Global TV and Media Storage Market Outlook
TV and media storage includes furniture pieces like media consoles and cabinets, stands, and other sideboards that are used for media storage. TV and media storage units or furniture are used both in living rooms as well as bedrooms where TV and media are located.
These versatile furniture pieces today are used for more than just holding TV and media. TV and media storages are today highly preferred as they also provide ample space for storage. The rising preferences for entertainment centers in living rooms are expected to fuel the demand for TV and media storage market in the coming years.
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Global TV and Media Storage Market: Market Dynamics
Drivers for TV and Media Storage Market
The rising popularity of outdoor TV and media is further expected to fuel market growth in the coming years. As outdoor TV and media are rising, the demand for outdoor TV and media storages like outdoor consoles and cabinets is also increasing. As the entertainment areas in the home outdoors or patio decks are gaining prominence the demand for outdoor TV and media storage cabinets is also rising. This new outdoor television and media trend is expected to register TV and media storage market growth. The demand from hospitality sectors has also facilitated growth in the TV and media storage market.
Trends for TV and Media Storage Market
TV and media storage units with a combination of both style and technology are quite prominent in the market. The new entertainment center cabinets that incorporate electric fireplaces are quite prominent. These TV and media storage units incorporate LED-lit flames that provide an experience of fireplaces. It includes thermostatically controlled infrared heaters. The development of such TV and media storage units by the players with additional storage units is expected to fuel the market growth during the forecast period.
Opportunities for TV and Media Storage Market
Providing customized TV and media storage units can help open up new opportunities for the players. Few of the existing players in the market are providing customized solutions based on designs, styles, sizes that can best match the end-use application and décor. Charcoal furniture is the new recent trend prevailing in the décor industry. Keeping up with the new emerging trends in the parent market like décor will help the players to capitalize on the new existing opportunities in the market.
Challenges for TV and Media Storage Market
Amid the outbreak of novel coronavirus, the retail industries have experienced market disruptions. The economic disruptions resulted in production and supply chain problems. Consumer's buying behavior has undergone a huge change. There was observed a shift in spending from discretionary to essential purchases. This reduction in discretionary purchases resulted in a reduction in the demand for TV and media storage units in the market. The temporary demand from commercial sectors is also low as the hospitality industry is one of the hardest-hit sectors. These temporary challenges are likely to hinder the market growth during the forecast period.
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Global TV and Media Storage Market: Market Segmentation
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Global TV and Media Storage Market: Key Players
Some of the key players operating in the global TV and media storage market are Hermann Miller, Inc., Williams-Sanoma,Inc., Restoration Hardware, Steelcase, Inc., Twin-Star International Company, Powell Furnitures, Dorel Home furnishings, HNI Corporation, Ashley Furniture Industries, Inc., Global Furniture Group, IKEA Group, Berkshire Hathway, Inc., and many others. These players have increased their online penetration as the demand for home office furniture surge.
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TV and Media Storage Market: Regional Outlook
North America and Europe together account for a significant share in the TV and media storage market as the penetration of both indoor and outdoor TV and media storage units are high in these regions. Asia-Pacific is expected to register growth in the coming years as people have now shifted towards the adoption of modern furniture and decor concepts. Other regions like Oceania, Latin America, and Middle East & Africa are also expected to register growth due to penetration of hospitality sectors.