The bedroom furniture market is estimated to expand to a valuation of US$ 265.57 billion in 2023 and is expected to exhibit a CAGR of 4.7% from 2023 to 2033 and reach US$ 420.38 billion in 2033.
A significant driver of the industry for bedroom furniture is a change in customer desire for elevated furniture products as a result of technological developments in the household furniture sector. Furthermore, the worldwide incidence of the mini-housing surge is fuelling rising demands for bedroom furniture.
Expanding customer per economic growth, especially in nations that are developing, quick access to online tools, and the adaptation of modern changing lifestyles have transformed traditional houses into sophisticated luxurious residential properties.
Minimalism is among the top bedroom furniture patterns that will likely continue in the future. The vast bulk of bedroom refurbishments incorporates a minimalist aesthetic for a soothing and relaxing bedroom environment, with usable furniture that remains out without overwhelming the storage.
The Culla Furniture Collection by Article, for instance, consists of one drawer nightstand, three drawer dresser, and a bed frame made of veneered American white oak. Based on the Harvard Joint Center for Housing Studies' American Housing Study, the home renovation industry was worth USD 383.3 billion in 2017. Furthermore, the growing number of millennials purchasing homes, especially elderly homes that require more renovation, is driving market growth.
E-commerce has grown by double digits across many categories, including bedroom furniture. Millennials and Gen Zers have been instrumental in propelling this expansion through internet shopping. Automakers are collaborating with regional competitors and establishing an extensive supplier base to strengthen their omnichannel business strategy. Wayfair, for example, has a supply chain of 11000 manufacturers.
The bedroom furniture industry is projected to triple by the conclusion of the projection period, as younger generations purchase novel items and buy what they desire more often. Wayfair has collaborated with regional players too.
In terms of product, the Beds, bunks, lofts, and headboards segment took over the market in 2022 with a 40% share. This is due to increasing residence house construction as well as rapid urbanization in developing countries such as India, China, and Brazil. Increased federal funding in these nations is also bolstering residential housing expansion, propelling this segment forward. For instance, the government of India provides low-interest residential and reconstruction debts to its inhabitants.
Asia Pacific ruled the bedroom furniture industry in 2022 and is expected to expand at a rapid pace during the forthcoming years. This is attributable to the expanding real estate industry in emerging economies like China and India, which enhances consumers' desire to make investments in furnishing pursuits and add an attractive appearance to the bedroom atmosphere as a cause of renovations.
The consistent increase in new furniture offerings as a consequence of rising residential development throughout the United States, Canada, and Mexico is creating a market for domestic bedroom furniture in North America. Furthermore, the growing popularity of sustainable decor in USA houses predicts an increase in the availability of eco-friendly bedroom furniture.
The European bedroom furniture market is gradually picking up steam, attributed to the remodeling and reconfiguring of old furniture, as well as the rising usage of bedroom furniture. In 2020, the United Kingdom had a profit share of US$16,949 million in the international market.
Malouf debuted its newest bedroom furniture collection, which included two headboards, two entire designer beds, and two bases available in five fabric options and five colors. Malouf bought Salt Flat, a full-service furniture maker. The procurement will enable the business to broaden its brand portfolio to include furniture for the bedroom, seating area, and dining room.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 265.57 billion |
| Anticipated Forecast Value (2033) | US$ 420.38 billion |
| Projected Growth Rate (2023 to 2033) | 4.7% CAGR |
Homeowners particularly the millennials and Gen Zers are always seeking to update certain rooms of the home to match with current styles which are going to remain trendy amid the next few years.
One of the rooms which are receiving higher attention comparatively in the past is the bedroom. A rise in inclination towards extravagant furniture products due to technological progressions in the home furnishing sector is a key aspect in boosting sales of bedroom furniture.
Additionally, the popularity of a mini-housing boom worldwide is paving the way for a higher need for bedroom furniture. According to leading research company, the revenue in the global bedroom furniture market account for US$73,558 million in 2020.
