The global kids furniture market is estimated to reach USD 39.96 billion, by the end of 2025, and is projected to grow at a CAGR of 4.48% from 2019 to 2025, according to a new report by Million Insights. Growing trend of building houses that comprise of separate room for kids is supporting the market growth. Moreover, growing demand for easy to assemble, compact, and theme-based kids furniture is expected to foster market growth.
Key Players:
Leading players in the market include Hooker Furniture; Williams-Sonoma Inc.; Bassett Furniture Industries; BABYLETTO; Lulu and Georgia; Casa Kids; Circu; Blu Dot; Wayfair; and Crate and Barrel. These companies are focusing on developing new and customized furniture as per the prevailing fashion and consumer preferences. For instance, in 2019, a furniture chain called Freedom has introduced new products in the kid's segment with categories such as Dream Cloud and Luca Lion.
Growth Drivers:
Growing consumer preference for products with high durability, multiple functions, and different color & designs is expected to boost the market growth. The increasing popularity of interior design and home décor is also expected to propel the demand for kids' furniture. For example, consumers prefer forest, library, and seas world themes for their children’s rooms.
The increasing trend of 3D printing on furniture is also gaining traction among consumers. People look after 3D printing to customize their décor and needs. This method designs complex furniture in a very short interval of time. This helps in avoiding raw material wastage and reduces the total cost of production.
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Product Insights:
Based on product, the kid's furniture market is bifurcated into beds, cots & cribs, tables & chairs, cabinets dressers & chests, and others. In 2018, the beds, cots & cribs segment, held the highest share of over 40.0% in the overall market. The adoption of metal-based bunk beds in schools and across the residential sector is anticipated to boost the market growth. Moreover, the growing application of metallic cribs and wood especially for kids is expected to impact positively on market growth in the coming few years.
The segment of cabinets, chests & dressers is projected to grow at a CAGR of around 5.4% over the forecast period. Moreover, increasing deployment of drawers and cabinets in the kids' room is projected to propel the product demand. Furthermore, the availability of multi-purpose loft beds, tables, and storage stools is also anticipated to contribute to the market growth.
Application Insights:
In 2018, the household segment held the largest market share of over 60.0% in the overall market. The increasing trend of full set furniture such as cabinets, chairs, tables, and beds is supporting the segmental growth. Buying a full set of furniture products reduces overall cost. In addition, parents are inclining towards making interior and home décor themes suitable for kid's rooms which are expected to proliferate the market growth.
The commercial application segment is projected to grow at a CAGR 0f 4.7% during the forecasted period. The rising number of boarding schools and daycare centers is supporting the market growth. In addition, growing consumer inclination towards daycare centers and childcare is projected to positively impact the demand for the product in the forthcoming years.
Regional Insights:
In 2018, Europe accounted for the largest share of 40.0% in the overall market. Growing demand for kids' room furniture especially in the countries like U.K., Germany, Italy, and France is anticipated to proliferate the market growth over the forecast period.
Asia Pacific is estimated to exceed the highest CAGR of 5.4% over the forecast period. Growing demand for American and English styled furniture designs in countries such as Japan, South Korea, the Philippines, and Taiwan is boosting the growth of the regional market. Furthermore, increasing birth rates and employed populations across the countries like India, China, Indonesia, and South Korea are expected to complement the market growth from 2019 to 2025.
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