The global closet organizer market is expected to register a staggering double-digit CAGR of 8% by garnering a market value of US$ 7.34 Billion. The growth of the market can be attributed to:
The rise in growing popularity of DIY home improvement projects has opened doors of opportunities for closet organizing. This has led to manufacturers designing various closet organizers according to the need of the consumers. Most people are indulging into closet organizers owing to the rising awareness about the benefits of organized storage spaces. An organized closet helps individuals to feel less stressed and more in control of their space. This, in turn, helps people feel positive mentally. Rising need for efficient and organized storage systems to accommodate more clothes is propelling the growth of the closet organizers industry.
Closet organizers can maximize the use of space in a closet, allowing for more efficient storage of clothes, shoes, and accessories. Closet organizers can help to keep items neatly arranged and easy to find, reducing clutter and making it easier to keep a closet clean and tidy. Closet organizers can help make use of otherwise wasted space, such as high shelves or tight corners. A well-organized closet can improve the overall look and feel of a room, making it more pleasant and inviting. Closet organizers can be customized to fit specific needs, such as adding a pull-out shoe rack or a built-in ironing board. Closet organizers are a cost-effective way of creating more storage space, as they can be purchased and installed at a fraction of the cost of a renovation or remodel. Many closet organizers are easy to install and can be done by yourself with minimal tools and instructions.
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The Asia Pacific closet organizer market refers to the market for products and services that are used to organize and optimize the storage space in closets in the Asia Pacific region. This market is expected to grow in the coming years due to increasing demand for efficient and space-saving storage solutions in the region. Factors such as urbanization, rising disposable income, and changing consumer preferences are driving the growth of this market. Key players in this market include IKEA, Hafele, and Rubbermaid.
Consumers in the Asia Pacific region are becoming more interested in home organization and are willing to spend more to make their homes more functional and efficient. With the increase of home renovation and home-makeover shows, people are becoming more aware of the importance of closet organization and the benefits it brings to their daily life. The e-commerce market is booming in Asia Pacific, providing more access to these products to consumers in remote areas and making it more convenient for them to purchase.
More people are prioritizing organization and storage solutions in their homes. The market may also see an increase in demand for customizable and modular systems, as well as more eco-friendly and sustainable options. Additionally, the use of technology, such as virtual closet organizers and online planning tools, may become more prevalent in the industry. Moreover, smaller spaces or homes in urban areas is helping manufacturers to invent various closets. This, in turn, is bolstering the growth of the closet organizers market.
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As fashion trends undergo rapid transformations, consumer investment in various kinds of apparel has registered a major northward shift. Millennials are especially highly conscious about the type of outfit they purchase in order to fit into the prevailing paradigms.
Thus, they end up purchasing an immense quantity of clothes and other accessories.Naturally, accumulation of such vast number of accessories requires a large storage space.
In this light, the sales of bedroom closets have registered a significant upsurge in recent years. Along with these closets, supplementary accessories in the form of closet organizers have also up-scaled.
These generally come in the form of shelves, bins, valet rods or hanging bags.
The global closet organizers market is slated to observe a positive sloping curve across the upcoming decade, with a significant chunk of the demand being generated from emerging markets across East Asia, Southeast Asia and South Asia.
This is primarily due to surging disposable incomes, rendering consumers able to spend on expensive clothes and accessories.
The global closet organizers market is characterized by the presence of a significant number of players, rendering the market quite competitive.
Some of these players are IKEA, The Home Depot, Closet Factory, California Closets, The Wardrobe Company, Molteni & C, California Wardrobes, Holike Corporation, Simply Wardrobes, Sauder Woodworking Company, Sherwood Shelving, Ashley HomeStore, Kartell, Williams-Sonoma, Raymour & Flanigan, StorageMotion, Metalprogetti and Ethan Allen among others.
IKEA is the dominant vendor in the global closet organizers market. Its primary strategy is to continuously launch new products and expand its geographical presence in key regions.
Its portfolio includes the GODISHUS Wardrobe, the SYVDE Cabinet with glass doors, the RAKKESTAD Wardrobe and PAX Wardrobe Frame among other products. The company recently ventured into the South Asian market by inaugurating the continent’s largest facility in Hyderabad, India in 2018.
