06-27-2024 07:58 AM CET | Advertising, Media Consulting, Marketing Research
Press release from: the business research company
Closet Organizer Market Size
The closet organizer market size has grown strongly in recent years. It will grow from $6.05 billion in 2023 to $7.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing urbanization, home renovation boom, changing lifestyles, innovations in materials and designs, growing awareness of interior design.
The closet organizer market size is expected to see strong growth in the next few years. It will grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to sustainability concerns, smart closet solutions, customization and personalization, rising real estate prices. Major trends in the forecast period include modular and flexible designs, multi-functional solutions, luxury and high-end options, space-saving solutions for small spaces, minimalist and scandinavian designs.
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Closet Organizer Market Major Segments
The closet organizer market covered in this report is segmented -
1) By Products: Hanging Bags, Valet Rods, Shelving Units, Shoe Boxes, Plastic Bins, Other Products
2) By Material: Wood, Metal, Medium Density Fiberboard (MDF), Plywood
3) By Closet Type: Walk-In Closet, Reach-In Closet
4) By Application: Offline Channel, Online Channel
Key Driver - Impact Of Home Renovation Boom On The Closet Organizer Market
The increasing growth in home renovation and remodeling projects is expected to propel the growth of the closet organizer market going forward. Home renovation and remodeling projects refer to the process of making changes or improvements to a residential property's structure, layout, or aesthetics. The increase in home renovation and remodeling projects is due to the aging housing stock, low housing inventory, desire for personalization, and rising property values. Closet organizers are integral components of home renovation and remodeling projects, offering customizable storage solutions, enhancing aesthetics, and improving living spaces' overall functionality and value. For instance, in January 2023, according to the Joint Center for Housing Centers of Harvard University, a US-based university research center, the expenditure on home improvement projects was $472 billion in 2022 and is expected to reach $485 billion by the end of 2024. Therefore, the increasing growth in home renovation and remodeling projects is driving the growth of the closet organizer market.
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Prominent Trend - Innovative Modular Closet Systems Transforming the Closet Organizer Market
Major companies operating in the closet organizer market are developing modular closet systems, such as the Hold Everything Essential Closet Collection, to meet the growing demand for customizable and functional storage solutions. Hold Everything Essential Closet Collection is a customizable and modular closet system that offers a wide range of organization options for both walk-in and reach-in closets. For instance, in February 2023, Pottery Barn, a US-based upscale home furnishing store chain and e-commerce company, announced the launch of the Hold Everything Essential Closet Collection. This customizable and modular closet system is GREENGUARD gold-certified and designed to meet contract-grade standards. It is designed to meet contract-grade standards, indicating its durability and suitability for commercial use. The collection includes 66 configurations and 25 components, covering a range of shelf sizes, shoe storage options, and drawer configurations.
Closet Organizer Market Players
Major companies operating in the closet organizer market report are The Home Depot; Target Corporation; IKEA; Menards; Rubbermaid; Williams-Sonoma; Ashley Furniture Industries; Raymour & Flanigan; Raymour & Flanigan; Ethan Allen; California Closets; Sauder Woodworking Company; Holike Corporation; ClosetMaid; Closet Factory; InterDesign; Ashley HomeStore; California Wardrobes; Honey Can Do; Molteni & C; Organized Living; Kartell; Sherwood Shelving; Simply Wardrobes; The Wardrobe Company; OXO; Elfa Inc.; Lowe's; Master&Zest
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the closet organizer market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the closet organizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Closet Organizer Market Report Structure
3. Closet Organizer Market Trends And Strategies
4. Closet Organizer Market - Macro Economic Scenario
5. Closet Organizer Market Size And Growth
…..
27. Closet Organizer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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