Bedroom Furniture Market – Growth, Trends, Forecasts
According to a market report from Mordor Intelligence, the bedroom furniture market is growing with a Compound Annual Growth Rate (CAGR) of 3.4% from 2018 to 2024. A complete background analysis of the bedroom furniture market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and a market overview, is covered in the report.
The rising demand for multifunctional furniture is expected to support the market’s growth prospects in the future. The rising standard of living, which leads to the increased introduction of premium products, is driving the market growth. Customers are changing their buying patterns following evolving home and living concepts and trends. Homestyle, lifestyle, and fashion magazines and blogs are influencing customers.
With an expanding global population, the real estate prices have decreased significantly from a global perspective, especially in cities and urban areas. This has led to a considerable reduction in house sizes. As rooms are getting smaller, consumers are increasingly looking for compact and easily movable furniture to use the available space efficiently. To cater to such requirements, vendor companies have introduced multifunctional furniture with storage facilities. Like tables and beds, most modern furniture products come with additional storage spaces.
The beds market segment comprises full, queen, and king-size beds, single and guest beds, beds with storage units, and bunk beds. The bed segment is the largest market segment worldwide due to its essential value and benefits in every household compared to other bedroom furniture. The segment is expected to grow by a significant percentage in the future years.