The global market for kids' storage furniture is anticipated to increase at a CAGR of 20% during the forecast period of 2024 and 2032. As property prices rise, clients are increasingly engaged in house maintenance and remodeling projects instead of acquiring new residences. The doubling of homeowner equity as a result of rising property values indicates a trend of homeowners being wealthier and more inclined to invest in home improvement projects. From June 2019 to June 2020, according to the home improvement website Houzz, the amount of project leads for home professionals jumped by 58%. In addition, leading manufacturers are prioritizing the extension of their product lines by introducing various new items. As the novel coronavirus began to spread, government officials recommended residents remain in their homes as much as possible. In response, schools were closed for longer durations and adopted a remote learning model. People have become more mindful of the space within their homes, ensuring that there is adequate room for children to play, study, etc. This opened up new application possibilities for children's furnishings. The market for household products is being pushed by the fact that manufacturers are manufacturing items that contribute to the creation of an optimal environment for studying, working, playing, resting, and unwinding.
As a result of rising real estate prices, it is anticipated that the size of residences and children's rooms would change, offering growth prospects for companies that offer lightweight, portable, and easy-to-assemble furniture for children's rooms. In addition, the growth in the number of restoration projects has led to a rise in the costs associated with baby rooms, playrooms, and study rooms. To keep clothing, books, toys, etc. in a single spot, parents are adopting versatile furniture. It is projected that these tendencies would further encourage industrial expansion. In addition, the market preference for 3D-printed furniture has increased. 3D printing is the best solution for clients who desire bespoke furniture that is better suited to their own décor choices. With this technique, even the most elaborate patterns can be materialized in less time than with conventional methods. In addition to eliminating raw material waste, this efficiency cuts total costs. Consequently, this strategy is gaining appeal with both consumers and manufacturers. Most manufacturers are placing a greater emphasis on making children's furniture that is safe for the environment. Numerous clients favor external solutions that complement the architectural styles and backyard designs of their living spaces.
As a result, manufacturers are placing a larger emphasis on creating novel, opulent, and enticing products. In addition, businesses are developing websites to increase their industry presence in response to multiple developments. For example, in August 2019, Ashley HomeStore collaborated with Delta Children to launch children's furniture exclusively on the website of the latter. The line includes storage pieces, ribs, changing tables, and gliders, as well as a variety of products designed for infants, preteens, and adolescents.
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On the basis of product type, the global industry has been classified into wardrobes, toy storage, bookshelves, chests, boxes & baskets, and hooks & hangers. In 2023, the bookshelves segment held a market share of more than 32 percent. In classrooms, libraries, labs, learning areas, offices, and cafeterias, schoolbooks and instructional materials are stored on bookshelves intended for protection. Therefore, each object has a specific location. In classrooms with several students, shelves are frequently utilized.
In addition, they can function as standalone shelves. From 2023 to 2030, it is projected that the wardrobes section would experience the highest growth rate. Space-restricted rooms need the introduction of novel products, which are likely to convince more customers to acquire them, hence fostering industry growth. It is projected that manual wardrobes will increase in popularity because of their lower maintenance and repair expenses. In addition, rapid globalization and urbanization have raised the need for a luxurious and comfortable lifestyle, hence increasing the need for multifunctional wardrobes.
By material, the global industry is further segmented into wood, metal, and plastic. In 2023, the wood material segment dominated the market and accounted for over 47.35 percent of total revenue. Depending on the type of furniture, several materials are preferred by consumers. Wood is the most favorable of these materials. This area will rise due to the increasing demand for modern furnishings in children's bedrooms.
Without degrading, wooden furniture may handle larger loads. The segment of plastic is anticipated to have the greatest CAGR over the forecast period. The segment's expansion is mostly attributable to the high tensile strength and durability of plastic furniture. Increased availability of innovative furniture designs and a shift in customer preferences toward lightweight and versatile furniture contribute to the sustainability of the plastic children's storage furniture sector.
The sector has been segmented into offline and online subsectors based on distribution channels. In 2023, offline distribution channels dominated the market and accounted for more than 55 percent of total revenue. In addition to spending heavily to provide consumers with an offline shopping experience by creating real shops, businesses are also investing heavily in offline retail. FirstCry, for instance, is the largest online store for children in Asia. It has more than 300 franchise outlets in more than 100 Indian cities. The internet category is predicted to experience the highest CAGR during the projection period. The growth is a result of the growing popularity of e-commerce platforms for shopping. In addition, the availability of a variety of local and international products on online platforms is anticipated to increase consumer preference for online shopping. By creating websites on the Internet, manufacturers are profiting from a range of market expansion-related developments. For instance, in August 2019, Ashley HomeStore collaborated with Delta Children to launch exclusively on its website children's furniture.
Geographically, the industry is segmented into North America, Asia-Pacific, the Middle East, Africa, and South America. North America dominated the industry with a 33.20 percent share in 2023. The rise of the regional market is fueled by the presence of major product manufacturers, the rising demand for customized children's furniture, and the recent trend of home renovation. Children's furniture demand in the region's household sector has been fueled by the development of products that promote a conducive atmosphere for studying, working, playing, sleeping, and relaxing. Between 2024 and 2032, Asia-Pacific is anticipated to have the greatest CAGR. Urban parents between the ages of 28 and 40 devote a substantial percentage of their discretionary cash to the purchase of high-quality furnishings and storage for their children. In addition, it has been observed that the market for newborn and child furnishings has grown in recent years.
There are a few established companies and fresh entrants in this area. Numerous multinational firms are placing a greater emphasis on expanding market trends. In order to maintain market share, they are diversifying their product offers. Williams Sonoma Inc., Million Dollar Baby Co., Wayfair Inc., Blu Dot, First Cry, KidKraft, Sorelle Furniture, Circu Magical Furniture, Crate and Barrel, and Casa Kids, among others, are market leaders.
