July 20, 2024

Increasing home furnishings spending to drive the global Console Table market

The global Console Table Market is estimated to be valued at US$ 4.64 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Console tables are mostly positioned behind sofas in living areas and offer extra storage space for keys, mail, or small decorative items. They come in various styles and materials including wood, metal, glass, composite wood, and stone. Many console tables feature shelving, drawers, or open space beneath for additional storage. Their functionality makes them popular home furnishings item. The market is driven by rising disposable income and increasing spending on home decor and furnishings around the world.

Market key trends:
Multi-functional design is a key trend in the console table market. Manufacturers are focusing on integrating extra storage space, wall-mount options, filing cabinets, and displays into console tables to improve functionality. This allows them to serve dual purposes as a stylish accent piece as well as an organizational utility item. Customers can now find console tables with built-in charging docks, hidden compartments, and retractable tray tables designed for modern lifestyles. The evolving design aesthetic focused on functionality and space optimization is expected to boost the demand for console tables over the forecast period.

Porter’s Analysis:

Threat of new entrants: Medium. There is a significant capital requirement to establish manufacturing facilities and developing supply chain networks in the Console Table Market.

Bargaining power of buyers: High. There are numerous established brands providing a variety of console table options at different price points. Buyers can easily switch between brands based on price and quality.

Bargaining power of suppliers: Low. There are numerous raw material suppliers for wood, metal, glass etc. Switching costs are low for brands.

Threat of new substitutes: Low. No direct substitutes available for console tables serving similar functional and aesthetic purposes.

Competitive rivalry: High. The global console table market is highly fragmented with the presence of numerous local and international brands competing on pricing, quality, designs and innovation.

Key Takeaways:

The global console table market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing home decoration trends and growing preference for multi-functional furniture. North America dominates the global console table market currently and is expected to continue its dominance over the forecast period owing to the high disposable income of consumers and presence of key manufacturers in the region.

The Asia Pacific region is expected to be the fastest growing market for console tables during the forecast period. Rapid urbanization, rising middle-class population and increasing spending on home décor in countries like China, India are expected to drive the demand.

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 new product launches catering to the evolving trends and expanding their online and offline distribution channels globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it