy-to-assemble children's furniture.
Parents increasingly include multifunctional furniture in nursery rooms, playrooms, and study rooms to store clothes, books, toys, etc. due to the remodeling of these rooms. The market has also seen a growing trend toward 3D-printed furniture, which is expected to further boost industry growth.
Key Takeaways from Market Study
- The kid's storage furniture market is expected to register a CAGR of 19.7% over the forecast period.
- As a result of the high popularity of bookshelves in schools, libraries, labs, learning areas, offices, and cafeterias, the segment is expected to remain high.
- In 2023, wood materials dominated the market, accounting for over 45.23% of the total revenue.
- There is a high level of sales of unique kids' storage furniture through offline channels.
- It is estimated that the kids' storage furniture market in North America may remain strong during the forecast period.
- By 2033, a steady 17.8% CAGR is forecast for demand for kids' storage furniture in the United States.
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Competitive Landscape:
To deepen penetration across lucrative markets, some leading market players have adopted a variety of expansion strategies. To reach a wider consumer base and incorporate innovative products into their product lines. A growth in small-scale businesses is merging and acquiring sizable companies. In addition to launching products, consolidating regional and global distribution networks, partnering with key players, and acquiring companies, these strategies also include collaborations.
Several prominent companies dominate this market, including Ashley Furniture Industries, Blu Dot, Circu Magical Furniture, Crate and Barrel, Casa Kids, First Cry, KidKraft, Williams Sonoma Inc., Million Dollar Baby Co., Wayfair Inc., Sorelle Furniture, and others.
Recent Developments:
- The modern furniture and home décor store West Elm launched more than 200 new kid's furniture pieces in April 2021. The company offers furniture in a variety of styles, including mid-century and bohemian. The stylish collection includes a midcentury-style wooden bed frame with a built-in bookshelf and a bohemian-style hanging canopy bed.
Wardrobes Kids Storage Furniture Market Segmentation by Category
By Type Outlook:
- Wardrobes
- Toy Storage
- Bookshelves
- Chests
- Boxes & Baskets
- Hooks & Hangers
By Material Outlook:
- Wood
- Metal
- Plastic
By Distribution Channel Outlook:
- Online
- Offline
By Region Outlook:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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Table of Content
1. Executive Summary | Kids Storage Furniture Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
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