At a 19.7% CAGR, the global kid’s storage furniture market is estimated to reach US$ 13 billion in 2023. Due to growing property prices, consumers are increasingly investing in home improvement and remodeling projects rather than acquiring freshly built residences. This would increase the market size to US$ 65.58 billion by 2033.
Based on increasing property values, homeowner equity has doubled which in turn means that the home owners’ have become rich and as a result they invest money in remodeling their homes. As Houzz, an online provider of home remodeling projects reports data show that project leads have grown by 58% since June 2021.
In terms of children’s furnishing blunt edges, low maintenance and easy washing are common features. The consumers are looking for products that can serve multiple purposes in terms of being portable and ensuring portability. With the increase in nuclear households, there is a rising need for furniture that requires less space and can easily be shifted.
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With urbanization, the popularity of kids’ furniture is increasing. Parents are now investing in customized furniture that can create an imaginative vibe in their rooms. Products such as store cabinets, bunk beds, cribs, and kids’ study tables and chairs, among others. The market is expanding as parents’ purchasing power increases.
Increasing real estate prices are expected to change the size of both homes and children’s rooms. Therefore, space-saving furniture is gaining traction among parents. This presents growth opportunities for businesses selling lightweight, portable, and easy-to-assemble children’s furniture.
Parents increasingly include multifunctional furniture in nursery rooms, playrooms, and study rooms to store clothes, books, toys, etc. due to the remodeling of these rooms. The market has also seen a growing trend toward 3D-printed furniture, which is expected to further boost industry growth.
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Key Takeaways from Market Study
- The kid’s storage furniture market is expected to register a CAGR of 19.7% over the forecast period.
- As a result of the high popularity of bookshelves in schools, libraries, labs, learning areas, offices, and cafeterias, the segment is expected to remain high.
- In 2023, wood materials dominated the market, accounting for over 45.23% of the total revenue.
- There is a high level of sales of unique kids’ storage furniture through offline channels.
- It is estimated that the kids’ storage furniture market in North America may remain strong during the forecast period.
- By 2033, a steady 17.8% CAGR is forecast for demand for kids’ storage furniture in the United States.
Competitive Landscape:
To deepen penetration across lucrative markets, some leading market players have adopted a variety of expansion strategies. To reach a wider consumer base and incorporate innovative products into their product lines. A growth in small-scale businesses is merging and acquiring sizable companies. In addition to launching products, consolidating regional and global distribution networks, partnering with key players, and acquiring companies, these strategies also include collaborations.
Several prominent companies dominate this market, including Ashley Furniture Industries, Blu Dot, Circu Magical Furniture, Crate and Barrel, Casa Kids, First Cry, KidKraft, Williams Sonoma Inc., Million Dollar Baby Co., Wayfair Inc., Sorelle Furniture, and others.
Recent Developments:
- The modern furniture and home décor store West Elm launched more than 200 new kid’s furniture pieces in April 2021. The company offers furniture in a variety of styles, including mid-century and bohemian. The stylish collection includes a midcentury-style wooden bed frame with a built-in bookshelf and a bohemian-style hanging canopy bed.
Wardrobes Kids Storage Furniture Market Segmentation by Category
By Type Outlook:
- Wardrobes
- Toy Storage
- Bookshelves
- Chests
- Boxes & Baskets
- Hooks & Hangers
By Material Outlook:
- Wood
- Metal
- Plastic
By Distribution Channel Outlook:
- Online
- Offline
By Region Outlook:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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