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Global Kitchen Cabinet Market Overview Covering Forecast Market Size And Growth Rate 2033
Kitchen Cabinet Global Market Report 2024
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According to The Business Research Company's, The kitchen cabinet market size has grown strongly in recent years. It will grow from $144.51 billion in 2023 to $156.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to housing boom, traditional design trends, economic stability, material preferences, limited customization, functional considerations.
The kitchen cabinet market size is expected to see strong growth in the next few years. It will grow to $210.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to modern design trends, renovation and remodeling trends, customization and personalization, material innovation, smart kitchen integration. Major trends in the forecast period include digitalization and e-commerce, smart and integrated solutions, sustainable materials and eco-friendly designs, customization and modular designs, color and design trends, online purchases and virtual showrooms.
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Market Drivers and Trends:
Increasing construction of residential buildings is expected to propel the growth of the kitchen cabinet market going forward. Residential buildings comprise all structures designed for private occupancy, whether permanent or temporary, equipped with the amenities and utilities needed to meet the needs of an individual or family. Kitchen cabinets are frequently needed to store a variety of products such as store equipment, cookbooks, and baking and cooking supplies in residential buildings. For instance, in March 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development published statistics, privately owned home completions were at a seasonally adjusted annual rate of 1,557,00 in February. This is 12.2% (±15.0%) higher than the revised January estimate of 1,388,000 and 12.8% (±16.2%) higher than the February 2022 rate of 1,380,000. Therefore, the increasing construction of residential buildings is driving the growth of the kitchen cabinet market.
Technology innovations are a key trend gaining popularity in the kitchen cabinet market. Companies operating in the kitchen cabinet market are adopting new technologies to sustain their position in the market. For instance, in May 2022, Hafele Ltd., a UK-based manufacturer and distributor of innovative furniture fittings launched Matrix drawer and runner system technology in kitchen cabinets. This premium drawer system has packed with state-of-the-art technology that improves movement and gives the cabinet more functionality and flair. The collection includes a beautiful, streamlined thin wall drawer system and a premium double-walled box system called matrix box premium.
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Major Key Players of the Market:
IKEA AB, Masco Corp, Leggett & Platt Incorporated, Cabot Companies Inc., Oppein Home Products Inc., Master Brand Cabinets Inc., Takara Standard Co Ltd., American Woodmark Corporation, Nobilia Küchen GmbH, Hanssem Co Ltd., Cleanup Corporation, ZBOM Holding Group Co Ltd., Cabinetwork Group Inc., GoldenHome Living Co Ltd., Wood-Mode LLC, Wellborn Cabinet Inc., Bulthaup GmbH & Co KG, Leicht Kitchen AG, Fabuwood Cabinetry, Bellmont Cabinet Co, KraftMaid Cabinetry, Master Wood Craft Cabinetry LLC, Canyon Creek Cabinet Company, Kitchen Cabinet Distributors, Poggenpohl Küchen GmbH & Co KG, JPD Kitchen Depod Inc., AC Products Inc., LIXIL Group Corporation, Fine Kitchen Cabinet, SieMatic Möbelwerke GmbH & Co KG
Kitchen Cabinet Market 2024 Key Insights:
• The kitchen cabinet market size is expected to see strong growth in the next few years. It will grow to $210.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Residential Building Boom Fuels Surge In Kitchen Cabinet Market Growth
• Innovative Technological Advancements Transforming The Kitchen Cabinet Market
• Asia-Pacific was the largest region in the kitchen cabinet market in 2023
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