Innovative Strategies Driving Wardrobe Market Growth: 2023-2030

ByFortune business

The global wardrobe market was valued at USD 59.97 billion in 2022. The market is projected to grow from USD 62.97 billion in 2023 to USD 94.59 billion by 2030, exhibiting a CAGR of 5.98% during the forecast period. A wardrobe/cabinetry/closet is a piece of furniture equipped with shelves, hanging spaces, and drawers for storing clothes, accessories, and shoes. Numerous examples of new product launches by major industry players demonstrate the expansion of the industry. New product launches will increase the global market share of wardrobes in the coming years.

Fortune Business Insights provide this information in its report titled “Wardrobe Market, 2023-2030.”

List of Key Players Mentioned in the Report:

  • Oppein Home Group (China)
  • California Closets (U.S)
  • Mobilspazio Srl (Italy)
  • hülsta-werke Hüls GmbH & Co. KG (Germany)
  • Closets by Design, Inc. (U.S.)
  • Closet Factory (U.S.)
  • Molteni&C S.p.A (Italy)
  • Lema s.p.a (Italy)
  • Würfel (India)
  • Spacewood (India)

Segmentation:

Various Advantages to Accelerate Demand for Wooden Cabinetry

On the basis of material analysis, the global wardrobe market is fragmented into metal, wood, glass, and others. The wood segment held the largest market share in 2022, owing to the high demand for high-quality cabinetry with superior resistance and strength. The property of durability of wood cabinetry makes them a reliable investment. Additionally, these closets are easy to manage and maintain and are available in various designs and shades.

Easy Affordability and Maintenance to Boost Manually-operated Closet Sales

Based on category analysis, the market is segmented into automated and manual. The manual segment held the largest market share in 2022 due to easy maintenance, availability, and affordable product cost.

Rising Urbanization to Boost Product Sales in the Residential Sector

According to application analysis, the global market is divided into commercial and residential based on application. The residential segment is anticipated to dominate the market due to increasing number of households worldwide contributes to segmental growth.

Offline Segment to Retain its Importance during the Forecast Period

Based on distribution channel analysis, the market is divided into online and offline. The offline segment is estimated to hold the largest market share over the forecast period as it allows customers to inspect the product’s quality and attributes physically.

Geographically, market is analysed across North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Report Coverage:

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Recent industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints:

Rising Popularity of Home Decor and Demand for Customized Furniture to Propel Market Growth

The increasing use of furniture for interior and home decoration has spurred product demand. The cabinet can be customized to suit the needs of the user and the color, texture and style of the room fueling global wardrobe market growth. Manufacturers also focus on creating cabinets in various finishes, designs, and materials that add aesthetic beauty to a room and provide ample space for storing clothes and accessories.

For example, Alsorg, a furniture manufacturer based in Gurugram, India, launched in December 2020 his two new glass cabinets intended to add luxury to bedrooms. Cabinets are available in a variety of finishes, colors and materials. This product is designed to extend your bedroom into a dressing room.

However, rising consumer awareness regarding deforestation and loss of biodiversity is set to hamper the market growth.

Regional Insights

Numerous Small and Large Companies Invested in Asia Pacific Region to Drive Market Growth

Asia Pacific held the largest part in global wardrobe market share in 2022. The region is an important manufacturing region with many large and small companies such as Godrej Interio, IKEA, Suofeiya, and PA Cabinets. Increasing furniture production in countries such as China, India, and Japan will further expand the Asia Pacific market.

North America will be one of the key markets in 2022, benefiting from rising trends in home decor and interior design. North American consumers prefer cabinets in different colors, designs and materials to make their rooms look more attractive. The development of the local hotel industry continues to contribute to expanding the market.

European wardrobe designs typically complement a variety of interior design/home decor elements, from furniture and floors to lighting; similar to international market trends, wood options are the most popular in European homes. European furniture manufacturers usually prefer oak as their primary raw material due to its abundant and cheap availability in European countries.

Competitive Landscape:

Market Players Focus on New Product Launches to Strengthen Market Position

Leading companies in the market companies are competing to increase their market share by providing solutions that are specific to particular sectors. These players strategically work with and take over local rivals to gain a solid regional footing. In October 2022, Carlton London expanded its home furnishings range in India through Flipkart, by introducing its range of furniture the website. The brand’s Home products include closets, beds, sofas, mattresses, and TV units under its furniture range.

Key Industry Development:

  • October 2022: OPPEIN Group opened its new store in Zimbabwe. The company further plans to expand in various other cities across the country.

Reference Link:

https://www.fortunebusinessinsights.com/wardrobe-market-104634