SAN FRANCISCO, June 17, 2020
SAN FRANCISCO, June 17, 2020 /PRNewswire/ -- The global bedroom furniture market size is anticipated to reach USD 313.6 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.5% from 2020 to 2027. Higher living standards and increasing consumer income have enabled household consumers to replace their furniture more frequently. In addition, growing trend of mini-housing boom is leading to higher construction of residential households, thereby resulting in increased demand for bedroom furniture.
Key suggestions from the report:
Read 80 page research report with ToC on "Bedroom Furniture Market Size, Share & Trends Analysis Report By Product (Beds, Wardrobe & Storage, Dressers & Mirrors, Night Stands), By Distribution Channel, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/bedroom-furniture-market
Rising penetration of housing boom across countries is helping boost growth of the real estate sector, thereby flourishing growth of the home furnishing products, including bedroom furniture. According to STORIS, Inc., there is room for short term boom in housing construction to levels of 1.35 million units per year. This scenario is paving the way for higher investment in home décor and furniture, including bedroom furniture products. Moreover, as of 2019, it was stated by the International Monetary Fund that the global housing market has been steadily climbing up. According to Trading Economics, housing index in the European Union has been witnessing continuous uptrend since 2014 and is expected to remain so in the near future. This shows the growing demand as well as willingness to pay price for residences among consumers. Moving in new residences, along with the prominent trend of complimenting bedroom furnishing, is expected to drive the market.
Furthermore, rising instances of home improvement projects owing to high adoption of luxury living standards have risen the demand for improving bedroom furniture products, thereby revamping demand for these furniture. As per the blogs published by Forbes, in July 2019, 80% of 137 million homes in U.S. are 20 years old, while 40% are 50 years old. Consumers are spending on furniture to revamp interiors of their houses.
In terms of product, beds held a dominant share in the market in 2019. Growth of residential housing in developing nations is boosting the growth of beds and bedroom furniture products. Growing support by the government of developing countries, such as India, on housing loan and reconstruction loan is ramping up the sales of household furniture, thereby boosting the application of bedroom furniture.
Grand View Research has segmented the global bedroom furniture market by product, distribution channel, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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