Research Nester has released a report titled “Smart Furniture Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the smart furniture market in terms of market segmentation by application, by product type, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart furniture market is segmented by application into residential and commercial, out of which, residential segment is anticipated to hold the largest market share owing to increasing household disposable income of individuals, changing lifestyle of consumers, and shifting trend of consumers towards furniture that are interconnected by IoT. In the statistics by Organisation for Economic Co-operation and Development (OECD), household disposable income in the USA peaked to 50294.00 USD/capita from 40624.23 USD/capita in-between 2010-2017.
The global smart furniture market is anticipated to record a robust CAGR during the forecast period, i.e. 2020-2028. Increasing demand for smart home automated devices amongst consumers, on the back of easy access provided to consumers for comfort applications, such as controlling of temperature in electric mattresses of smart beds, along with other notable features, coupled with increasing consumption expenditure for furnishings and durable household equipment amongst consumers are some of the factors that are anticipated to promote significantly towards the growth of the global smart furniture market. In the statistics by the Federal Reserve Economic Data (FRED) of the Federal Reserve Bank of St. Louis, personal consumption expenditures for furnishings and durable household equipment peaked to USD 341.21 billion from USD 238.28 billion in-between 1st of January 2009 to 1st of January 2018.
Regionally, the global smart furniture market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to hold the largest market share owing to increased awareness amongst the consumers in U.S and Canada, along with growing concern for shrinking living spaces on the back of increasing prices of commercial and residential spaces. In the statistics by Statistics Canada, the Canada’s national statistical agency, retail trade sales of furniture stores in Canada peaked to USD 11.56 million from USD 9.47 million in-between 2011-2018.
Growing Trend for Space Saving Furnitures
In the statistics by the Bank for International Settlements (BIS), commercial property price index in the United States peaked to 687.20 index, 2010 = 100 units from 400.10 index, 2010 = 100 units in-between 2010-18, and in the Euro area, it peaked to 467.30 index, 2011 = 100 units from 39.31 index, 2011 = 100 units in-between 2010-2018. Additionally, residential property price index in the United States peaked to 528.40 index 2005 = 100 units from 416.60 index 2005 = 100 units in-between 2013-2018 and in the Euro area, it peaked to 454.66 index 2015 = 100 units from 392.05 index 2015 = 100 units in-between 2013-18.
Growing concern for shrinking living spaces on the back of increasing property spaces across urban areas around the globe is anticipated to drive the demand for furniture that are multifunctional and helps to reduce the recurring cost of rent for property spaces amongst consumers. Owing to such factors, consumers are increasingly shifting towards smart furniture as these type of furniture provides numerous benefits, such as it serves numerous functions, the moveable and foldable parts stow furniture or minimize wasted space when it is not in use and further, the furniture is interactive as well as transformative to serve one or more persons.
However, concerns regarding impact on the sales of smart furniture manufacturers on the back of high price of the furniture product, coupled with lack of awareness of smart furniture amongst consumers are some of the factors anticipated to hamper the growth of the global smart furniture market.
The market also provides the existing competitive scenario of some of the key players of the global smart furniture market, which includes company profiling of Inter Ikea Systems B.V., Sobro, Sleep Number Corporation (NASDAQ: SNBR), Hi-Interiors srl, Rest Lunar a Retro Sys, Inc. company, Eight Sleep, Modoola Limited, Fonesalesman, LLC "Desktronik" (Tabula Sense), and Nitz Engineering GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.