by Console Table Market is Estimated to Witness High Growth Owing to Rising Home Renovation and Furniture Demand
Console tables are versatile pieces of furniture often placed in entryways or behind couches to provide extra surface and storage space. These multipurpose tables come in various wood types, finishes and styles to fit any décor.The growing popularity of mixed materials, mid-century modern designs and wall-mounted options has further expanded their applications. 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 include IKEA, Ashley Furniture Industries, La-Z-Boy, Ethan Allen, Restoration Hardware (RH), Crate & Barrel, Pottery Barn, Wayfair, West Elm, and Bernhardt. IKEA dominates the global console table market with its extensive collection of affordable ready-to-assemble styles.
The rising adoption of blended material compositions and streamlined silhouettes in furniture trends presents major growth opportunities. Manufacturers are increasingly offering modern console tables made of wood, metal, stone or a mix to complement many interior aesthetics.
Technological advancements now allow for mass customization options. Companies provide 3D configurators for buyers to design their perfect console tables online with hundreds of finish, hardware and size combinations. Wall-mounted and foldable console table designs further enhance functionality in smaller spaces.
Market drivers
Rising home renovation and redecoration activities have been a key driver of console table sales over the past few years. As urban populations grow and real estate sizes shrink, multipurpose furniture catering to small spaces is in high demand. Additionally, the work from home culture induced by the pandemic has increased focus on home offices and organization, driving the need for versatile surfaces like console tables.
Current Challenges in the Console Table Market
The console table market is facing various challenges such as rising competition from local and regional players. Established players face intense price wars to gain market share. Moreover, fluctuating raw material costs pose risks to profit margins. Increased preference for multifunctional furniture also threatens demand. Younger customers seek furniture that serves dual purposes of storage and display. They no longer prefer standalone display units or console tables.
SWOT Analysis
Strength: Console tables offer elegant storage and display solutions for entryways, hallways and living areas. Their versatile designs cater to diverse consumer tastes.
Weakness: High dependency on wood as the primary raw material exposes players to supply disruptions and price volatility in timber markets. Lack of innovation makes console tables vulnerable to replacement by multipurpose furniture items.
Opportunity: Growing demand for luxurious home décor and furnishing presents an opportunity to launch premium console table lines with intricate woodworks and metallic finishes. Rapid growth of e-commerce also facilitates expansion into new markets.
Threats: Lower-cost imports from Asia pose pricing pressures. Stringent environmental norms around wood harvesting and deforestation also impact procurement.
Geographical Regions
North America accounts for the largest share in the console table market currently, both in terms of production and consumption. The United States alone contributes over 35% to the global market value. Europe is the second largest region driven by high spending power of consumers in Western European countries like Germany, United Kingdom and France on home furnishings.
Asia Pacific is poised to be the fastest growing region during the forecast period on account of rising affluence, rapid urbanization and growth in construction activities across developing nations such as China and India. Local manufacturers gain from easy availability of raw materials and comparatively lower labor costs.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
