Wilmington, Delaware, United States, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global kids’ storage furniture market is projected to flourish at a CAGR of 6.4% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 13.9 billion is anticipated for the market in 2031. As of 2023, the demand for kids’ storage furniture is expected to close at US$ 9.2 billion.
A growing global population of children directly increases the demand for kid's furniture, including storage solutions. As birth rates rise in certain regions, so does the need for children's furniture.
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Urbanization is leading to smaller living spaces, prompting the need for efficient and space-saving furniture solutions. Kid's storage furniture that is compact, multifunctional, and designed to maximize space utilization becomes more popular in urban areas.
With increasing disposable incomes, parents are more willing to invest in quality furniture for their children, including storage solutions. The willingness to spend on aesthetically pleasing and durable furniture contributes to the growth of the market.
Parents are becoming more design-conscious and are increasingly aware of interior design trends. This awareness drives the demand for aesthetically pleasing and stylish kid's storage furniture that complements the overall design of the home.
The rise of e-commerce platforms makes it easier for parents to explore and purchase a wide variety of kid's storage furniture options online. The convenience of online shopping contributes to the overall market growth.
Competitive Landscape
The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position.
- Ashley Furniture Industries
- Casa Kids
- Circu Magical Furniture
- Crate and Barrel
- Graco
- IKEA
- Million Dollar Baby Co.
- Sorelle Furniture
- Summer Infant Inc.
- Williams-Sonoma Inc.
Key Takeaways from the Market Study
- As of 2022, the kid’s storage furniture market was valued at US$ 8.7 billion
- Based on product type, wardrobes segment is expected to dominate the market during the forecast period.
- By age, 5 to 6-year segment to account for high revenue in the market
Kids’ Storage Furniture Market: Key Trends and Opportunistic Frontiers
- Evolving parenting styles prioritizing creating a nurturing and organized environment for children contribute to the demand for functional and aesthetically pleasing storage solutions.
- Continuous innovations in the design and materials used for kid's storage furniture, such as incorporating smart storage solutions or using durable and child-friendly materials, contribute to market growth.
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Kids’ Storage Furniture Market – Regional Outlook
- Asia Pacific is projected to dominate the global landscape from 2023 to 2031. More than half of all births worldwide are recorded in the region, with 25 million births in India and 16 million births in China alone, every year. Thus, increase in number of childbirths and rise in disposable income are driving market dynamics in Asia Pacific.
- The market in North America and Europe is anticipated to grow at a considerable pace in the near future. Presence of major manufacturers and surge in investment in R&D of new products are boosting market revenue in the region. High level of disposable income, a focus on home aesthetics and organization, and a preference for durable and quality furniture drive the market demand in the region. The market may also see trends related to eco-friendly and sustainable products.
Key Developments in the Kids’ Storage Furniture Market
- KEA is a globally recognized furniture retailer known for its affordable and stylish furniture, including items designed for children. They often emphasize functionality and space-saving solutions in their kids' furniture range.
- Ashley Furniture is a prominent player in the furniture industry. They offer a diverse range of furniture, including children's furniture, with an emphasis on design and durability.
- Rooms To Go is a large furniture retailer in the United States, offering a variety of furniture options, including kids' furniture. They often provide complete bedroom sets for children with coordinating storage solutions.
Kids’ Storage Furniture Market – Key Segments
Product Type
- Chest of Drawers
- Wardrobes
- Others (Cabinets, Shelves, etc.)
Age
- 0-4 Years
- 5-8 Years
- 9-12 Years
- Above 12 Years
Material
- Wood
- Plastic
- Metal
- Others (Rattan, Composites, Fiberglass, etc.)
Price
- Low (Below US$ 100)
- Medium (US$ 100-US$ 250)
- High (Above US$ 250)
End-use Industry
- Residential
- Commercial
Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Supermarkets/Hypermarkets
- Specialty Stores
- Retail Stores
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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