Global Wardrobe market will reach 77342.24 million US$ by the end of 2023

Publisher: QYResearch

Published Date: 2019/5/31

Wardrobe industry is relatively fragmented, Wardrobe production enterprises are much less concentrated than in other industries and most of these are small and medium-sized. As a result of the low industry concentration, there are hardly any brands with strong influence in the market. However, after years of competition, a number of branded enterprises of a certain scale and possessing considerable strength have emerged.

Today, Wardrobe furniture brands are no longer fighting for first-tier cities but are gradually shifting their focus to the furniture market in second- and third-tier cities. New construction and bedroom remodeling has also spurred the growth of home marts in second- and third-tier cities. Besides, the market for Wardrobe furniture marts and brands is almost saturated in first-tier cities. While the economic and consumption scale is smaller in second- and third-tier cities, the market offers more room for development. So tapping into the medium- and low-end market will become a key marketing strategy.

Compared to 2016, Wardrobe market managed to increase revenue by 6.79 percent to $ 53663.81 million worldwide in 2017 from $ 50250.48 million USD in 2016. Overall, the Wardrobe market performance is positive, despite the weak economic environment.

The global Wardrobe market is expected to reach $77342.24 million by 2023 from $57608.10 million in 2018, growing at a CAGR of 6.07% from 2018 to 2023. And market volume is expected to reach 4024.05 M Sqm by 2023 from 2901.37 M Sqm in 2018.

With the increasing in production capacity, expected that the Wardrobe raw material price will be stable in the short term. However, the improvement of energy, transportation costs, and labor costs, will play a significant role in promoting the cost of Wardrobe.

There are companies adding new capacities and aims at the cost and quality leadership which shall improve profitability. As the same time, companies are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality.

Click to view the full report: https://www.qyresearch.com/index/detail/107432/global-hotel-wardrobe-market

This article was first released by QYResearch, if reproduced, please indicate the source.

Marketing: sales@qyresearchglobal.com

Media Contact: press@qyresearch.com