CONSOLE TABLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

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. The growth of the market is driven by factors such as increasing disposable incomes, growing demand for home décor, and rising popularity of console tables as a storage and display unit.

The market is segmented into product type, material, end user, distribution channel, and region. By material, the market is divided into wood, metal, glass, and others (marble, stone). The wood console tables segment is expected to dominate the market during the forecast period, due to the high demand for wooden furniture in residential and commercial settings.

Console Table Market Regional Insights

• North Americais expected to dominate the market during the forecast period, with a market share of 35% in 2023. The growth of the market in North America is due to the high disposable incomes and growing demand for home décor in the region. The U.S. is the major market for console tables in North America, followed by Canada and Mexico.
• Europeis expected to be the second-largest market for console tables, with a market share of 25% in 2023. The growth of the market in Europe is driven by the increasing demand for home décor and the growing popularity of console tables as a storage and display unit. Germany, the U.K., and France are the major markets for console tables in Europe.
• Asia Pacificis expected to be the fastest-growing market for console tables, with a CAGR of 6% during the forecast period. The growth of the market in Asia Pacific is due to the rising disposable incomes and growing demand for home décor in the region. China, India, and Japan are the major markets for console tables in Asia Pacific.

Figure 1. Console Table Market Share (%), By Region, 2023

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Console Table Market Drivers

• Rising residential construction: The growth in residential construction is a major driver for the console table market. With more homes being built to accommodate the rising population and increasing number of households, it is creating demand for console tables as essential furniture for living rooms, foyers, bedrooms, and other spaces. For instances, according to statistics from the U.S. Census Bureau, the privately-owned housing starts in the U.S. were around 1.4 million in January 2022, which is an increase of over 11% as compared to January 2021. With more households being added, the need for furniture pieces like console tables has increased considerably.
• Growth of online furniture retail: The furniture industry has witnessed a major shift to online retail channels. The growing penetration of internet and smartphones has led to several furniture companies to sell through their own websites and online marketplaces. This omni channel approach provides wider visibility and easier access to products like console tables for time-pressed urban consumers. For instances, according to the United Nations Conference on Trade and Development reports, the total value of global e-commerce rose by 27% in 2020 alone. This massive growth of digital platforms has exposed furniture brands to wider audiences and simplified the purchasing process.
• Multifunctional and innovative designs: Console tables are gaining popularity due to their multi-functional and adaptable nature. They serve various needs beyond accent display, such as extra storage, workspaces, quick meals, and others. Manufacturers are innovating with convertible and transitional console table designs that are suited for small spaces.
• Growth in commercial real estate: The steady growth in new commercial real estate projects provides significant opportunities for console table sales. Console tables find application as display tables in hotel lobbies, office receptions, restaurants, hospitals, and other commercial settings.

Console Table Market Opportunities

• Smart furniture with tech integration: Integration of technology into furniture is an emerging opportunity that can be capitalized on by console table manufacturers. Smart console tables with features like wireless charging, Bluetooth connectivity, mood lighting, and more can enhance appeal and usability for tech-savvy consumers. For instances, according to the surveys conducted by the European Furniture Manufacturing Federation, over 75% of European households bought at least one smart home device in 2021 with projections of further growth expected until 2025.
• Sustainable materials and production: Sustainability has become a priority for every consumers. Using eco-friendly materials like recycled wood, upcycled plastic, and sustainably sourced natural fibers in console table production can attract environmentally conscious buyers. For instances, according to the World Economic Forum, bioplastics production has increased five-fold in the past two decades and is projected to grow 10-15% annually in the next 5 years.
• Customization and personalization: Offering customization services gives customers the ability to personalize console tables to their exact specifications. From customized dimensions, colors, storage solutions and materials, personalized console tables allow brands to provide tailored products and charge premium prices.
• New distribution through furniture rentals: Furniture rental is a promising new distribution model that console table brands can leverage to expand their consumer base. Instead of outright purchase, furniture rentals allow flexibility and affordability for mobile millennials and temporary living spaces.

Console Table Market Trends

• Multifunctional designs for small spaces: Console tables that are designed for small and urban living spaces are a major trend. With rising urban density and apartment living, manufacturers are launching space-saving console tables suited for compact homes. For instances, according to the United States Census Bureau, the average size of a new single-family home in 2020 was 2,298 square feet, down from 2,467 square feet in 2015. This underscores the growing demand for compact, versatile furniture, according to major furniture retailers. With this, the sales of multi-functional console tables increased by almost 30% from 2020 to 2021.
• Mixing materials and eclectic styles: Unique console tables that blend materials like wood, metal, glass, cement, and distressed finishes are gaining popularity. Consumers prefer statement pieces that stand out. For example, IKEA has introduced some console table designs which are made of a combination of wood, glass, and metal. Similarly, several handicraft cooperatives in India are making console tables fusing wood, cane, and marble.
• Revival of traditional craftsmanship: Amid fast furniture trends, there is a counter movement towards traditional craftsmanship and heritage designs for console tables. Hand carved ornamentation, inlaid woodwork, and attention to detail appeals to consumers those who are looking for timeless artisanal quality.
• Sustainable and natural materials: Using sustainable materials is an evolving trend in console table designs. Recycled teak, upcycled woods, and eco-friendly bamboo are some options growing in popularity.

