Bedroom Furniture Market size to Grow by USD 37.06 Billion between 2022 to 2027 | Rising Standard of Living drives market growth

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Aug 16, 2023, 20:30 ET

NEW YORK, Aug. 16, 2023 /PRNewswire/ -- The Global Bedroom Furniture Market size is expected to grow by USD 37.06 billion between 2022 to 2027, with a projected Compound Annual Growth Rate (CAGR) of 5.22%. The Bedroom Furniture Market's expansion depends on factors including higher living standards, leading to increased demand for premium products and residential projects. Furthermore, the growing adoption of the internet has expanded shipping deliveries globally.

Technavio has announced its latest market research report titled Global Bedroom Furniture Market 2023-2027

According to Technavio, the bedroom furniture market is segmented by product (BBL and H, wardrobes, mattresses and supporters, chests and chest of drawers, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Moreover, the report provides historic market information from 2017 to 2021, facilitating a complete comprehension of how the market has evolved over time and the trends and changes that have occurred. To view the historical data, get the sample report now!

The major companies in the Bedroom Furniture Market include:

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.
LaZBoy Inc.
Legends Furniture Inc.
Kohinoor Furniture

Key drivers and trends fueling growth and reshaping the Bedroom Furniture Market:

Rising living standards drive demand for high-quality, stylish bedroom furniture, especially premium products, as consumers seek enhanced comfort and aesthetics.
Growing internet use and e-commerce platforms, led by China and the US, reshape the market, enabling convenient online purchases of bedroom furniture.
Urbanization and smaller living spaces increase demand for innovative, space-saving bedroom furniture with multifunctional features, catering to evolving lifestyles.
Sustainability concerns and regulations like the EU Timber Regulation drive manufacturers to adopt responsible sourcing practices, impacting raw material supply and costs.

Challenges Hindering Growth of the Bedroom Furniture Market

Challenges

1. High reliance on wood and increasing demand are straining timber resources, leading to potential shortages and higher raw material acquisition costs.

2. Stringent environmental regulations, such as the EU Timber Regulation, impose sourcing constraints and compliance burdens on manufacturers, impacting their operations and costs.

3. Evolving consumer preferences and design trends require constant innovation and adaptation by manufacturers to meet shifting demands and maintain competitiveness.

4. Intense competition from both traditional and online retailers demands continuous improvement in product offerings, pricing strategies, and marketing efforts to attract and retain customers.

The Global Bedroom Furniture Market is set to experience substantial growth driven by rising living standards, increased online sales, innovative designs, and a growing emphasis on sustainability. However, challenges such as raw material supply pressures, environmental regulations, changing consumer preferences, and intense market competition lead to hurdles for companies. Adapting to these dynamics will be crucial for companies seeking success in this evolving market landscape. The report imparts a valuable understanding of market trends, drivers, challenges, and regional influences. This equips companies to improve marketing strategies and attain a competitive edge in the market. To access the full report, please buy the complete report here.

Below, are a few suggested reports:

Online Furniture Market: The online furniture market size is estimated to grow at a CAGR of 17.73% between 2022 and 2027. The market size is forecast to increase by USD 139.97 billion. This online furniture market report extensively covers market segmentation by application (online residential furniture and online commercial furniture), product (living room furniture, bedroom furniture, office furniture, and kitchen furniture and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

High end Furniture Market: The high-end furniture market share in North America is expected to increase by USD 2.69 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.38%. This report extensively covers North America high-end furniture market segmentation by distribution channel (offline and online) and geography (US, Canada, and Mexico).

About Technavio

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SOURCE Technavio