by Console Table Market is Booming Due to Rising Home Decor Trend
The console table market has seen rapid growth recently due to rising interest in interior styling and home décor trends. Console tables provide versatile storage and display space in entryways, living rooms, and hallways. Their simple yet elegant designs complement many home styles while also serving useful functions. With advantages like flexible seating options, hidden storage compartments, and style diversification, console tables have become increasingly popular furniture pieces. 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 2023 to 2030.
Key Takeaways
Key players: 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. These companies offer a variety of console table designs at different price points to suit different customer preferences and budgets.
Growing demand: The growing interest of consumers in home decor and interior design has led to rising demand for versatile and aesthetically pleasing furniture pieces like console tables. Their multi-functional nature makes them popular for small spaces and busy entry areas.
Global expansion: Leading furniture brands are expanding their console table product lines and global presence to tap growth opportunities in international markets. The ease of online shopping has also supported the global expansion of the console table market.
Market key trends
Mid-century modern style: Mid-century modern design influence with sleek, minimalist silhouettes in wood, metal, and glass has become a top console table trend. Features like cantilevered frames and brass details emulate the retro aesthetic.
Customization options: Manufacturers are offering customized size, color, and material options for console tables. Customers can personalize console tables as per the dimensions and decor of their entryways and hallways.
Multifunctional designs: Furniture brands focus on introducing console table designs with added functional features like integrated electrical outlets, drawers, open and closed storage, and integrated lighting.
Porter’s Analysis
Threat of new entrants: Low setup and production costs allow new companies to enter the market easily. However, established brands have strong brand recognition and supply chain advantages.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands to choose from. However, online channels allow buyers to do price comparisons easily.
Bargaining power of suppliers: Suppliers of raw materials like wood have low bargaining power as there are many suppliers in the market. However, suppliers of unique materials may wield more power.
Threat of new substitutes: Furniture like coffee tables, side tables are potential substitutes. However, console tables satisfy a distinct need in homes.
Competitive rivalry: Fierce competition among established brands drives quality improvements and pricing pressures.
The North American region holds the major share of the global console table market in terms of value owing to high demand for luxurious furniture coupled with rising consumer spending on home décor items. The Asia Pacific region is expected to witness the fastest growth during the forecast period on account of rapid urbanization, growth in real estate sector, and rising middle class population with increased spending power.
Geographical Regions
The North American region holds the major share of the global console table market in terms of value owing to high demand for luxurious furniture coupled with rising consumer spending on home décor items. Consumer preference for contemporary furniture design also drives the console table demand.
The Asia Pacific region is expected to witness the fastest growth during the forecast period on account of rapid urbanization, growth in real estate sector, and rising middle class population with increased spending power. Easy availability of raw materials and low labour costs attract manufacturers to set up production bases, ensuring supply. Countries like China and India are major consumers as well as producers of console tables.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
