Kids Furniture Market to Rise at CAGR of 5.6% during Forecast Period, TMR Study
Transparency Market Research
5 min read
Transparency Market Research
A rise in the number of parents with dual incomes has increased consumer purchasing power on household items, notably furniture for kids, which is likely to drive the global market
Wilmington, Delaware, United States, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the global kids furniture market size was worth US$ 105.7 Bn. The global market is projected to progress at a CAGR of 5.6% during the forecast timeframe, from 2022 to 2031. The global kids’ furniture market is anticipated to touch value of US$ 178.3 Bn by 2031. In order to reach their target market, suppliers and manufacturers of children's furniture run alluring ad campaigns on social media, television, and in print media. This factor is projected to boost the global kids’ furniture market throughout the forecast period.
The demand for kids’ furniture is also anticipated to grow as consumers' preferences toward sustainable and eco-friendly furniture increase. Players in the market are progressively refocusing their efforts to fulfil the rising demand for this kind of kid's furniture. In order to diversify their sources of income, major market players are putting a lot of emphasis on diversifying their product portfolios with the introduction of a variety of appealing products.
The expansion of preschools and daycare facilities is anticipated to increase the size of the kids' furniture market in the forthcoming years. By providing contemporary furniture that improves the entire look and feel of a house, luxury furniture companies are increasingly focusing on the kids' market. This factor is anticipated to significantly influence the market in the near future.
As the value of a quality education is becoming more widely recognized, governments throughout the world are placing a higher priority on funding for schools. This is likely to encourage an increase in spending on school furniture for kids, which is likely to present immense growth opportunities for the kids’ furniture manufacturers & suppliers.
As the number of parents with dual incomes rises, so does the opportunity to purchase items for the home, especially furniture for kids. The market for kids' furniture is predicted to expand as a result of urbanization. Urban areas have high concentrations of parents who are exposed to a variety of appealing kid's furniture items. As a result, urbanization and the rise in the number of dual-income families will drive up demand for children's furnishings.
Based on product type, the cribs category commanded a lion's share of the global market for kid's furniture in 2021. As cribs promote independent sleep for new-borns, more new parents are buying them. When new-borns are sleeping soundly, parents may also get more rest. Therefore, a significant portion of kid's furniture is made up of cribs and it is also expected to account for a considerable baby furniture market share.
The middle class category is predicted to have the highest market share for kids' furniture globally during the projected timeframe. This is explained by the availability of a large selection of products at competitive rates for middle-class consumers.
In 2021, a sizable portion of the global market for kids’ furniture was dominated by Asia Pacific. The increasing usage of kid's furniture in the Asia Pacific region is being fuelled by the region's high rate of birth in countries like India and China.
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