It is estimated that the global market for kids’ storage furniture may reach US$ 13 billion by 2023 at a CAGR of 19.7%.
Manufacturers at the forefront of the Kid's Storage Furniture Market are actively focusing on promotional strategies to enhance sales in emerging markets. They are also making substantial investments in mergers, acquisitions, and collaborations to expand their production capabilities and gain a competitive advantage.
One such prominent player is West Elm, a renowned store specializing in modern furniture and home décor. In April 2021, West Elm made a significant move by introducing over 200 fresh and innovative pieces of kids' furniture. This launch broadened their offerings beyond midcentury and boho styles, encompassing a diverse range of design styles to cater to varying customer preferences.
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Competitive Landscape:
To deepen penetration across lucrative markets, some leading market players have adopted a variety of expansion strategies. To reach a wider consumer base and incorporate innovative products into their product lines. A growth in small-scale businesses is merging and acquiring sizable companies. In addition to launching products, consolidating regional and global distribution networks, partnering with key players, and acquiring companies, these strategies also include collaborations.
Several prominent companies dominate this market, including Ashley Furniture Industries, Blu Dot, Circu Magical Furniture, Crate and Barrel, Casa Kids, First Cry, KidKraft, Williams Sonoma Inc., Million Dollar Baby Co., Wayfair Inc., Sorelle Furniture, and others.
Overview of the Kids Storage Furniture Market
It is estimated that the global market for kids’ storage furniture may reach US$ 13 billion by 2023 at a CAGR of 19.7%. Due to rising home prices, consumers are increasingly investing in home improvement and remodeling projects. This may drive the market to US$ 65.58 billion by 2033.
Due to rising property values, homeowner equity has doubled, resulting in homeowners becoming richer and investing in home improvements. According to data collected by Houzz, an online platform for remodeling homes, project leads have increased by 58% since June 2020.
When it comes to children’s furniture, blunt edges, low maintenance, and easy washing are typical characteristics. Consumers are increasingly seeking portable, portable, and flexible products that can fit into small spaces and fulfill multiple purposes. There is an increasing demand for space-saving and portable furniture items due to the increasing nuclear households.
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With urbanization, the popularity of kids’ furniture is increasing. Parents are now investing in customized furniture that can create an imaginative vibe in their rooms. Products such as store cabinets, bunk beds, cribs, and kids’ study tables and chairs, among others. The market is expanding as parents’ purchasing power increases.
Increasing real estate prices are expected to change the size of both homes and children’s rooms. Therefore, space-saving furniture is gaining traction among parents. This presents growth opportunities for businesses selling lightweight, portable, and easy-to-assemble children’s furniture.
Parents increasingly include multifunctional furniture in nursery rooms, playrooms, and study rooms to store clothes, books, toys, etc. due to the remodeling of these rooms. The market has also seen a growing trend toward 3D-printed furniture, which is expected to further boost industry growth.
Key Takeaways from Market Study
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Wardrobes Kids Storage Furniture Market Segmentation by Category
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Jul 14, 2023
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