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Bedroom Furniture Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027

  • Published: Jan 2023
  • Pages: 160
  • SKU: IRTNTR70667
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The bedroom furniture market is estimated to grow at a CAGR of 5.22% between 2022 and 2027. The size of the market is forecast to increase by USD 37.06 billion. The growth of the market depends on serval factors, including a rising standard of living, leading to the increased introduction of premium products, increased residential construction and home renovation, and robust growth in online sales.

This report extensively covers market segmentation by product (BBL and H, wardrobes, mattresses and supporters, chests and chest of drawers, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Bedroom Furniture Market During the Forecast Period?

Bedroom Furniture Market Size

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Parent Market Analysis

The reports categorize the global bedroom furniture market as a part of the global home furnishings market within the global household durables industry. The parent global home furnishings market covers products and companies engaged in manufacturing/marketing of furniture, bedroom furniture, floor coverings, and decorative products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Bedroom Furniture Market: Key Drivers, Trends, Challenges, and Customer Landscape

The rising standard of living leading to the increased introduction of premium products is notably driving the market growth, although factors such as the long replacement cycle may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Bedroom Furniture Market Driver

The rising standard of living, leading to the increased introduction of premium products is notably driving the global market growth. Both developed and developing countries are witnessing growth in the population of high net-worth individuals (HNWIs) and a gradual increase in preference for a luxurious lifestyle. With the rise in disposable income, consumers' spending capacity and their expenditure on luxury goods and services are increasing.

The increased income levels can be attributed to the rise in the population of working women.  With the rise in the number of working women, the number of dual-income households has increased. This has raised the number of independent dwellings across the globe and increased the need for bedroom furniture in residential establishments. The increased consumer spending on luxury bedroom furnishing products is expected to drive market growth during the forecast period.

Significant Bedroom Furniture Market Trend

Growing demand for multifunctional bedroom furniture is the key market trend driving the market growth. Shrinking residential spaces and high residential rents have boosted the demand for multifunctional bedroom furniture worldwide. The prime reason for shrinking residential spaces is the rise in the prices of real estate. In studio apartments, usually accommodated by bachelors, the bed is designed to have a sleeping area, along with an attached working table like a laptop stand and a sitting side bed.

Rapidly evolving consumer demands have influenced manufacturers to introduce multifunctional and customized products. These products are standardized and sold through online and offline channels. The demand for such furniture is expected to rise significantly during the forecast period owing to the increasing number of residential dwellings across the globe.

Major Bedroom Furniture Market Challenge

The major challenge impeding market growth is the long replacement cycle. Branded, superior-quality furniture does not require frequent replacements. Superior-quality furniture made of wood is characterized by a longer replacement cycle than furniture made of materials like plastic.

The major players operating in the US and other parts of the Americas are supposed to adhere to the US safety standards set by American National Standards Institute (ANSI) and the Business and Institutional Furniture Manufacturers Association (BIFMA). ANSI/BIFMA X7. Hence, by complying with such standards, manufacturers of bedroom furniture produce high-quality products with long replacement cycles. Thus, long replacement cycles of furniture restrict frequent sales of bedroom furniture, thereby hampering the growth of the market.

Key Bedroom Furniture Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Bedroom Furniture Market Share by Geography

Global Bedroom Furniture Market Customer Landscape

Who are the Major Bedroom Furniture Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

  • Kohinoor Furniture:-The company is privately held and is headquartered in India. It is a regional company generating USD 0-100 million in revenues. Its revenue from the global bedroom furniture market is a key component of its overall revenues. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • Dunns Furniture
  • FurnitureRoots
  • Giessegi Industria Mobili Spa
  • Global Furniture USA Inc.
  • Godrej Interio
  • Hillsdale Furniture LLC
  • Hooker Furnishings Corp.
  • hulsta werke Huls GmbH and Co. KG
  • Inter IKEA Systems B.V.
  • Kohinoor Furniture
  • LaZBoy Inc.
  • Legends Furniture Inc.
  • MillerKnoll Inc.
  • Restoration Hardware Inc.
  • Roomstogo.com Inc.
  • Vaughan Bassett

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Bedroom Furniture Market?

The market share growth of the BBL and H segment will be significant during the forecast period. Beds, bunks, lofts, and headboards together form the major segment of the global bedroom furniture market. This is due to the distinct reasons aligned with the adoption of beds and related accessories in the house, for instance, a bed is a focal point while decorating a bedroom which defines the overall look and style of the bedroom according to the perception of the bedroom user. Apart from the importance of enhanced and designer beds in a bedroom, headboards also play a significant role in enhancing the look and view of the bedroom. 

Bedroom Furniture Market Size

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The BBL and H segment was valued at USD 41.83 billion in 2017 and continued to grow until 2021Headboards to match different bed sizes, such as twin, twin x-long, full, queen, king, and California king, are available in the market. They can be of different types, such as wooden, metal, and upholstered headboards, and of different styles, such as a bookcase, attached, and wall-mounted headboards. Apart from beds and headboards, bunks and lofts available in various designs, styles, and colors further drive the demand of the segment.

Which are the Key Regions for the Bedroom Furniture Market?

Bedroom Furniture Market Share by Geography

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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The APAC market is expected to continue dominating the global market during the forecast period. Economic advances and population explosion (in developing countries such as China and India) will facilitate the growth of the market. Some of the key contributing countries in the region are China, India, Japan, Malaysia, Indonesia, and Australia. The increase in demand for bedroom furniture witnessed by the major countries in the region, such as India, Australia, Hong Kong, Thailand, and China, rising disposable income, and growing middle-class population in countries like China and India would further raise the demand for furniture, especially in the luxury segment, and the rising rate of urbanization, mainly in the developing countries of the region, and growing residential construction activities are the major factors driving the market.

