LONDON--(BUSINESS WIRE)--Technavio’s new market research report on the global bedroom furniture market provides an analysis of the most important trends, drivers, and challenges expected to impact the market outlook from 2018-2022. It also provides an insight into the competitive vendor landscape, categorizing the major vendors in the market.
The global bedroom furniture market is projected to grow at a CAGR of approximately 4% during the forecast period, according to Technavio’s latest market research report. A key driver fueling the growth of the market is the rising standard of living, which is leading to the increased introduction of premium products. Both developed and developing countries are witnessing growth in the population of high net-worth individuals (HNWIs) and a gradual increase in the preference for a luxurious lifestyle. With an increase in disposable income, the consumers' spending capacity and their expenditure on luxury goods and services are increasing. The increased income levels can be attributed to the rise in the population of working women. Economic growth and rising individual household incomes coupled with increasing number of independent dwellings have driven consumers to spend on premium bedroom furnishing products.
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In this report, one of the key emerging trends highlighted by Technavio for promoting the growth of the global bedroom furniture market is the growing demand for multi-functional bedroom furniture:
Growing demand for multi-functional bedroom furniture
The shrinking residential spaces and high residential rents have boosted the demand for multi-functional bedroom furniture around the world. The primary reason for shrinking residential spaces is the increase in prices of real estate. In studio apartments, usually accommodated by bachelors, the bed is designed to have a sleeping area, along with attached working table such as a laptop stand, and a sitting side-bed. Rapidly evolving consumer demands have influenced manufacturers to introduce multifunctional and customized products. These products are standardized and sold through online and offline channels. The demand for such furniture is expected to significantly rise during the forecast period due to the rising number of residential dwellings globally.
“Multifunctional furniture will witness demand from residential establishments in schools, colleges, and universities. The evolved residential education system in these institutions requires furniture that is multipurpose, collaborative, and portable. This trend will gain further traction during the forecast period and is expected to improve the sales of bedroom furniture across the globe,” says a senior analyst at Technavio for research on furniture and home furnishing.
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Bedroom furniture - segmentation analysis and forecast for the period 2018-2022
This market research report segments the global bedroom furniture market into the following products (beds, bunks, lofts, and headboards; wardrobes; mattresses and supporters; chests and chest of drawers; dressers; chairs and benches; nightstands; and wall shelves) and key regions (the Americas, APAC, and EMEA).
In 2017, the beds, bunks, lofts, and headboards segment accounted for the largest share of around 37%. This was due to its essential value and benefits in every household compared to the other bedroom furniture.
In 2017, APAC led the market with a share of over 38%. This was because of the increased adoption of innovative and aesthetically improved furniture in the region. Additionally, the Asian countries have been witnessing increased demand for home decor. APAC was followed by EMEA and the Americas respectively in terms of market share.
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