Bedroom Furniture Market is Projected to Reach 4.7% CAGR by 2030
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Moreover, rising trend of interior designing through various technological advancements and innovations is also driving market revenue growth. Emerging technologies, such as Augmented Reality (AR), 3D printing, Internet of Things (IoT), and Artificial Intelligence (AI), are having a significant impact. For instance, on 29 March 2022, Renovai, a virtual AI shopping assistant and Fernish, a furniture rental startup company that offers furniture to customers on a subscription basis, teamed up to develop an AI-based interior designer, The Virtual Designer, based on a person's style, space, and budget, which predicts and suggests anything from furniture fundamentals to accent pieces. Such initiatives are driving demand for bedroom furniture. People have begun moving away from their homes to different cities and towns for work or educational objectives. As a result, renting furniture has become more common. Additionally, businesses offer furniture delivery and pickup services and customers may conveniently pay their rent on a monthly or annual basis through applications, which is also a major factor driving bedroom furniture market revenue growth.
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Some Key Highlights From the Report
• The beds and mattress segment is expected to register a significant revenue growth rate over the forecast period. The most important component of a finished bedroom is beds and mattresses. Market revenue growth is driven by availability of beds and mattresses in a variety of shapes, sizes, styles, and materials.
• The metal segment is expected to register a significant revenue growth rate over the forecast period. Metal is more durable than other materials, can last a lifetime, cleaning up is also much easier, and resists bed insect infestations better. Metal is a material that is ideal for heavy use, making shared living spaces an easy choice. Metal furniture is renowned for its elegant, streamlined design, and simple aesthetic. It has gone through many changes and modifications but has always been a useful type of material for furniture.
• The transitional segment is expected to register a significant revenue growth rate over the forecast period. Transitional interior design style is essentially a blend of traditional and modern accents, fabrications, and furniture and its best feature is its flexibility in design aesthetic nature. Transitional interior design style is ideal for those who do not want to limit aesthetics of their home's interior design to a particular era or design style. Furthermore, as no two transitional homes are alike, hence it results in creation of a house that reflects preferences and is totally unique.
• The online stores segment is expected to register fastest revenue CAGR over the forecast period. This is due to direct shipping from vendors, which eliminates need for additional warehousing expenses. Customers can choose shipping, delivery, and payment methods. Low product prices, promotions, convenience, doorstep service, and availability of a wide range of products are factors driving revenue growth of this segment.
• The North America market accounted for largest revenue share in the global market over the forecast period. Market revenue growth is driven by rising disposable income, rising knowledge of home furnishings and décor, and tendency of residing in tiny housing booms. Expansion of rental furniture in this region has also been fueled by a sizable number of foreign migrants from other parts of the world for educational or commercial objectives, which has further accelerated need for bedroom furniture.
• Companies profiled in the market report are Inter IKEA Systems B.V., Nitori Co. Ltd., Bed Bath & Beyond Inc., Ashley, Steinhoff International Holdings N.V., Wayfair LLC, La-Z-Boy Incorporated, Hooker Furniture, Vaughan Bassett, and Home Depots.
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For the purpose of this report, Reports and Data has segmented the global bedroom furniture market based on type, material, style, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
• Beds and Mattress
o Dressers and Mirrors
o Wardrobe and Storage
o Closet and Nightstands
o Drawers and Wall Shelves
Material Outlook (Revenue, USD Billion; 2019-2030)
• Solid and Engineering Wood
Style Outlook (Revenue, USD Billion; 2019-2030)
• Vintage and Imperial
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
• Offline Stores
• Online Stores
Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
o Rest of Europe
o South Korea
o Rest of APAC
• Latin America
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of MEA
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