Console Table Market Growth Drivers: Interior Design Trends and Urbanization
Console Table Market Growth Drivers: Interior Design Trends and Urbanization
The console table market size is expected to grow from US$ 4.64 Bn in 2023 to US$ 6.70 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period

Console Table Market Poised to Grow at Highest Pace owing to Increasing Demand for Modern Home Decor

Console tables are rectangular or oval shaped tables meant to be placed against the wall in an entryway, living room, or dining area. They provide extra surface space and storage. Console tables come in different styles from traditional to contemporary and are made of various materials like wood, glass, metal and stone. The growing demand for modern home decor and organizing clutter in home interiors have propelled the sales of console tables.

The global console table market is estimated to be valued at US$ 6.70 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period of 2023 to 2030.

Key Takeaways
Key players operating in the console table market are IKEA, Ashley Furniture Industries, La-Z-Boy, Ethan Allen, Restoration Hardware (RH), Crate & Barrel, Pottery Barn, Wayfair, West Elm, and Bernhardt. Key players are focusing on developing sustainable and low-cost console tables to tap the growing demand.

The demand for console tables is increasing due to the rising trend of interior decorating and organizing small spaces efficiently. Console tables help utilize small areas and provide ample storage space. Changes in lifestyle and small home sizes are fueling the sales of console tables.

Technological advancements like compact folding and adjustable console tables have provided more options to consumers. Companies are coming up with innovative designs, materials and finishes to make console tables more versatile and functional.

Market Trends
Modern and minimalist designs are gaining popularity in the console table market. Manufacturers are focusing on sleek, versatile and space-saving designs made of materials like wood, glass and metal to match contemporary interiors.
Sustainable and eco-friendly materials like recycled wood, bamboo and recycled plastics are being used widely to develop green console tables catering to the increasing demand for sustainable furniture.

Market Opportunities
The rising trend of blended home and work spaces due to hybrid work models has opened new growth avenues for versatile, foldable and movable console tables. Manufacturers can capitalize on it by developing multi-functional tables.
The untapped Asian, African and Middle Eastern markets possess high growth potential for console table companies. Market players can focus on these regions through online platforms and strategic partnerships.

Impact of COVID-19 on Console Table Market growth

The COVID-19 pandemic has negatively impacted the global console table market. During the peak of lockdowns in 2020-21, furnishing stores were closed for several months restricting sales. Factory shutdowns disrupted production and supply chains leading to delays in fulfilling existing orders. Consumer spending also reduced dramatically as job losses increased and economic uncertainty grew.

However, with people spending more time at home due to work from home and social distancing norms, home furnishings gained increased importance. This augured well for some sections of the console table market especially in the affordable range. Online sales helped mitigate declines to some extent as e-commerce offered contactless shopping options. As lockdowns eased, pent up demand and preference for comfortable homes supported sales recovery. But high-end and luxury console table segments dependent on commercial settings faced prolonged challenges.

Post pandemic, the console table market is expected to grow steadily underpinning economic recovery and continuity of hybrid work models. While headwinds of high inflation and rising interest rates pose downside risks, growing investments in real estate refurbishing and renovation offer new prospects. Manufacturers need to strengthen online presence, expand affordable product lines and focus on multifunctional and space-saving designs catering to evolving consumer needs in the new normal. Diversifying manufacturing and supply chains would help build resilience against future disruptions.

Europe region currently dominates console table market in terms of value

Europe currently accounts for the largest share in the global console table market in terms of value. Countries like the UK, Germany, France and Italy have long traditions of wooden furniture making and hence a well-established console table industry. The region is dominated by prominent manufacturers like IKEA, Ashley Furniture Industries and La-Z-Boy.

Moreover, Europe has a high population density and urbanization rate supporting strong demand from residential and commercial users. Rising spending power, increasing home renovations and revamps along with an affinity for classic furnishings have cemented Europe's leadership. However, with improving standards of living, the Asia Pacific region is emerging as the fastest growing market for console tables globally driven by China, India and other Southeast Asian countries.

What's your reaction?

Comments

https://www.timessquarereporter.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!

Facebook Conversations