A cabinet is a box-shaped, essential piece of furniture with drawers or doors for storing various items. Closed storage cabinets can be standalone or built or attached to a wall. They are typically made up of wood and usually have one or more doors and drawers or shelves. A cabinet intended to be used in a bedroom has numerous drawers that are usually placed one above the other in one or more columns. They are anticipated to be used for clothing and other related items and help in maintaining order. These cabinets may vary in width and height. For instance, wall cabinets can go all the way to the ceiling, utilizing even the uppermost inches for rarely used items. Closed storage cabinets either come pre-made in range of sizes or sometimes require assembly. In addition, consumers opt for semi-custom units as they offer more choice of dimensions to provide an exact fit for wall space.
Key factors driving the closed storage cabinets market are changes in lifestyle, rapid urbanization redefining the way interiors are conceptualized, and rise in demand for storage cabinets for cooking accessories. The market is expected to expand at a rapid pace during the forecast period due to a rise in disposable income and the need for modular storage cabinets. Closed storage cabinets come in a number of designs and price ranges and can be customized according to consumer requirements depending on budget, taste, and personal preference. In addition, consumers can color-coordinate the cabinets with the kitchen or can contrast them with the house theme. The market is significantly driven by the residential construction industry and is expected to expand at a fast pace in the near future. In addition, an expansion in the construction industry in the emerging economies of Asia Pacific such as China and India is creating opportunities for the market.
The global closed storage cabinets market can be segmented based on type, material, application, distribution channel, and region. Based on type, the closed storage cabinets market can be classified into portable and non-portable. In terms of material, the closed storage cabinets market can be categorized into wood-based materials (lumber, hardwood lumber, and softwood lumber), engineered wood (particleboard, plywood, MDF), and others (metal, glass, etc.). Based on application, the closed storage cabinets market can be divided into residential and commercial. In terms of distribution channel, the closed storage cabinets market can be classified into hypermarkets/supermarkets, specialty stores, online retailers, and others (brand outlets, independent vendors, etc.).
In terms of region, the global closed storage cabinets market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global market, followed by Europe and Asia Pacific. North America and Europe are anticipated to account for a major closed storage cabinets market share, due to the urbane lifestyles, rise in disposable income, and high spending rate in the regions. Rapid urbanization and growth of the construction industry in emerging countries such as India and China are boosting sales of closed storage cabinets in Asia Pacific. The popularity of sophisticated, modular interiors and urbane infrastructure is expected to increase in the coming years and is likely to be one of the major trends during the forecast period.
Some of the leading manufacturers in the closed storage cabinets market are Phoenix Safe, TYT Storage Solutions, Winterfield Safes, Reece Safety, Kidde, and FireKing Security Group among others. Manufacturers are increasing their R&D capabilities to diversify their product range and are also making efforts to enhance product quality. Players are anticipated to face competition due to the presence of several local vendors. The entry of new players, pricing competition, and mergers & acquisitions are further intensifying the level of competition among manufacturers in the industry. This is likely to lead to the introduction of many advanced products in the market during the forecast period.
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