This strategy has allowed it to acquire more customers.The Home Depot is yet another important market player, although its operations are largely confined to the United States. However, it has a very robust regional presence, with at least one store or facility in each state.
Its product portfolio includes the ClosetMaid 84 in by 120 in white wood closet system, the Closet Evolution Ultimate 60 in by 96 in white wood closet system and the ClosetMaid ShelfTrack 5 ft- 8 ft (13.4 in x 96 in x 49.3 in) white wire steel closet system organizer kit.
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Industry 4.0 has penetrated each and every industry, including the clothing and apparel sector. The demand for efficient production and reduction in labor and input costs as well as the drive to increase output is making automation the center stage of innovation.
Significant technological developments have been introduced with regard to closet organizers.An example of such an advancement is StorageMotion’s Automated WardrobeLift which is an electric powered closet rod which permits for higher volume of clothes storage, generally up to 75 pounds.
The contraption moves hanging clothes down and does not interfere with other stored items.
Likewise, Metalprogetti, an Italian design and manufacturing company, introduced its automated motorized closets in 2015 which is made of a loop-shaped hanging rail designed to hold garments beyond the ordinary wardrobe’s capacity.
The devices is equipped with a highly advanced GUI enabling it to remember exactly where items are stored, allowing it to sort garments according to type, color and photo.
Also, Luxe Wardrobe has launched an automated conveyor system which allows users to view and access clothes merely by the push of a button. The system is ideal in terms of ensuring space saving as well as storage of items in bulk.
The system provides for single or double tier clothes hanging facilities and can be easily controlled via a smart device.Such technological advancements are immensely underpinning the popularity of closet organizers, enabling market players to generate tremendously rich revenue ecosystems in the long-run.
Shelving units are expected to garner maximum traction in the closet organizers market. A shelf is capable of transforming unusable spaces into high utilitarian storage spaces. Adding shelving units into closets helps optimize space by providing extra support for all hanging and folded clothes.
For instance, installing shelves can convert a walk-in closet into a dressing room, thus providing multi-functionality.
Since closet designing is a skill, it becomes very important to select the right kind of shelves and place them strategically so as to optimize space to the maximum. This also involves selecting the appropriate building material.
For instance, metal shelves are highly popular as they are highly durable and can withstand greater amounts of weight. Nowadays, closets with fully bored panels are acquiring major traction as they are easier to make changes on.
Metal closet organizers such as metal rods and shelves are emerging as the vanguard due to several inherent advantages. Metals are known for their sturdiness, toughness and durability. Metal items do not deteriorate for a long period of time, thus enabling consumers to save immense costs as they do not need to invest in new products.
Moreover, discarded metal items are easily recyclable, thus proving highly beneficial to the environment.Simultaneously, plywood based closet organizers are also surging in popularity. Simply speaking, plywood is an assemblage of wood veneers bonded together to produce a flat sheet.
Plywood materials offer high levels of stability and impact resistance. The cross laminated structure of plywood ensures that they remain highly stable under conditions of extreme temperatures or moisture. For instance, plywood closet organizers do not corrode when cleaned with a wet cloth.
Many people across the world highly prefer to invest in walk-in closets over reach-in ones. When it comes to storage solutions, walk-in closets are the kingpin. As the name suggests, walk-in closets are essentially small rooms one can walk into.
Walk-in closets greatly enhance the aesthetic value of one’s house and also help save significant storage space.
Walk-in closets provide ample storage space, with facilities for storing items such as clothes, shoes, jewellery or make-up in a single storage setup. It also helps reduce the clutter from one’s bedroom or master bedroom. Based on these advantages, investments in walk-in closet organizers is bound to register a major upswing in the coming years.
According to projections, the European and North American markets will remain the growth pioneers, with the USA, Germany, France and Italy being the primary revenue stimulators. Growth in these regions is attributable to the fact that people enjoy a high degree of affluence.
As a result, they tend to purchase fancy houses within which they expend a major part of their income on designer closets. This is prompting manufacturers to increase their foray in these regions.
At the same time, the Asia-Pacific market is become more lucrative with each passing year. A mushroom housing and construction industry in the wake of a rapidly increasing population base is garnering demand for efficient storage solutions.
Moreover, the influence of globalization has led to an increase in the expenditure on several clothing accessories for which storage space is required. Also, the availability of inexpensive labor and raw materials is prompting manufacturers to establish their factories in this region.
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