Minimalism is one of the top trends for bedroom furniture which is likely to trend in the coming. The majority of bedroom renovation projects are instigating minimalist appeal for the calming and serene bedroom environment with functional furniture which stands out without overwhelming the space.
For example, the Culla Furniture Collection by Article, provides a single drawer nightstand, three drawer dresser, and bed frame, which are prepared from veneered American white oak.
As per STORIS, Inc., there is an opportunity for a short-term boom in housing construction to stages of 1.35 million units every year. This landscape is paving the way for higher investment in furniture and home décor, comprising bedroom furniture products.
E-commerce has seen double-digit growth in several categories, comprising bedroom furniture. Millennials and Gen Zers have been largely contributing to this growth to take off through online purchases. Manufacturers are partnering with regional players as well as building strong supplier base to fortify omnichannel sales approach. For instance, Wayfair has built a supplier base of 11000 companies.
The bedroom furniture market is anticipated to triple by the end of the forecast period as the new generations are buying new kinds of products and buying the things they want more frequently. Wayfair has been partnering with regional players as well as to.
The furniture sector utilizes wood for instance sawn timber & poles to produce furniture, however, the global market is encountering a huge deficit in wood products which can hamper the sales of the bedroom furniture market. Growing eCommerce platforms has been a major accelerator in bedroom furniture sales, however, delay in deliveries of furnishing can further impede the sales and market growth.
Moreover, bedroom furniture is an exciting but challenging segment for e-commerce because of their size, shape, and are easy to break. The delivery ecosystem is not yet as developed as it is for the classic e-commerce segments such as fashion and books.
North America dominated the global bedroom furniture market throughout the forecast period. According to Statista, the United States is anticipated to account for US$54,165 million in 2020 in terms of revenue. Robust growth of new furniture sales concerning increasing development of residential construction in the USA, Mexico, and Canada is generating huge demand for bedroom furniture.
South Asia and East Asia region will witness the rapid growth due to the rising real estate industry in emerging nations, such as India and China, which escalates customers’ need to invest in bedroom furniture.
Moreover, millennials are increasingly investing in adding an appealing look to the bedroom environment as a reason for remodeling. As per recent published report, India is the second biggest market accounting for US$44,293 million revenue while China holds around US$ 34,853 million in 2020.
Europe bedroom furniture market is slowly picking up pace with due to renovation and retrofitting of old furniture and growing adoption of bedroom furniture. The United Kingdom accounts for US$ 16,949 million revenue share in the global market in 2020.
Market players are focusing on innovative design and technologies and extending their product lines to meet customer demand for bedroom furniture products. The other strategies observed in the market include mergers, acquisitions, and collaborations. For instance,
Malouf presented its latest bedroom furniture line, comprising two headboards, two whole designer beds, and two bases offered in five fabric preferences of five colors. Malouf acquired Salt Flat a full-line furniture manufacturer.
The acquisition will help the company to extend its product portfolio into a whole home categorization of a bedroom, living room, and dining room furniture.Mattress maker Kurl-on is seeking possible acquisitions to convert itself into a complete home furnishings and kitchenware company.
The company has already entered the sofa segment, is looking at bedroom, bath-ware, and kitchen furnishing in an aggressive approach.Bestar took over of Bush Industries, a leading ready to assemble (RTA) furniture manufacturer. Both companies have more than 130 years of shared history in the RTA furniture sector.
Together, the companies will offer a large and increasing product offering all over various categories, the industry's prominent delivery capabilities and quick shipment, and a vast team of e-Commerce sales and marketing specialists. Some of the leading companies operating in the global bedroom furniture market are Bed Bath & Beyond Inc., IKEA, Williams-Sonoma, Inc., Ashley Furniture Industries, Inc., and Wayfair Inc.
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Bedroom Furniture Market
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