Wardrobe Market Size (2022-2029) | Wardrobe Industry Share and Revenue Forecast by Fortune Business Insights™
Companies covered in the wardrobe market are ARTEMEST, FirstService Corporation, CHAPLINS, Griffon Corporation, The Stow Company, The Container Store Inc., EMMEBIE INDUSTRIA MOBILI srl, Grandeur Interiors Pvt. Ltd., Hulsta-werkeHuls GmbH & CO. KG, HENRYBUILT, and many more players profiled.
Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) — The global wardrobe market size is expected to inflate on account of recent introductions by key players in the furniture segment and its adoption application by users.
This information is presented by Fortune Business Insights™, in an upcoming report, titled, “Wardrobe Market, 2022-2029.”
The material variety available in the commercial market for making furniture is another factor working in favor of the market growth. Options in woods such as maple, oak, cherry, and others are measured as favorites.
COVID-19 Impact
Market to Observe Sluggish Growth Owing to Stoppage in Renovation Activities
The dreadful event of the COVID-19 pandemic impacted almost all of the prime industries during the first wave. The financial conditions throughout the globe decreased resulting in factories shutting down their manufacturing units and laying off their staff. Severe government norms were put to action regarding transportation and traveling, which further deteriorated the economic condition of numerous nations and interrupted the demand-supply chain cycle of the majority of industries. The market was affected owing to the termination in construction activities, hence also affecting the furniture demand.
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Report Coverage
We have curated this report based on a detailed review of the wardrobe market segments and a methodical analysis of the complete market aspects. A considerate examination of the present market trends as well as the impending prospects are presented in the report. Moreover, it offers an in-depth analysis of the regional dynamics and their role in forming the market growth. The COVID-19 influences have been mentioned in the report to aid investors and entrepreneurs with an enhanced understanding of the latent threats present in the market. The report further converses the prime players and their significant tactics to remain in the leading position.
Segmentation
On the basis of material, the global market is segregated into natural, wood, metal, glass, and others.
In terms of category, the market is classified into manual and automated.
Based on application, the market is categorized into household and commercial.
Geographically, the global wardrobe market has been analyzed across regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Driving Factors
Surging Fondness for Luxury Living to Bolster Product Demand
The growing globalization, as well as urbanization across the globe combined with the inclination of the population towards living a luxurious and comfortable life, is expected to bolster the wardrobe market growth. Moreover, the rising trend of renovation and setting up the house with latest designs of furniture is also likely to add to the product demand. Additionally, innovations by prime players operating in the market are expected to further contribute to the growth. For example, in January 2020, LG Electronics Inc., who is a South Korean pioneer in manufacturing electronics, presented ‘LG Styler-Plus’. This groundbreaking product is a smart wardrobe intended for providing freshness to the clothes stored inside.
Regional Insights
Asia Pacific to Dominate Backed by Rising Urbanization in Countries
Asia Pacific is expected to hold a major wardrobe market share during the mentioned period owing to augmented production capacities in countries such as China and India.
Europe is predicted to make decent progress in the market and hold the second-largest position backed by expansion strategies applied by numerous key players operating in this regional market.
Competitive Landscape
Prime Players Unveil Novel Products to Bolster Market Growth
The leading players in the market implement numerous market-bolstering tactics, which in turn also aid them financially. One such significant stratagem is procuring companies to augment the brand value among users. Another vital strategy is intermittently unveiling inventive products with an in-depth examination of the market as well as its target audience.
Industry Development
January 2020: The Samsung Group unveiled a special smart wardrobe intended for houses based in the U.K. The forte of this product is that it is able to eliminate all sorts of germs and bacteria that are present on the stored clothes. This development is expected to set a notable benchmark in the furniture industry.
List of Key Players Covered in the Report
- ARTEMEST
- First Service Corporation
- CHAPLINS
- Griffon Corporation
- The Stow Company
- The Container Store Inc.
- EMMEBIE INDUSTRIA MOBILI srl
- Grandeur Interiors Pvt. Ltd.
- Hulsta-werke Huls GmbH & CO. KG
- HENRYBUILT
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