Console Table Market Restraints

• Availability of substitute furniture: Console tables face significant threat from alternative furniture like sideboards, buffets, credenzas, sofa tables, and entryway units that serve similar functions. The availability of these multifunctional furnishings limits the volume sales of specialized console tables. For instances, according to the data from the United Nations Environmental Programme (UNEP), the per capita incomes in developing nations has increased significantly over the past decade providing greater purchasing power to citizens to explore newer furniture options beyond conventional pieces like console tables.

Counterbalance: Expand the range to include console tables that cater to various styles, from traditional to contemporary, to capture a wider audience.Offer customization options that allow consumers to tailor products to their specific space and design preferences.

• Limitations in small spaces: Console tables require being placed against walls or behind sofas. This makes them unsuitable for micro living spaces, apartments, and condos with limited floor space. Despite their narrow depth, some homes cannot accommodate console tables due to size constraints. For instances, according to the statistics of the Ministry of Housing and Urban Affairs, Government of India, over 60% of households in India lived in one or two room houses till 2021. The lack of sufficient area discourages the adoption of console tables in living rooms and limits their growth potential.

Counterbalance: The key market players should focus in redesigning the console table and innovating new ideas for console tables, so that these tables can be in used in all types of spaces.

• Long replacement cycles: The long replacement cycle for furnishings like console tables restricts repeated purchases. Unlike accessories, console tables have a durable build that allows longevity of over 5-7 years.

Analyst View:

The console table market is expected to witness steady growth in the near future. North America  dominates this market due to high furniture expenditure and presence of leading brands. However, Asia Pacific is emerging as the fastest growing market driven by rising middle class population and increasing expenditure on home décor in countries like China and India. The key drivers for this market are the growing popularity of contemporary and modern furniture styles among millennial home buyers. Console tables fit well in such aesthetics. Increasing small space living and need for multi-functional furniture would boost demand. Rising consumer preference for online shopping is another growth driver  as it allows easy access to wide range options. Macroeconomic slowdowns especially in major economies also could dampen consumer confidence and discretionary expenditure  on home furnishings. Raw material price volatility remains a concern as well. Moreover, the market witnesses intense competition among local and global furniture brands. Imitation of design by smaller market players also poses a challenge. To stay ahead of competition, brands are focusing on development of innovative designs, materials, and multi-functional products. Sustainable and eco-friendly materials along with customization option offer opportunities for premiumization. Extending product lines and strengthening online retail channels would also be crucial for tapping into the growing demand globally especially from millennial customers.

Recent Developments

New product launches

• In September 2022, IKEA, a Sweden based multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services, launched the STILREN console table made from recycled wood and bamboo. The minimalist design and sustainability focus broadens IKEA’s console table range. Inter IKEA Systems B.V., doing business as IKEA, is a Swedish multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services.
• In June 2021, Anthropologie, a U.S. based retailer operating in the U.S., Canada, and the U.K. that sells clothing, jewelry, home furniture, decorations, beauty products, and gifts, introduced the glenna concrete inlay console table made from mango wood with a hand-inlaid concrete top. The striking design caters to consumer demand for unique, artisanal furniture . Anthropologie is an American retailer operating in the U.S., Canada, and the UK that sells clothing, jewelry, home furniture, decorations, beauty products, and gifts.
• In January 2020, West Elm launched the mid-century acacia wood console table with angled solid acacia wood legs and crossbar base. The retro-inspired design appeals to modern sensibilities.West Elm, Inc. operates as a home furnishing store

Acquisition and partnerships

• In October 2022, Williams-Sonoma acquired Liaison, a 3D interior design platform. This expands Williams-Sonoma's digital visualization capabilities for consumers. Williams-Sonoma, Inc. is an American publicly traded consumer retail company that sells kitchenware and home furnishings. It is headquartered in San Francisco, California, United States.
• In December 2021, IKEA acquired Geomagical Labs, an artificial intelligence (AI) imaging startup. This bolsters IKEA's augmented reality technology for virtual product visualization. Inter IKEA Systems B.V., doing business as IKEA, is a Swedish multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services.
• In September 2020, Herman Miller acquired Design Within Reach, a retailer of modern furnishings. This acquisition expands Herman Miller’s distribution network. Miller Knoll, Inc., doing business as Herman Miller, is an American company that produces office furniture, equipment, and home furnishings. Its best known designs include the Aeron chair, Noguchi table, Marshmallow sofa, Mirra chair, and the Eames Lounge Chair.

Figure 2. Console Table Market Share (%), By Material, 2023

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Top Companies in Console Table Market

• IKEA
• Ashley Furniture Industries
• La-Z-Boy
• Ethan Allen
• Restoration Hardware (RH)
• Crate & Barrel
• Pottery Barn
• Wayfair
• West Elm
• Bernhardt

Definition: Console tables are versatile, long and narrow accent tables that are designed to sit against a wall, behind a sofa, or in an entryway. These provide space to display decorative items and store small accessories. Console tables have elegant tabletops and leg designs that complement both classic and contemporary home décor. With their multi-functional design and visual appeal, console tables are increasingly popular furnishings in living rooms, foyers, bedrooms, and other parts of modern homes.