Console Table Market is Estimated to Witness High Growth Owing to Rising Urbanization
Console tables are traditionally placed behind and adjacent to entry doors or other doors in the home to provide a space for personal objects such as keys, bags or mail. They serve as a casual surface area to place items when entering or exiting. Console tables come in various styles and materials including wood, glass, stone and metal. Their advantages include providing functional storage space near entryways, accentuating interior design aesthetics and elevating smaller spaces. The growing demand for versatile furniture pieces and technological advancements in 3D printing of complex designs is fueling the adoption of console tables.
The console table market size is expected to grow from US$ 4.64 Bn in 2023 to US$ 6.70 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period.
Key Takeaways
Key players operating in the Console Table Market are Heraeus Holding, PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company and AnCatt Inc. These players are focusing on developing new 3D printing technologies to manufacture customized console tables with intricate patterns and designs.
Console Table Market share offers substantial opportunities for growth owing to the rising consumer preference for multifunctional and space-saving furniture. 3D printing is enabling manufacturers to cater to this demand by producing console tables in various shapes and styles.
Advancements in powder-based 3D printing technologies allow creation of console tables with clean edges, versatile designs and diverse material combinations. Technologies like polyjet 3D printing provide an edge over traditional manufacturing by facilitating quick design changes and on-demand production.
Market Drivers
The growing real estate industry and rising residential construction activities are major market drivers for console tables. As more homes are being built globally, the need for functional and attractive furniture pieces like console tables is increasing significantly.
Moreover, the trend of small spaces and multifunctional furnishings is propelling the demand. 3D printing helps address this trend by enabling compact and versatile console table designs.
Current challenges in the Console Table market
The console table market is facing several challenges currently due to economic uncertainty across major regions along with rising inflation. Changes in consumer preferences from bulky furnishings towards compact and space-saving furniture has also impacted demand. Supply chain disruptions and shortage of raw materials like wood and glass due to the pandemic are another hurdle for manufacturers. High freight costs are further raising operating expenses for companies. Finding skilled labor is also a challenge with many workers shifting jobs during the pandemic period.
SWOT Analysis
Strength: Furniture makers have skilled workforce with deep expertise in woodworking and craftsmanship. Console tables offer versatile storage and display solutions for small spaces. Weakness: Market is fragmented with many local and regional players. Product quality and service standards vary widely. Import-export restrictions impact global sales.
Opportunity:
Console Table Market Challenges and Opportunities include the growing demand for premium and customized home furnishings, presenting significant opportunities. Rapid urbanization in developing nations is expanding the customer base, while online sales channels have yet to be fully utilized.
Threats: Intense price competition from low-cost producers. Changing design trends threaten product obsolescence. Strict environmental regulations increase compliance costs.
Geographical Regions
North America currently accounts for the largest share in the global console table market in terms of value led by the United States. Wide availability of luxury and designer brands along with higher spends on home remodels and furnishings drive the regional market.
The Asia Pacific region excluding Japan is projected to emerge as the fastest growing market during the forecast period supported by rising discretionary incomes, rapid urbanization and changing lifestyle trends in populous nations like China and India.
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