May 21, 2024

Console Table Market is driving the demand for modular living spaces

The console table market comprises small tables designed to serve functional needs in entryways, hallways, and living rooms. Known for providing extra surface space and style, console tables support daily tasks like placing keys, mail, books, and decor while complementing interior design schemes. Their versatility makes them well-suited for small spaces where table functionality is valuable but storage space is limited. As more people embrace flexible, multi-functional living arrangements, the demand for console tables is increasing globally. The Global Console Table Market is estimated to be valued at US$ 6.70 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the console table market are IKEA, Ashley Furniture Industries, La-Z-Boy, Ethan Allen, Restoration Hardware (RH), Crate & Barrel, Pottery Barn, Wayfair, West Elm, and Bernhardt. Known for durable construction and variety of styles to match any décor, these brands continue expanding product lines to incorporate on-trend materials and designs.

The growing demand for small-space furnishings is fueling market growth. As more people live in compact apartments, condos, and lofts in urban areas with limited floor plans, versatile pieces like console tables that save space yet add function are indispensable. Their potential to serve as serving surfaces, seating, and display areas further multiplies their utility.

Globally, regions like Asia Pacific and Latin America are witnessing rising adoption of console tables as living standards improve. Emulating Western interior trends, consumers in these emerging economies are recognizing console tables as statement pieces that enhance decor while optimizing usable space. E-commerce has also broadened global market access.

Market Key Trends

One key trend gaining momentum in the console table market is the shift towards multifunctional and modular designs. Increasing preference for versatile furnishings has prompted manufacturers to offer console tables incorporating additional features. Examples include storage drawers or shelves, integrated power outlets, and connecting extensions to form longer surfaces. Such ingenious pieces allow owners to conveniently rearrange living spaces on demand. Furthermore, modular console tables built for dismantling and reassembling support transient, mobile lifestyles.

Porter’s Analysis

Threat of new entrants: Low capital requirements to manufacture console tables allow new players to enter the market easily. However, established brands have strong distribution networks and supply chain operations making it difficult for new entrants to gain foothold.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of numerous console table manufacturers. However, differentiated premium products from leading brands increase switching costs for buyers.

Bargaining power of suppliers: Suppliers of raw materials like wood, plastic and metals have low bargaining power due to fragmented supply market. Substitute materials also provide alternatives to buyers.

Threat of new substitutes: Furniture made of other materials like stone, marble act as substitutes. However, wood continues to be most preferred material for console tables due to its premium appeal and workability.

Competitive rivalry: Intense competition exists among leading global and regional brands. Manufacturers differentiate through modern designs, finishes and integrated storage to attract customers.

Geographical Regions

North America currently holds around 35% share of the global console table market in terms of value led by the US. Presence of leading brands and high consumer spending on home furnishings drives region’s market.

Asia Pacific is fast emerging as the fastest growing regional market for console tables. Countries like China, Japan and India are witnessing increased urbanization, rising incomes and changing consumer lifestyles thereby pushing up sales.