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Bedroom furniture is a key trend in the future! From 2022 to 2027, the global market will grow at an average annual rate of 5.22%!Time：2023-03-16 10:03:47
Introduction: From 2022 to 2027, the global bedroom furniture market size is expected to increase by US$37.06 billion, and the growth momentum of the market will accelerate, with a compound annual growth rate of 5.22%.
According to the latest news from home furnishing micro-news, the latest report of the market research organization Technavio shows that from 2022 to 2027, the global bedroom furniture market is expected to increase by US$37.06 billion, and the growth momentum of the market will accelerate, with a compound annual growth rate of 5.22%.
The report believes that rising living standards will lead to the introduction of premium products, which it says will drive market growth. Moreover, growing demand for multifunctional bedroom furniture is a key trend in the market.
Key Driver: Improved Living Standards
Rising living standards have led to the introduction of premium products and are now driving the growth of the market. The increase in the number of high net worth individuals (HNWI) has led to a gradual increase in the preference for luxury goods.
As a result, consumers have increased spending power on luxury goods and services. In addition, the increase in the number of working women has boosted the number of dual-income households. This increases the number of detached homes worldwide. These factors are expected to drive market growth over the forecast period.
Key Trends: Multifunctional Bedroom Furniture
Growing demand for multifunctional bedroom furniture is a key trend in the market. Due to shrinking residential spaces and high rents, the demand for multifunctional bedroom furniture has increased globally. In a studio apartment, the bed will be designed as a sleeping area, with an attached work desk or a side bed. Manufacturers have introduced multifunctional and customized products to meet the changing needs of consumers. These products will be sold both online and offline. Due to the increasing number of dwellings, the demand for such furniture is also expected to increase.
Global supplier layout
Key inputs for suppliers include capital expenditures and labor. Suppliers have invested heavily in building an infrastructure suitable for manufacturing and testing bedroom furniture. They focus on introducing products equipped with innovative technology, and they also focus moderately on building a brand and brand equity to differentiate themselves from other competing brands. Rising awareness about advanced furniture and rapid growth in online retail sales of bedroom furniture products will intensify competition in the market during the forecast period.
Product Segmentation Analysis Technavio research agency has segmented the market based on products and channels (online and offline).
Mattresses will account for a large share of the market growth during the forecast period. Beds, bunk beds, loft beds, and headboards constitute a major segment of the global bedroom furniture market. The bed defines the overall look and style of the bedroom and the headboard enhances the look and view of the bedroom. Bunk beds and loft beds are available in a variety of designs, styles and colours. These factors will drive the growth of the segment over the forecast period.
Main challenge: long replacement cycles
Lengthy replacement cycles are challenging market growth. Branded, high-quality furniture doesn't have to be replaced often. High-quality wooden furniture has a longer replacement cycle than furniture made of materials such as plastic.
Major players in the United States must adhere to safety standards set by the American National Standards Institute (ANSI) and the Business and Institutional Furniture Manufacturers Association (BIFMA).
Therefore, they produce high-quality products with long replacement cycles. This restricts frequent sales of bedroom furniture, thereby hampering the growth of the market.
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