The global side table market size hit USD 12.66 billion in 2023. The market is anticipated to rise from USD 13.12 billion in 2024 to USD 19.03 billion by 2032, exhibiting a CAGR of 4.75% during the analysis period.
Side tables cater to furnishing requirements and come in various shapes. The demand for these tables is slated to spur with the mounting trend of customized and luxury furniture.
The COVID-19 pandemic severely impacted the demand for the side table due to disruptions in the supply chains and manufacturing processes. On the other hand, adoption of work from home culture was recorded. This boosted product demand in residential spaces across the globe.
Fortune Business Insights™ provides this information in its research report, titled “Side Table Market, 2024-2032”.
Read More: https://www.fortunebusinessinsights.com/side-table-market-110179
Segmentation:
Wood Segment to Hold Prominent Share Due to Increasing Popularity of Interior Décor
On the basis of material, the market for side tables is subdivided into plastic, wood, metal, and others. The wood segment is set to lead the global market. The growing product preference for interior décor is one of the vital factors impelling segmental dominance.
Residential Segment to Register Major Share Impelled by Changes in Lifestyle
Based on application, the market for side tables is fragmented into commercial and residential. The residential segment is poised to hold the largest share in the global market. The product demand is set to rise in this application considering the changes in lifestyle, including a rise in leisure activities at home and an upsurge in remote work.
By geography, the market for side tables has been analyzed across North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
Top Company in the Side Table Market:
- Steelcase Inc. (U.S.)
- MillerKnoll, Inc.
- Ashley Furniture Industries, Inc.
- GLOBAL FURNITURE USA
- KOKUYO Co., Ltd. (Japan)
- Ethan Allen Global, Inc. (U.S.)
- Godrej & Boyce Mfg. Co. Ltd. (India)
- B&B ITALIA SPA (Italy)
- Sunpan Trading & Importing, Inc. (Canada)
- CB2 (U.S.)
- Pepperfry Limited (India)
- IKEA (Sweden)
- HNI Corporation (U.S.)
- Natuzzi S.p.A. (Italy)
- Dorel Industries Inc. (Canada)
Report Coverage:
The report presents an analysis of the global market landscape on the basis of various segments. The market has been studied on the basis of application, material, and geography. The latest industry trends and the major factors propelling industry expansion have also been presented in the report.
Drivers and Restraints:
Industry Value to Surge with Expansion of the Real-Estate Sector
The growth of the real-estate industry is set to drive side table market growth. This is due to the escalating demand for these tables in furnishing commercial and residential spaces. The pieces are considered essential for bedrooms, living rooms, and other areas.
Nonetheless, high costs of tables made from high-quality raw materials could lead to the adoption of lower-priced alternatives, affecting industry expansion.
Regional Insights:
Asia Pacific Registered Leading Share Driven by High Product Demand
Valued at USD 6.00 million in 2023, the Asia Pacific market held a prominent share of 47.44% in the global market. This can be attributed to the high product demand owing to high requirement for home furnishings. The region has abundant availability of raw materials and labor at low costs, which is one of the major factors driving its emergence as a key manufacturing hub.
The Europe side table market share is set to record a rise in product demand impelled by a rise in renovation projects. This was mainly on account of high disposable income and changing lifestyle preferences.
Competitive Landscape:
Industry Participants Introduce New Products Equipped with Advanced Features
Industry players are rolling out new products, equipped with advanced features. These features include convertible surfaces, adjustable heights, charging ports, and built-in storage compartments. These products are being introduced to secure an edge over their rival companies and establish a strong market presence.
Key Industry Development:
November 2023 – Shanghai Sinoexpo Informa Markets International Exhibition Co., Ltd., and China National Furniture Association opened registrations for “Furniture China 2024” to be held from 10th to 13th September 2024. The exhibition would exhibit cutting-edge designs, new materials, and emerging trends in the furniture industry, reshaping the market outlook.