Household Furniture And Kitchen Cabinet Market Report 2024 - Furniture Market Trends, Growth And Insights

"The Business Research Company recently released a comprehensive report on the Global Household Furniture And Kitchen Cabinet Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The household furniture and kitchen cabinet market size has grown strongly in recent years. It will grow from $379.95 billion in 2023 to $402.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to population growth and urbanization, retail expansion and marketing strategies, e-commerce growth, environmental awareness, sustainable and circular furniture practices.

The household furniture and kitchen cabinet market size is expected to see strong growth in the next few years. It will grow to $499.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to compact and multifunctional furniture, energy-efficient home products, shift in kitchen design preferences, innovations in materials and finishes, focus on outdoor furniture. Major trends in the forecast period include smart furniture integration, customized kitchen cabinets and storage solutions, open shelving and display cabinets, collaborations with designers, bold colors in furniture, automated and smart kitchen.

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Market Drivers and Trends:
The increasing demand for online shopping is expected to help the household furniture and kitchen cabinets market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically, driving the growth of the furniture manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of household furniture and kitchen cabinet manufacturers by giving larger exposure to producers who were confined to one geography.

RTA furniture is gaining traction among homeowners and renters globally. This is primarily because RTA furniture are cheap and serves the purpose of quick furnishings. The RTA furniture, also known as Knock Down furniture, is not assembled by the manufacturer and is available in parts with instructions to assemble the piece of furniture. Already popular in developed countries, RTA furniture has been gaining traction in developing economies such as China and India. RTA furniture also benefits manufacturers by eliminating the assembly time and cost of manufacturing, which allows manufacturers to focus only on design and production of parts. Some examples of RTA furniture include RTA bedroom sets, RTA dressers, RTA computer desks, RTA bookcases, and RTA filing cabinets. For instance, IKEA, a major ready to assemble manufacturer, has opened stores in India owing to the high demand for ready to assemble furniture.

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Major Key Players of the Market:
Samsung Electronics Co. Ltd., LG Electronics Inc., Haier Smart Home Co. Ltd., Dacor Inc., Gree Electric Appliances Inc. of Zhuhai, Whirlpool Corporation, BSH Hausgeräte GmbH, Electrolux AB, Hisense Group, Masco Corporation, Groupe SEB, Arçelik A.S., Ashley Furniture Industries Inc., Maytag Corporation, MasterBrand Cabinets Inc., Indesit Company, Candy Group, Man Wah Holdings, La-Z-Boy, Cabinetworks Group, American Woodmark Corporation, GoldenHome International Inc., Fisher & Paykel Appliances Holdings Limited, Hooker Furniture Corp, Standard Furniture, Maiden Home, Symphony Group, Eastvold Furniture, Euro-Rite Cabinets Ltd., Vermont Woods Studios, Bakes & Kropp Fine Cabinetry, Hitachi Appliances Inc., Panasonic Corporation, Qingdao Haier Co. Ltd., Sharp Corporation, Smeg S.p.A., Sub-Zero Group Inc., Toshiba Corporation, Vestel Ticaret A.S., Viking Range LLC.

Household Furniture And Kitchen Cabinet Market 2024 Key Insights:
• The household furniture and kitchen cabinet market size is expected to see strong growth in the next few years. It will grow to $499.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Increasing Impact Of Online Shopping On Household Furniture And Kitchen Cabinets Manufacturing
• Rising Popularity Of Rta Furniture In Markets
• Asia-Pacific was the largest region in the household furniture and kitchen cabinet market in 2023

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This release was published on openPR.