PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1630249
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1630249
The Kitchen Furniture and Fixtures Market is expected to register a CAGR of greater than 3.5% during the forecast period.
The Kitchen Furniture and Fixtures market is closely tied to the construction and renovation industry, as most homeowners update their kitchens as part of a larger home improvement project. The kitchen furniture and fixtures market is growing steadily, driven by increasing urbanization, rising disposable incomes, and changing lifestyles. One of the major trends in the market is the increasing demand for eco-friendly and sustainable kitchen furniture and fixtures. Consumers are becoming more aware of the environmental impact of their purchasing decisions and are seeking products made from sustainable materials with a lower carbon footprint. Another trend is the growing popularity of smart kitchen appliances and fixtures that can be controlled via smartphone apps or voice assistants. These products offer convenience and efficiency for consumers and are expected to continue to drive growth in the market.
The COVID-19 pandemic significantly impacted the kitchen furniture and fixtures market in terms of supply and demand. The pandemic disrupted global supply chains, causing delays and shortages in the availability of raw materials and finished products. It increased prices and longer lead times for kitchen furniture and fixtures. The pandemic also decreased demand for kitchen furniture and fixtures, as many households reduced their spending on non-essential items due to job losses and economic uncertainty. Additionally, with more people working from home, the demand for office furniture increased, leading to a shift in consumer spending.
Market size and revenue of the kitchen furniture market are observing a continuous increase globally with an increasing expenditure and demand by the residential as well as commercial segment. Increase in household income level are resulting in people making their kitchen segments more attractive with the creation of more functional spaces. The United States, Germany, and Japan are existing as major countries for the sales and revenue of the kitchen furniture market resulting in an increasing number of players investing in these countries with a wide range and varieties of kitchen furniture products. In addition, post covid with an expansion of online revenue share kitchen furniture manufacturers have observed a diversification and an increase in their sales revenue. These trends are resulting in an expansion of kitchen furniture products in the market.
Asia-Pacific region contains many more growth opportunities accompanied by growth potential in Australia, China, and Indian Market.
The rising disposable incomes, improving consumer lifestyles, and a significant increase in the GDPs largely supplement the market growth in the Asia-Pacific region. Further, the growth is also supplemented by the ongoing developments in the real estate sector in the region, which largely boost the adoption of luxury furniture by both domestic and commercial users. China is likely to witness the fastest growth, owing to the rise in disposable incomes and rapid urbanization.
The report covers major international players operating in the kitchen furniture and fixtures market. In terms of market share, few of the major players currently dominate the market. However, demand is driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service.