Wooden furniture market is anticipated to grow at a CAGR of 4.64% during the forecast period (2023-2030). The growth of the wooden furniture market is being significantly impacted by rising disposable incomes, the rapid expansion of the real estate and hospitality sectors, and rising demand for luxury and premium furniture from certain consumer segments. The necessity for such luxurious products would grow as a result of the company's exquisite home conveniences being used frequently and luring consumers to buy them.
Luxury hotel market is anticipated to grow at a considerable CAGR of 7.6% during the forecast period (2023–2030). The market's growth is attributed to factors such as luxury properties on the rise in the hotel industry globally. The luxury hotel industry has seen a boom in the post-Covid - 19 period, as an increasing number of travellers seek high-end travel and stay experiences. For instance, in November 2022, Marriott International, Inc, announced its expansion into apartment-style accommodations with the launch of apartments by Marriott BonvoyTM.
Home coffee grinding machine market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period. The growth of the market is attributed to factors such as product development and innovation. Coffee grinding machine manufacturers are continuously developing new and innovative products to meet the evolving requirements of consumers, such as machines with programmable settings, various grinding levels, and integrated scales.
Modular kitchen market is anticipated to grow at a CAGR of 5.1% during the forecast period. The rapid growth in the residential construction industry is significantly contributing to the growth of the modular kitchen market during the forecast period. The growing number of real estate projects and the increasing demand for space-saving homes are further supporting the growth of the market.
Roller shutter door market is anticipated to grow at a considerable CAGR of 7.1% during the forecast period. Factors contributing toward the market growth include the rising infrastructural development activities coupled with the rising government construction projects across the globe. For instance, in February 2022, the government of India allocated an amount of $323 million for the central vista project.
Air fryer market is anticipated to grow at a significant CAGR of 6.9% during the forecast period. The increasing interest of residential consumers towards air fryers with multifunctional features is strongly boosting the growth of global air fryer market. Unlike traditional deep fryers, air fryers come with multifunctionality including deep fryer, skillet, air roast, bake, broiling, and toasting which has attracted a large residential consumer base. Thus, all these advantages and features of air fryers are serving the market growth and more companies are inclining towards offering more advanced air fryer comprising of different cooking modes to cater residential demand.
The global smart bathroom market is anticipated to grow at a significant CAGR of 11.3% during the forecast period. The increasing demand for smart bathrooms is attributed to the growing penetration of smart homes across the globe. Furthermore, the increased adoption of IoT and the growing introduction of technology-enabled smart homes and bathroom systems are gaining traction among homeowners, as a result presenting the requirement to transform conventional homes into smart homes.
The global garment steamer market is anticipated to grow at a substantial CAGR of 5.7% during the forecast period. The increasing expansion in the retail sector is expected to propel the demand for electronic and home appliances such as garment steamers. The increasing penetration of e-commerce channels and the rising number of convenience and specialty stores meet the increasing requirement for an extensive line of efficient and reasonably priced electronic and home appliances. Garment steamer Brands are now emphasizing more on the distribution network, as part of their ongoing effort to meet the increasing demand.
The global smart personal air cooler market is anticipated to grow at a significant CAGR during the forecast period (2021-2027). A smart personal air cooler is a portable cooling device that is energy-efficient, economic, and applicable to facilitate individual users without disturbing the ambience of others.