PUBLISHER: The Business Research Company | PRODUCT CODE: 1435411
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435411
Household furniture and kitchen cabinets encompass built-in and movable items for home use, including storage, cooking, and furnishing.
These items are broadly categorized as household furniture, covering chairs, tables, sofas, mattresses, etc., and kitchen cabinets, used for storage in kitchens. They are constructed from various materials such as metal, wood, and others, and are distributed through both online and offline channels.
The household furniture and kitchen cabinet market research report is one of a series of new reports from The Business Research Company that provides household furniture and kitchen cabinet market statistics, including household furniture and kitchen cabinet industry global market size, regional shares, competitors with a household furniture and kitchen cabinet market share, detailed household furniture and kitchen cabinet market segments, market trends and opportunities, and any further data you may need to thrive in the household furniture and kitchen cabinet industry. This household furniture and kitchen cabinet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period can be attributed to factors such as population growth and urbanization, expansion of retail outlets and effective marketing strategies, the rise of e-commerce, increased environmental awareness, and the adoption of sustainable and circular practices within the furniture industry.
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%. Forecasted growth relies on compact, multifunctional furniture, energy-efficient home products, evolving kitchen design preferences, innovative materials, and outdoor furniture focus. Anticipated trends include smart furniture integration, customized storage solutions, open shelving, designer collaborations, bold furniture colors, and smart kitchen automation.
The escalating demand for online shopping is anticipated to fuel the growth of the household furniture and kitchen cabinets market. The advent of online platforms provides manufacturers with an expanded marketplace, enabling them to reach a broader customer base and drive geographical growth in the furniture manufacturing market. Notably, in countries such as India, the surge in e-commerce portals has played a pivotal role in boosting the sales of household furniture and kitchen cabinet manufacturers. These platforms offer increased exposure to producers who were previously limited to specific geographical areas, contributing to the overall expansion of the market.
The upward trajectory of home renovations emerges as a significant driver for the household furniture and kitchen cabinets market. Home renovations, encompassing home improvement, remodeling, or renovation projects, involve the process of updating and enhancing living spaces. Homeowners frequently undertake these projects to modernize their homes, incorporating kitchen and bathroom remodels, room additions, and interior makeovers. In the course of such renovations, there arises a need to replace or upgrade existing furniture and kitchen cabinets to align with new design and functionality requirements. For example, data from The Joint Center for Housing Studies (JCHS) indicates that home improvement project spending reached $472 billion in 2022, with an estimated spending of $485 billion in 2023, reflecting a substantial investment in home renovation. Consequently, the increasing trend of home renovations serves as a catalyst for the growth of the household furniture and kitchen cabinets market.
The global outbreak of the Corona virus disease (COVID-19) significantly restrained the household furniture and kitchen cabinet market in 2022. Trade restrictions and lockdowns imposed by governments worldwide disrupted supply chains and led to a decline in consumer consumption. COVID-19, an infectious disease with symptoms resembling the flu, including fever, cough, and breathing difficulties, first emerged in 2019 in Wuhan, Hubei province of the People's Republic of China. The virus spread globally, impacting regions such as Western Europe, North America, and Asia. Government measures to contain the transmission, including lockdowns and restrictions, resulted in halted manufacturing activities and an overall decline in economic activity throughout 2021 and into 2022. However, the expectation is that the household furniture and kitchen cabinet manufacturing market will recover over the forecast period, considering the pandemic as a 'black swan' event rather than indicative of ongoing or fundamental weaknesses in the market or the global economy.
RTA (Ready-to-Assemble) furniture is gaining popularity among homeowners and renters worldwide, primarily due to its affordability and quick furnishing capabilities. Also known as Knock Down furniture, RTA furniture is not pre-assembled by the manufacturer but is delivered in parts with instructions for consumers to assemble. This cost-effective and convenient furniture solution has found widespread acceptance in developed countries and is increasingly gaining traction in developing economies such as China and India. Manufacturers benefit from RTA furniture by eliminating assembly time and costs, allowing them to concentrate on design and part production. Examples of RTA furniture include bedroom sets, dressers, computer desks, bookcases, and filing cabinets. Major players in the household furniture and kitchen cabinets market, such as IKEA, a prominent RTA furniture manufacturer, have expanded their presence in countries such as India to meet the growing demand for ready-to-assemble furniture.
Prominent companies in the household furniture and kitchen cabinets market are actively engaged in developing innovative products to solidify their market position. As an illustration, in September 2021, Reform, a Denmark-based company collaborating with internationally acclaimed designers to create modern and cost-effective kitchen spaces, introduced two new lines of designer kitchen cabinets. These cabinets come in three variations such as painted, natural oak, and dark oak, each featuring a durable lacquer finish to reduce maintenance requirements. The cabinets also include aluminum handles available in various colors such as powder-coated Anthracite, white, sand-gray, green, lacquered silver, or untreated raw. Complementary open shelving systems in matching aluminum material and color choices have been designed by Aspekt Office. Countertop options for these innovative cabinets include compact laminate, silestone, and solid wood. This focus on innovation underscores the commitment of major companies to providing diverse and modern solutions in the household furniture and kitchen cabinets market.
Major companies operating in the household furniture and kitchen cabinet market report are Samsung Electronics Co. Ltd.; LG Electronics Inc.; Haier Smart Home Co. Ltd.; Dacor Inc.; Gree Electric Appliances Inc. of Zhuhai; Whirlpool Corporation; BSH Hausgerate GmbH; Electrolux AB; Hisense Group; Masco Corporation; Groupe SEB; Arcelik 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
Asia-Pacific was the largest region in the household furniture and kitchen cabinet market in 2023. Western Europe was the second largest region in the household furniture and kitchen cabinet market. The regions covered in the household furniture and kitchen cabinet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the household furniture and kitchen cabinet market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The household furniture and kitchen cabinet market consist of sales of hotel furniture, food cabinets, and retail sales. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Household Furniture And Kitchen Cabinet Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on household furniture and kitchen cabinet market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for household furniture and kitchen cabinet ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The household furniture and kitchen cabinet market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.