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Trends in the Furniture Hardware Market for 2024

Release time：

2024-07-22

As the furniture industry steps into a new cycle of industrial development, digital intelligent manufacturing, AI marketing, and market expansion into lower-tier regions have become prominent features. Against this backdrop, furniture hardware, as a small but crucial part of the industry, is redefining its position in the industry with a "high-end" positioning, stimulating consumers' new imagination for the hidden life of furniture hardware, and pointing out a new direction for the construction of high-quality productivity in the furniture industry.

Taking the custom furniture industry as an example, its development has gradually expanded from single custom products to whole-house furniture customization, and further pursues high-end customization to meet consumers' ultimate pursuit of furniture quality. Custom furniture enterprises are keeping up with market trends and actively responding to consumers' urgent demand for furniture upgrades.

From an industry perspective, hardware products are metaphorically referred to as the "chips" of the furniture industry. Data shows that the market size of China's furniture hardware industry reached about 33.92 billion USD in 2023, and it is expected that the compound annual growth rate (CAGR) of its market size will reach 7.6% in the next five years. By 2028, the market size is expected to reach 48.67 billion USD, showing the huge development potential of the hardware industry.

Although the value proportion of hardware in furniture is only 5%, its comfort of use accounts for as much as 85% of the weight. Hardware products have a wide range of applications in the furniture industry, and their unique connectivity and stability provide an important driving force for the furniture industry to develop towards higher quality.

From the consumer's point of view, the previous understanding of furniture hardware products was relatively limited, and its presence was relatively weak. However, with the upgrade of hardware products in terms of function and appearance, its functions and designs in furniture products have become richer and more personalized, effectively refreshing consumers' cognition of furniture hardware. The innovation of hardware design or function has become the main promotion strategy of custom brands, making furniture such as sofas, coffee tables, beds, cabinets, and wardrobes significantly enhanced in terms of style diversity and functionality, gradually gaining consumer acceptance and favor.

In terms of business models, under the whole-house customization model, furniture hardware products have become the basic configuration in different customization plans, meeting the hardware needs of various types of furniture and seizing new opportunities for the integration of the furniture industry. At the same time, hardware system solutions centered and led by hardware can meet the needs of different furniture scenarios and customer demands, fundamentally enhancing the status and role of hardware in furniture life.

From the user level, the role of hardware products is undergoing a transformation. In the past, hardware played a supporting role in furniture life, and its presence was not prominent, with fewer well-known brands in the hardware industry and the comprehensive competitiveness of enterprises needing to be improved. However, with the change of market trends and the upgrade of consumer demand, the role of hardware products will gradually be valued, and the hardware industry will also usher in more development opportunities and challenges.

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