Bedroom Furniture Market Overview
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 Statista, the revenue in the global bedroom furniture market account for US$73,558 mn in 2020.
Bedroom Furniture Market – Key Trends
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.
Bedroom Furniture Market – Growth Restraints
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.
COVID-19 Impact on Bedroom Furniture Market
People are staying indoors more than ever, as the nationwide lockdown is announced due to the COVID-19 pandemic. This has prompted people to renovate and redesign their homes particularly bedrooms with spare time in hand.
To satiate this increase in demand for bedroom furniture manufacturers are required to develop an efficient supply chain response plan to mitigate risk and equipped for any interruptions that the outbreak can cause such as inventory critical part identification, supplier engagement response with cross-tier risk transparency, production-capacity optimization, logistics-capacity pre-booking, demand management, and route optimization.
Bedroom Furniture Market - Region-wise Analysis
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 mn in 2020 in terms of revenue. Robust growth of new furniture sales concerning increasing development of residential construction in the U.S., 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 Statista's published report, India is the second biggest market accounting for US$44,293 mn revenue while China holds around US$34,853 mn 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 UK accounts for US$16,949 mn revenue share in the global market in 2020.
Bedroom Furniture Market – Competitive Analysis
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.
Regions and Countries Analysed in this report
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Global Bedroom Furniture Market: Key Players (this is an indicative list – full list of key players available upon request)
- Bed Bath & Beyond Inc.
- Target Corporation
- Williams-Sonoma, Inc.
- Home Depot, Inc.
- Wayfair Inc.
- Heritage Home Group
- Ashley Furniture Industries, Inc.
- Rooms To Go
- Herman Miller
- Mattress Firm
- Other Companies (INTERIO International Limited, Vogue Furniture 4U,Godrej Interio, Nitori Co., Ltd, Durian Furniture, and Stanley Furniture)
Bedroom Furniture Market – Segment Analysis
- Beds, bunks, lofts, and headboards
- Chest and chest of drawers
- Mattresses and supporters
- Chairs and benches
- Wall shelves