Pune India, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Coat Rack market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Coat Rack market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Coat Rack Market are Dekangxing, SRUDIO DOMO, IKEA, Homebi, Charter Furniture, Umbra, Linshimuye, LORELL, Kurtzy, House of Quirk, BAXTER, Andersen Furniture, and Inman, among others. To achieve a substantial market share in the worldwide Coat Rack market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A set of wall-mounted hooks commonly referred to as a coat rack are mostly used to hang coats and jackets. The self-standing model—often known as a hat stand—is mainly used to hang coats, jackets, umbrellas, and hats. In addition to being the most useful and practical addition to your foyer, a contemporary coat rack may also help you wow visitors with a creative statement as soon as they enter your house! They'll also appreciate you providing them with a hook for their outerwear. Standing coat racks are typically more functional because they provide multiple arrangements for placing the various components. As they don't take up much room and come in various sizes, stand coat racks can be placed in small spaces. According to everyone's needs are typically positioned next to the entrance door, in the foyer, or in the rooms. The door is a suitable location for stand coat racks because there, we may hang up the last or first items of clothing we put on or take off as we enter and leave the house, such as jackets, coats, scarves, hats, umbrellas, etc. It will also benefit us if people wear their clothes when they visit.
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Scope of Coat Rack Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Product type, application, region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Dekangxing, SRUDIO DOMO, IKEA, Homebi, Charter Furniture, Umbra, Linshimuye, LORELL, Kurtzy, House of Quirk, BAXTER, Andersen Furniture, and Inman, among others. |
Segmentation Analysis
Metal segment is expected to be the fastest growing segment in 2021.
The product type segment is metal, wooden, bamboo, and plastic. Metals are expected to witness the highest growth rate during the forecast period. In industrialized economies like the US, the UK, and others, the working class has a considerable demand for metal coat racks. Moreover, the changing environmental conditions impose restrictions on the usage of plastic and wooden products, boosting the demand for metal coat racks. Also, they are sturdy, highly durable, and long-lasting, which fuels their demand during the forecast period.
The 6 bracket segment is expected to be the fastest growing segment in 2021.
The application segment includes 4 brackets, 6 brackets, 8 brackets, and more than 8 brackets. The 6 Brackets segment is expected to witness the highest CAGR during the forecast period. The increasing demand for coat racks from end-use industries, including hospitality and healthcare, is responsible for expanding this application area. Additionally, it is predicted that the expansion of this application category will be fueled by the rising number of commercial spaces, such as restaurants, office buildings, and retail malls, throughout the projection period.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Coat Rack include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- Asia Pacific region witnessed a major share. The increased disposable income of the upper- and middle-class population might be attributed to this growth. The market is also expected to be driven by rising demand for coat racks for living rooms, followed by racks for bedrooms, kitchens, and dining rooms. The flourishing real estate market and housing projects started by the government are what is fueling this expansion. For instance, it is predicted that the Asia Pacific residential market will reach a market size of more than USD 90.0 billion by 2025. Furthermore, it is anticipated that the rising urbanization and expansion of the IT sector will increase demand.
Country Analysis
- Germany
Germany's Coat Rack market size was valued at USD 0.016 billion in 2021 and is expected to reach USD 0.022 billion by 2029, at a CAGR of 4.2% from 2022 to 2029.
Germany has one of the leading furnishing industries in Europe. Germany has an increasing consumption of wood-based coat racks as they give a traditional and authentic look. As per International Tropical Timber Organization, in 2019, the consumption of wooden furnishing in Europe touched USD 45 billion, and Germany was one of the leading regions in the country.
- China
China Coat Rack's market size was valued at USD 0.082 billion in 2021 and is expected to reach USD 0.125 billion by 2029, at a CAGR of 5.5% from 2022 to 2029. The growth of the hospitality and real estate industries in the area, along with rising disposable incomes, particularly in urban regions, are driving the market. Additionally, China can sell its goods on the global market at extremely competitive costs thanks to the country's large pool of inexpensive and skilled laborers, which boosts regional product demand.
- India
India's Coat Rack market size was valued at USD 0.78 billion in 2021 and is expected to reach USD 0.078 billion by 2029, at a CAGR of 5.2% from 2022 to 2029. The region's coat rack market is primarily driven by urbanization, environmental effects, and population growth, which have increased the demand for smart and sustainable infrastructure solutions. Increased infrastructure development and growing building & construction spending in China as a result of rising per-capita disposable income would boost product demand.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for coat racks from various applications, including commercial and residential applications.
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