The closet organizers market is expected to register a staggering double-digit CAGR of 8% by garnering a market value of US$ 7.34 Billion.
As fashion trends undergo rapid transformations, consumer investment in various kinds of apparel has registered a major northward shift. Millennials are especially highly conscious about the type of outfit they purchase in order to fit into the prevailing paradigms.
Thus, they end up purchasing an immense quantity of clothes and other accessories. Naturally, accumulation of such vast number of accessories requires a large storage space.
In this light, the sales of bedroom closets have registered a significant upsurge in recent years. Along with these closets, supplementary accessories in the form of closet organizers have also up-scaled.
These generally come in the form of shelves, bins, valet rods or hanging bags.
The global closet organizers market is slated to observe a positive sloping curve across the upcoming decade, with a significant chunk of the demand being generated from emerging markets across East Asia, Southeast Asia and South Asia.
This is primarily due to surging disposable incomes, rendering consumers able to spend on expensive clothes and accessories.
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Global Closet Organizers Market- Competitive Insights
The global closet organizers market is characterized by the presence of a significant number of players, rendering the market quite competitive.
Some of these players are IKEA, The Home Depot, Closet Factory, California Closets, The Wardrobe Company, Molteni & C, California Wardrobes, Holike Corporation, Simply Wardrobes, Sauder Woodworking Company, Sherwood Shelving, Ashley HomeStore, Kartell, Williams-Sonoma, Raymour & Flanigan, StorageMotion, Metalprogetti and Ethan Allen among others.
IKEA is the dominant vendor in the global closet organizers market. Its primary strategy is to continuously launch new products and expand its geographical presence in key regions.
Its portfolio includes the GODISHUS Wardrobe, the SYVDE Cabinet with glass doors, the RAKKESTAD Wardrobe and PAX Wardrobe Frame among other products. The company recently ventured into the South Asian market by inaugurating the continent’s largest facility in Hyderabad, India in 2018.
This strategy has allowed it to acquire more customers.The Home Depot is yet another important market player, although its operations are largely confined to the United States. However, it has a very robust regional presence, with at least one store or facility in each state.
Its product portfolio includes the ClosetMaid 84 in by 120 in white wood closet system, the Closet Evolution Ultimate 60 in by 96 in white wood closet system and the ClosetMaid ShelfTrack 5 ft- 8 ft (13.4 in x 96 in x 49.3 in) white wire steel closet system organizer kit.
Automation Makes Significant Inroads into the Closet Organizers Market
Industry 4.0 has penetrated each and every industry, including the clothing and apparel sector. The demand for efficient production and reduction in labor and input costs as well as the drive to increase output is making automation the center stage of innovation.
Significant technological developments have been introduced with regard to closet organizers.An example of such an advancement is StorageMotion’s Automated WardrobeLift which is an electric powered closet rod which permits for higher volume of clothes storage, generally up to 75 pounds.
The contraption moves hanging clothes down and does not interfere with other stored items.
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Likewise, Metalprogetti, an Italian design and manufacturing company, introduced its automated motorized closets in 2015 which is made of a loop-shaped hanging rail designed to hold garments beyond the ordinary wardrobe’s capacity.
The devices is equipped with a highly advanced GUI enabling it to remember exactly where items are stored, allowing it to sort garments according to type, color and photo.
Also, Luxe Wardrobe has launched an automated conveyor system which allows users to view and access clothes merely by the push of a button. The system is ideal in terms of ensuring space saving as well as storage of items in bulk.
The system provides for single or double tier clothes hanging facilities and can be easily controlled via a smart device.Such technological advancements are immensely underpinning the popularity of closet organizers, enabling market players to generate tremendously rich revenue ecosystems in the long-run.
Shelving Units to Spearhead Market Growth across the Forecast Period
Shelving units are expected to garner maximum traction in the closet organizers market. A shelf is capable of transforming unusable spaces into high utilitarian storage spaces. Adding shelving units into closets helps optimize space by providing extra support for all hanging and folded clothes.
For instance, installing shelves can convert a walk-in closet into a dressing room, thus providing multi-functionality.
Since closet designing is a skill, it becomes very important to select the right kind of shelves and place them strategically so as to optimize space to the maximum. This also involves selecting the appropriate building material.
For instance, metal shelves are highly popular as they are highly durable and can withstand greater amounts of weight. Nowadays, closets with fully bored panels are acquiring major traction as they are easier to make changes on.
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