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Closet Organizer Market 2024 - Top Manufactures, Growth Rate, Revenue And Forecast To 2033
Closet Organizer Market
According to The Business Research Company's, The closet organizer market size has grown strongly in recent years. It will grow from $6.05 billion in 2023 to $7.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing urbanization, home renovation boom, changing lifestyles, innovations in materials and designs, growing awareness of interior design.
The closet organizer market size is expected to see strong growth in the next few years. It will grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to sustainability concerns, smart closet solutions, customization and personalization, rising real estate prices. Major trends in the forecast period include modular and flexible designs, multi-functional solutions, luxury and high-end options, space-saving solutions for small spaces, minimalist and scandinavian designs.
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Market Drivers and Trends:
The increasing growth in home renovation and remodeling projects is expected to propel the growth of the closet organizer market going forward. Home renovation and remodeling projects refer to the process of making changes or improvements to a residential property's structure, layout, or aesthetics. The increase in home renovation and remodeling projects is due to the aging housing stock, low housing inventory, desire for personalization, and rising property values. Closet organizers are integral components of home renovation and remodeling projects, offering customizable storage solutions, enhancing aesthetics, and improving living spaces' overall functionality and value. For instance, in January 2023, according to the Joint Center for Housing Centers of Harvard University, a US-based university research center, the expenditure on home improvement projects was $472 billion in 2022 and is expected to reach $485 billion by the end of 2024. Therefore, the increasing growth in home renovation and remodeling projects is driving the growth of the closet organizer market.
Major companies operating in the closet organizer market are developing modular closet systems, such as the Hold Everything Essential Closet Collection, to meet the growing demand for customizable and functional storage solutions. Hold Everything Essential Closet Collection is a customizable and modular closet system that offers a wide range of organization options for both walk-in and reach-in closets. For instance, in February 2023, Pottery Barn, a US-based upscale home furnishing store chain and e-commerce company, announced the launch of the Hold Everything Essential Closet Collection. This customizable and modular closet system is GREENGUARD gold-certified and designed to meet contract-grade standards. It is designed to meet contract-grade standards, indicating its durability and suitability for commercial use. The collection includes 66 configurations and 25 components, covering a range of shelf sizes, shoe storage options, and drawer configurations.
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Major Key Players of the Market:
The Home Depot, Target Corporation, IKEA, Menards, Rubbermaid, Williams-Sonoma, Ashley Furniture Industries, Raymour & Flanigan, Raymour & Flanigan, Ethan Allen, California Closets, Sauder Woodworking Company, Holike Corporation, ClosetMaid, Closet Factory, InterDesign, Ashley HomeStore, California Wardrobes, Honey Can Do, Molteni & C, Organized Living, Kartell, Sherwood Shelving, Simply Wardrobes, The Wardrobe Company, OXO, Elfa Inc., Lowe's, Master&Zest
Closet Organizer Market 2024 Key Insights:
• The closet organizer market size is expected to see strong growth in the next few years. It will grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Impact Of Home Renovation Boom On The Closet Organizer Market
• Innovative Modular Closet Systems Transforming the Closet Organizer Market
• Asia-Pacific was the largest region in the closet organizer market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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