Closets, Nightstands, And Dressers Market Size
| Study Period | 2018-2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 4.32 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Closets, Nightstands, And Dressers Market Analysis
The closets, nightstands, and dressers market has generated revenue of USD 40.90 billion in the current year and is poised to register a CAGR of 4.32% in the forecast period.
Customers are changing the way they buy things because home and living trends and ideas are changing. Fashion, lifestyle, and homestyle blogs and publications have an impact on customers.Future market growth is anticipated to be supported by the growing demand for multipurpose furniture. The rising standard of living is another factor driving the market's expansion, which is in turn causing an increase in the introduction of pricier goods.
The COVID-19 pandemic quickly ended any hopes that the furniture market would continue to grow. Many manufacturers and retailers closed factories and stores, and many employees were on furlough, not knowing what would happen to them in the short term. WFM also had a negative impact on sales of closets, nightstands, and dressers, with spare rooms often used as office space.
Closets, Nightstands, And Dressers Market Trends
The Rising Standard of Living is Driving the Market
The number of high-net-worth individuals (HNWIs) is growing, which has caused a gradual rise in consumer preference for luxury goods. As a result, the spending capacity of consumers on closets, nightstands, dressers, and services has increased. Major bedroom makeover projects have been driven by a greater focus on obtaining trendy closets, nightstands, and dresser styles, creating a minimalist appeal for the peaceful and tranquil ambiance of bedrooms with useful furnishings.
Moreover, the market for closets, nightstands, and dressers is expanding as more millennials buy houses, particularly older properties that need more renovation. Compared to other age groups, millennials spend more money each year on home renovation projects.
United States is Dominating the Market
The growing industry for dressers, nightstands, and closets in the United States region is what drives the market. Growth in the United States will be driven by a rise in household income in the main countries, a rise in consumer spending, a rise in competition, the launch of new products, the retrofitting and renovation of old technology, and a rise in the use of closets, nightstands, and dressers.
Closets, Nightstands, And Dressers Industry Overview
The report covers major international players operating in the closets, nightstands, and dressers market. The market is consolidated with a few of the major players currently dominating the market with higher shares. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Closets, Nightstands, And Dressers Market Leaders
IKEA
Bed Bath & Beyond Inc.
Williams-Sonoma Inc.
Ashley Furniture Industries, Inc.
Wayfair Inc.
*Disclaimer: Major Players sorted in no particular order
Closets, Nightstands, And Dressers Market News
- November 2022: IKEA Canada announced plans to expand its successful small-store format with a new location in Scarborough, Ontario.
- July 2022: Bed Bath & Beyond Partners with The Novogratz was anticipated to launch curated furniture and décor. Bed Bath & Beyond was also teaming up with husband-and-wife design duo, The Novogratz, for back-to-college with colorful, modern furniture and décor.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Recent Trends Influencing the Market
4.7 Insights into Technology Innovations in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Distribution Channel
5.1.1 Supermarkets & Hypermarkets
5.1.2 Specialty Stores
5.1.3 Online
5.1.4 Other Distribution Channels
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.1.4 Rest of North America
5.2.2 South America
5.2.2.1 Brazil
5.2.2.2 Argentina
5.2.2.3 Rest of South America
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 France
5.2.3.3 United Kingdom
5.2.3.4 Rest of Europe
5.2.4 Asia-Pacific
5.2.4.1 China
5.2.4.2 Japan
5.2.4.3 India
5.2.4.4 Rest of Asia-Pacific
5.2.5 Middle East & Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 South Africa
5.2.5.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 IKEA
6.2.2 Bed Bath & Beyond Inc.
6.2.3 Williams-Sonoma, Inc.
6.2.4 Ashley Furniture Industries, Inc.
6.2.5 Wayfair Inc.
6.2.6 Target Corporation
6.2.7 Herman Miller
6.2.8 Home Depot, Inc.
6.2.9 Heritage Home Group
6.2.10 La-Z-Boy*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Closets, Nightstands, And Dressers Industry Segmentation
This segment focuses on furniture pieces that are primarily found in the bedroom. It includes wooden furniture such as wardrobes, closets, chests, dressers, and nightstands. Closets and dressers are primarily used to store clothing. Meanwhile, nightstands are practical for storing items that people need before, during, or after sleeping, such as books, medicine, or a glass of water.
A complete background analysis of the closets, nightstands, and dressers market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and a market overview, is covered in the report. The closets, nightstands, and dressers market is segmented by distribution channel (supermarkets & hypermarkets, specialty stores, online, and other distribution channels) and by geography (North America, South America, Europe, Asia-Pacific, and the Middle East & Africa). The report offers market sizes and forecasts in value (USD million) for all the above segments.
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Frequently Asked Questions
What is the current Closets, Nightstands, and Dressers Market size?
The Closets, Nightstands, and Dressers Market is projected to register a CAGR of greater than 4.32% during the forecast period (2023-2028).
Who are the key players in Closets, Nightstands, and Dressers Market?
IKEA, Bed Bath & Beyond Inc., Williams-Sonoma Inc., Ashley Furniture Industries, Inc. and Wayfair Inc. are the major companies operating in the Closets, Nightstands, and Dressers Market.
Which is the fastest growing region in Closets, Nightstands, and Dressers Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Closets, Nightstands, and Dressers Market?
In 2023, the North America accounts for the largest market share in the Closets, Nightstands, and Dressers Market.
Closets, Nightstands, and Dressers Industry Report
Statistics for the 2023 Closets, Nightstands, And Dressers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Closets, Nightstands, And Dressers analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
