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Market Overview of Global Custom Closets market:
According to our latest research, the global Custom Closets market looks promising in the next 5 years. As of 2022, the global Custom Closets market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years.
A custom closet is a specially-designed combination of shelves, drawers, and cabinets that are custom-made for client particular space. The process involves working with a designer one-on-one, and the resulting product is unique to client's home. Custom closet design is the way to turn chaos into order and add a personal touch to client's home aesthetic.
Upstream and downstream interactions will cause business disruption
First of all, due to the impact of the epidemic, it is difficult for the procurement and transportation of raw materials and equipment to be in place in a timely manner, and upstream enterprises affect the work progress of mid- and downstream enterprises. Secondly, custom closet companies are affected to varying degrees, and companies re-examine their investment strategies, especially their productive expansion investment strategies. They will re-formulate production plans based on the current epidemic situation and market supply and demand; the epidemic will have an impact on the cash flow of small and medium-sized enterprises in the industry, which in turn will affect the operating conditions. At the same time, delays in production and delivery due to poor logistics may lead to loss of customers if the customer's delivery time requirements do not meet the contractual requirements. The outbreak has also affected downstream demand for custom closets. In the early stage of the epidemic, government prevention and control policies related to COVID-19 led to an increase in people's home isolation, restrictions on offline activities, stagnation of house decoration and renovation plans, a decline in people's willingness to consume and consumer confidence, and the short-term demand for custom closets was affected.
Digital transformation
The global COVID-19 epidemic has made enterprises fully aware of the huge energy contained in digitalization, attach importance to the rapid development of digital technology, implement the application of digital technology in enterprises, and deploy forward-looking development plans for digital technology. The digital upgrade of enterprise-related business has become an important development direction. Custom closet companies actively build a digital business form and build a data-based operation system. For example, companies are increasingly adopting and implementing IoT technology, combine supply chain data, physical assets and domain expertise to create distinctive new capabilities as well as supporting the delivery of the other strategic themes.
Drivers
Custom closets increase home market value.
Custom closets bring order to the home and increase the required storage space, improve living quality, and increase the resale value of the home, driving the development of the custom closet market.
Millennials' home buying demand drives custom closet market.
In the post-epidemic era, the buying tide drives the downstream furniture and decoration market.
Limitations
Raw material prices fluctuate.
The price of custom closets is high, the consumer group is relatively small, and the market competition is fierce.
Opportunities
The growth of e-commerce brings new opportunities to the custom closet industry.
For example, the leading company The Container Store, they maintained a healthy e-commerce penetration and made enhancements to their site including an improved browsing experience, smart filtering, sustainable product badging and added more compelling content. Additionally, they successfully launched their first-ever mobile app to meet customers where they are already shopping. The app features a convenient biometric login, an Organized Insider dashboard, and makes it simple for customers to shop using their digital wallet. Customers can also use the app to check an order status, find organizing inspiration or use it in store to scan bar codes for more product information and options.
Company Overview:
The Container Store
Founded in 1987, Closet Works is a designer, manufacturer, and supplier of wood-based custom home storage and organization solutions. From walk-in closets to home offices, wine storage, wall beds and garages, Closet Works has developed custom spaces that have been tested and refined for over three decades. Customizations include more than 40 finish options, lighting, hardware, countertops, trim, and their Rotating 360 Organizer. The company is based in Chicago and services the entire United States. It operates a 60,000 square foot facility in Elmhurst, IL, that includes the company's office, manufacturing and warehouse facilities, in addition to a 2,800 square foot design showroom on the north side of Chicago.
California Closets
For more than four decades California Closets has built a reputation as a leader in premium and luxury space management, delivering truly custom products and unparalleled service. They've helped transform spaces and allowed people to get more out of their homesand do more in their everyday lives.
They have 120 showrooms and 700+ designers across North America. They expect to grow to 300 showrooms and 1,600 designers in the next five years, through a combination of company stores and franchises.
The Container Store is one of the major players operating in the Custom Closets market, holding a share of 9.35% in 2022.
The major players operating in the Custom Closets market include The Container Store, California Closets, ClosetMaid, Rubbermaid, Closets by Design, etc. Among which,The Container Store ranked top in terms of sales and revenue in 2022.
Segmentation Overview:
Closed Closet
Closed Closet provides security and can protect investment pieces. Sometimes people want lockable drawers for watches and jewelry items. Other times simple cabinet doors are enough to help reduce dust and dirt from latching onto clothing items.
Open Closet
Open Closet can make it easier to show off clothes, bags, and shoes, items are not hidden behind doors. Open shelving can help keep a closet from feeling too cramped and confined. Using completely open designs and structures will also help minimize costs since cabinetry doors are an extra expense and design consideration.
As for product types, the Closed Closet segment held the largest market share in 2021.
Application Overview:
Residential
Family homes are often designed with custom closets, and custom organization systems are perfect for oddly shaped spaces, large renovation projects, and small nooks because they are created entirely based on the space itself. Examples include: built-in closets, walk-in closets and so on.
Commercial
Commercial projects also usually require custom closets to take advantage of space, restore order from chaos, and create a unique atmosphere, such as hotel rooms, shopping malls, corporate renovations, and more.
The market's largest segment by application is the segment Residential, with a market share of 82.48% in 2021.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Custom Closets market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Custom Closets Market Report:
Market Size Estimates: Custom Closets market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Custom Closets market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Custom Closets market
Segment Market Analysis: Custom Closets market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Custom Closets market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Custom Closets Market: Revenue and sales volume of major countries in each region
Custom Closets Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Custom Closets market in major regions.
Custom Closets Industry Value Chain: Custom Closets market raw materials & suppliers, manufacturing process, distributors, downstream customers
Custom Closets Industry News, Policies & Regulations
Key players in the global Custom Closets market are covered in Chapter 12:
Closets by Design
Closet Factory
ClosetMaid
Rubbermaid
The Container Store
The Stow Company
Artisan Custom Closets
Closet America
Organized Living
California Closets
In Chapter 2 and Chapter 15.1, based on types, the Custom Closets market from 2018 to 2028 is primarily split into:
Closed Closet
Open Closet
In Chapter 3 and Chapter 15.2, based on applications, the Custom Closets market from 2018 to 2028 covers:
Residential
Commercial
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Custom Closets market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028