The global bedroom furniture market size is anticipated to reach USD 313.6 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.5% from 2020 to 2027. Higher living standards and increasing consumer income have enabled household consumers to replace their furniture more frequently. In addition, growing trend of mini-housing boom is leading to higher construction of residential households, thereby resulting in increased demand for bedroom furniture.
Rising penetration of housing boom across countries is helping boost growth of the real estate sector, thereby flourishing growth of the home furnishing products, including bedroom furniture. According to STORIS, Inc., there is room for short term boom in housing construction to levels of 1.35 million units per year. This scenario is paving the way for higher investment in home décor and furniture, including bedroom furniture products. Moreover, as of 2019, it was stated by the International Monetary Fund that the global housing market has been steadily climbing up. According to Trading Economics, housing index in the European Union has been witnessing continuous uptrend since 2014 and is expected to remain so in the near future. This shows the growing demand as well as willingness to pay price for residences among consumers. Moving in new residences, along with the prominent trend of complimenting bedroom furnishing, is expected to drive the market.
Furthermore, rising instances of home improvement projects owing to high adoption of luxury living standards have risen the demand for improving bedroom furniture products, thereby revamping demand for these furniture. As per the blogs published by Forbes, in July 2019, 80% of 137 million homes in U.S. are 20 years old, while 40% are 50 years old. Consumers are spending on furniture to revamp interiors of their houses.
In terms of product, beds held a dominant share in the market in 2019. Growth of residential housing in developing nations is boosting the growth of beds and bedroom furniture products. Growing support by the government of developing countries, such as India, on housing loan and reconstruction loan is ramping up the sales of household furniture, thereby boosting the application of bedroom furniture.
Offline channel emerged the largest distribution channel segment with a revenue-based share of 72.5% in 2019. These stores help consumers to visualize their home and setting of furniture as a result of the home environment created in the store. These stores are easily accessible to the customers and they offer a wide variety of products. Strong localized positioning and increased focus on customer needs and experience are the major factors expected to foster the growth of this distribution channel segment.
Asia Pacific held the largest revenue share of 38.7% in 2019. Rising construction in the residential sector is helping boost the demand for various bedroom furniture products. According to Asia Construction Outlook, in 2015, the infrastructure sector accounted for 37% of the total construction spending in the region, in which 34% of infrastructure projects were residential projects. Significant rise in residential projects is projected to propel the demand for bedroom furniture in the foreseeable future.
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Bedroom Furniture Market Report Highlights
- By product, beds held the largest share of 37.1% in 2019
- The online distribution channel segment is expected to reach USD 87.63 billion by 2027
- Asia Pacific is expected to witness the fastest growth from 2020 to 2027.
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Bedroom Furniture Market Segmentation
Grand View Research has segmented the global bedroom furniture market by product, distribution channel, and region:
Bedroom Furniture Product Outlook (Revenue, USD Million, 2016 – 2027)
- Wardrobe & Storage
- Dressers & Mirrors
- Night Stands
Bedroom Furniture Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
Bedroom Furniture Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of Bedroom Furniture Market
- Bed Bath & Beyond Inc.
- Williams-Sonoma, Inc.
- Target Corporation
- Wayfair Inc.
- Home Depot, Inc.
- Ashley Furniture Industries, Inc.
- Heritage Home Group
- Mattress Firm Inc.
- Herman Miller, Inc.
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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