The global market for the collapsible wardrobe market is estimated to be worth USD 5,454.9 million in 2021 and is anticipated to reach a value of USD 9,142.6 million by 2031. Sales are projected to rise at a CAGR of 5.3% over the forecast period between 2021 and 2031. The revenue generated by the Collapsible Wardrobe market in 2020 was USD 5,240.0 million. The industry is anticipated to exhibit a Y-o-Y growth of 4.1% in 2021.
Global Collapsible Wardrobe Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 5,240.0 million |
| Estimated Size, 2021 (E) | USD 5,454.9 million |
| Projected Size, 2031 (F) | USD 9,142.6 million |
| Value-based CAGR (2021 to 2031) | 5.3% |
The target market is segmented under product type, end-use, and distribution channels. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
The global demand for collapsible wardrobes continues to grow steadily due to the increasing need for compact and portable furniture items. These wardrobes are specially designed for renters, students and people living in small-squared houses because they are convenient and easy to build up. Another reason is the increasing popularity of minimalism, including minimalistic modular interiors, which makes consumers interested in compact, useful furniture.
Also, collapsible wardrobes are great for temporary use, for example, in dormitories or guest houses. Due to growth in urbanization and congestion accompanied by an increase in demand for compact homes, the market has the potential to grow with the increase in demand for affordable and convenient storage solutions.
The competitive landscape of the collapsible wardrobe market is characterized by a mix of established players and emerging brands, each vying to capture a share of this growing segment. Key players in the market include IKEA Systems B.V., Shenzhen Central Tide Industry & Trade Co. Ltd., Shenzhen Central Tide Industry & Trade Co. Ltd., and PA Kitchen & Furniture, among others. Key companies compete on factors such as design innovation, material quality, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 3,687.8 million and is predicted to rise approximately 1.7 times the current market value through 2031.
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The collapsible wardrobe market is set to witness steady growth during 2021 to 2031, with a CAGR of around 4.5%. Demand for collapsible wardrobes will witness steady growth owing to the evolving lifestyles of individuals.
Moreover, the logistics handling of collapsible wardrobes is much easier compared to the assembled ones. Such factors are likely to the projected high growth rate of collapsible wardrobe in terms of sales.
The collapsible wardrobe industry has a vast opportunity in the market due to some of its premium properties such as its ability to improve ergonomics, especially in the manufacturing areas as it has comparatively lower prices when it comes to material handling, packaging, and trading of such products.
Another factor driving the sales of collapsible wardrobe is its physical strength, durability, reliability, and longer usable duration which makes it more attractive to the customers thus, expands its market presence worldwide.
Further, its performance has led to growing demand in various sectors like automotive, pharmaceutical, automobile, and textile industries that are expected to boost the sales of collapsible wardrobes.
Principal Consultant
The enormously growing trading activities between countries is anticipated to fuel the demand for collapsible wardrobe.
The various abilities in the utilization of collapsible wardrobe like the provision of efficient space during transportation, easier handling of goods that are bulk when in assembled shape, further, the composite material used for the production of collapsible wardrobe allows the product to be recycled, therefore, which in turn is growing the sales of collapsible wardrobe in the market.
One of the major factors affecting the logistics industry is the non-availability of space that reduces the number of goods that can be carried and thus, increases the operational cost, as it requires multiple back and forth vehicles to shift the goods to the desired location.
Therefore, the collapsible wardrobes completely run over such factors and allow a comparatively larger amount of trading of goods.
The USA is one of the largest markets for collapsible wardrobes globally.
Demand for collapsible wardrobes in USA and Canada is anticipated to be driven due to the presence of various manufacturers and suppliers pharmaceutical industies, cosmetics, electronics goods, and residential areas which is likely to boost the demand for collapsible wardrobes industry during the forecast period.
The USA collapsible wardrobe sales were impacted by the construction sector in 2020. The USA construction sector faces a challenging year; however, there is a growing optimism that will allow low mortgage rates to drive the construction industry and will create new growth opportunities for collapsible wardrobes during the forecast period 2021 to 2031.
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The rapid urbanization and growing strength of the middle-class population are likely to couple the growth in the residential sectors, followed by growing demand for technological advancements in the furniture industry.
Additionally, the reducing size of houses with the industrial developments and presence of collapsible furniture like chairs, tables, beds, and others are likely to create new opportunities for collapsible wardrobes in the countries of Europe.
Europe, the UK and Russia were the prominent countries that were severely impacted by the COVID-19 crisis, which lead to the decline of economic activities. Additionally, the decline in the working of industries had hit the revenue hard as it was a necessary step observing the rising number of cases of Coronavirus. Further, the implementation of drastic regulations, ban on the trade of goods impacted the collapsible wardrobe industry.
Some of the leading manufacturers and suppliers of collapsible wardrobe include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Collapsible Wardrobe Market