The market in APAC witnessed a decline in 2020-2021 owing to COVID-19. However, the market is expected to witness a rise in the sales of furniture via e-commerce channels during the forecast period. The recovery of economies from the COVID-19-induced crisis and the large-scale application of vaccines are anticipated to propel market growth during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Product Outlook (USD Billion, 2017 - 2027)
    • BBL and H
    • Wardrobes
    • Mattresses and supporters
    • Chests and chest of drawers
    • Others
  • Distribution Channel Outlook (USD Billion, 2017 - 2027)
    • Offline
    • Online
  • Region Outlook (USD Billion, 2017 - 2027)
    • APAC
      • China
      • India
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • South America
      • Brazil
      • Argentina
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Bedroom Furniture Market Scope

Report Coverage

Details

Page number

160

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.22%

Market growth 2023-2027

USD 37.06 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

4.18

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 42%

Key countries

US, China, Japan, Germany, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Ashley home stores Ltd., Abbyson Living LLC, Central Furniture Manufacturing Ltd., Century Furniture LLC, Dunns Furniture, FurnitureRoots, Giessegi Industria Mobili Spa, Global Furniture USA Inc., Godrej Interio, Hillsdale Furniture LLC, Hooker Furnishings Corp., hulsta werke Huls GmbH and Co. KG, Inter IKEA Systems B.V., Kohinoor Furniture, LaZBoy Inc., Legends Furniture Inc., MillerKnoll Inc., Restoration Hardware Inc., Roomstogo.com Inc., and Vaughan Bassett

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

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What are the Key Data Covered in this Bedroom Furniture Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the {{market_name.lower]} between 2023 and 2027
  • Precise estimation of the bedroom furniture market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the industry across APAC, North America, Europe, South America, and Middle East and Africa
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of bedroom furniture market vendors

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1 Drivers, Challenges, and Trends

  • 1.1 Market drivers
    • 1.1.1 Technological innovations in COB LEDs
      • 1.1.2 Growing adoption of COB LEDs in smart lighting
        • 1.1.3 Growing demand from the automotive sector
          • 1.2 Market challenges
            • 1.2.1 Development of CSP LEDs
              • 1.2.2 Emergence of quantum boards
                • 1.2.3 High import duties
                  • 1.3 Impact of drivers and challenges
                    • 1.4 Market trends
                      • 1.4.1 Adoption of COB LEDs in horticulture
                        • 1.4.2 Development of high-color rendering index (CRI) COB LEDs
                          • 1.4.3 Growing interest in human-centric lighting
                            • 01: Impact of drivers and challenges

                              Research Framework

                              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                              TechnavioINFORMATION SOURCES

                              Primary sources

                              • Manufacturers and suppliers
                              • Channel partners
                              • Industry experts
                              • Strategic decision makers

                              Secondary sources

                              • Industry journals and periodicals
                              • Government data
                              • Financial reports of key industry players
                              • Historical data
                              • Press releases
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                              TechnavioDATA ANALYSIS

                              Data Synthesis

                              • Collation of data
                              • Estimation of key figures
                              • Analysis of derived insights

                              Data Validation

                              • Triangulation with data models
                              • Reference against proprietary databases
                              • Corroboration with industry experts
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                              TechnavioREPORT WRITING

                              Qualitative

                              • Market drivers
                              • Market challenges
                              • Market trends
                              • Five forces analysis

                              Quantitative

                              • Market size and forecast
                              • Market segmentation
                              • Geographical insights
                              • Competitive landscape
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                              Bedroom Furniture market growth will increase by $37.06 billion during 2023-2027.
                              The bedroom furniture market is expected to grow at a CAGR of 5.22% during 2023-2027.
                              Technavio has segmented the bedroom furniture market by product (BBL and H, Wardrobes, Mattresses and supporters, Chests and chest of drawers, and Others) ,distribution channel (Offline and Online) , and geography (APAC, North America, Europe, South America, and Middle East and Africa).
                              Ashley home stores Ltd., Abbyson Living LLC, Central Furniture Manufacturing Ltd., Century Furniture LLC, Dunns Furniture, FurnitureRoots, Giessegi Industria Mobili Spa, Global Furniture USA Inc., Godrej Interio, Hillsdale Furniture LLC, Hooker Furnishings Corp., hulsta werke Huls GmbH and Co. KG, Inter IKEA Systems B.V., Kohinoor Furniture, LaZBoy Inc., Legends Furniture Inc., MillerKnoll Inc., Restoration Hardware Inc., Roomstogo.com Inc., Vaughan Bassett are a few of the key vendors in the bedroom furniture market.
                              APAC will register the highest growth rate of 41.5% among the other regions. Therefore, the bedroom furniture market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
                              The key factors driving the bedroom furniture market growth are:
                              • Rising standard of living, leading to increased introduction of premium products
                              • Growing demand for multifunctional bedroom furniture
                              The bedroom furniture market vendors should focus on grabbing business opportunities from the bbl and h segment as it accounted for the largest market share in the base year.
                              • What are the key global market and the regional market share?
                              • What are the revenue-generating key market segments?
                              • What are the key factors driving and challenging this market’s growth?
                              • Who are the key market vendors and their growth strategies?
                              • What are the latest trends influencing the growth of this market?
                              • What are the variables influencing the market growth in the primary regions?
                              • What are the factors influencing the growth of the parent market?
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