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CLEVELAND - A recent Home Organization Products study from The Freedonia Group projects modular home organization unit sales to grow by 2.9% annually through 2025 reaching $3.4 billion total. The growth rate, likely impacted by the pandemic, has dipped from the previous study in 2019 which projected 4.8% per year growth through 2023 to $3.4 billion.
According to the study, gains will result from:
- continued consumer interest in the customizability of modular units, which allows consumers to adapt a unit to their specific needs or space limitations
- the increasing awareness that custom modular products can increase a home's value, both for consumers and professionals
- the growing preference for customized storage in other areas of the home that can utilize modular units, like utility areas such as mudrooms or laundry rooms
- growth in the construction of new homes, which often have larger closets (including master suite closets) and garages than older homes, and thus have room for modular unit installation in these spaces
- increasing consumer interest in transitioning an extra bedroom to an individual dressing room
- a rising number of empty nesters and retired baby boomers with free time, disposable income, and the drive to organize their homes
The recent study notes that the average number of bedrooms per house is expected to remain stagnant, however, expansion of the US housing stock will support sales of modular units. And the average square footage of newly construction homes is expected to increase through 2025, which will support installation of additional storage.
The Freedonia Group, a division of MarketResearch.com, provides clients with product analyses, market forecasts, industry trends, and market share information.
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