The global wardrobe market size was valued at USD 62.97 billion in 2023 and is projected to be worth USD 66.31 billion in 2024 and reach USD 108.00 billion by 2032, exhibiting a CAGR of 6.29% during the forecast period. A wardrobe is an important part of interior design because it brings a room to life and can be customized to suit the user’s tastes. At the macro level, rapid urbanization and rising living standards drive product demand worldwide.
Fortune Business Insights provides this information in its report titled “Wardrobe Market, 2024-2032.”
Information Source: https://www.fortunebusinessinsights.com/wardrobe-market-104634
Top Companies Covered in the Wardrobe Market:
- Oppein Home Group (China)
- California Closets (U.S)
- Mobilspazio Srl (Italy)
- hülsta-werke Hüls GmbH & Co. KG (Germany)
- Closets by Design, Inc. (U.S.)
- Closet Factory (U.S.)
- Molteni&C S.p.A (Italy)
- Lema s.p.a (Italy)
- Würfel (India)
- Spacewood (India)
Segmentation:
Strength and Resistance to Propel Demand for Wooden Cabinetry
On the basis of material, the market is divided into metal, glass, wood, and others. The biggest share was held by wood segment in 2022 due to the high demand for good-quality cabinetry with unique resistance and strength.
Various Benefits to Propel Demand for Manual Segment
According to the category, the market is fragmented into manual and automated. The largest share was held by manual segment in 2022 due to easy maintenance, easy availability, and affordable product cost.
Requirement of Cabinetry To Boost Demand In Residential Sector
As per application, the global market is bifurcated into residential and commercial. The residential type is estimated to dominate the market throughout the forecast period as cabinetry in the residential space can offer wardrobes with drawers, shelves, and barbell hangers with additional storage options to accommodate modules for footwear, hangers for belts, and holders for ties.
Rising Popularity Of Furniture To Boost Demand From Offline Channels
Based on distribution channel, the market is segmented into offline and online. The offline segment is anticipated to hold the major share in 2022 owing to rising popularity of furniture and brand stores for cabinet purchases.
Report Coverage:
This report covers the synopsis of this market that provides the analysis of market, knock of COVID-19, segmentation, drivers, regional insights, competitive landscape, new growth and presence of achiever in the market. Changes in the market are subjected to change the demand in the forecast period.
Drivers and Restraints:
Rising Adoption of Furniture in the Housing and Hotel Industry to Propel Market Growth
Increasing usage of cabinetry for home décor and interior design has been fueling the demand for the product and leading to wardrobe market growth. Such cabinetry can be tailored or personalized according to the preference of the customers. It can be changed according to the preference for texture, color, and style of the room. Manufacturers have been focusing on developing closets which are equipped qith various finishes, designs, and materials adding the aesthetic beauty to the rooms.
However, increasing consumer awareness for deforestation and loss of biodiversity is set to obstruct the market development.
Regional Insights
Asia Pacific To Lead Market Share With Presence Of Small-Scale And Large-Scale Players
Asia Pacific held the largest part in the global wardrobe market share in 2022. This region is a leading manufacturer due to the presence of small-scale and large-scale players in the region, consisting of IKEA, Godrej Interio, Suofeiya, and PA Cabinets. The Asia Pacific market is expected to grow due to the increasing production of furniture.
North America is set to be one of the key markets in 2022 due to the people’s inclination towards interior design and home décor. The consumers typically desire cabinets in different colors, materials, and designs to make rooms look attractive.
In Europe, wardrobe designs typically complement various elements home décor, interior designs, and ranging from furniture and flooring to lighting. The cabinetry manufacturers in Europe usually prefer oak as their primary raw material.
Competitive Landscape:
Launch of New Products by Key Players to Boost Market Growth
Players in the market have been launching new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. In April 2021, Racking Solutions Ltd. launched its new product range called extendable chrome cabinet. The new product has ten shelves, three tilted shoe storage racks, and two heavy-duty clothes rails.
Key Industry Development:
- January 2023 – WoodenStreet, an Indian furniture brand, opened its 8th Experience Store in Mumbai. The company operates experiential stores in other cities, including Bengaluru and Jaipur. The new store offers furniture and home décor products. Â
