By Components (Table, Chair, Sofa, Bed, Essentials), By Application (Commercial & Residential), by Distribution Channel (Online & Offline) and Geography (North America , Latin America, Europe, Asia Pacific, Middle east) – Global Demand Analysis & Opportunity Outlook 2027
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Our in-depth analysis of the global Multifunctional furniture market includes the following segments:
The Global Multifunctional furniture market is further classified on the basis of Region as follows:
The multifunctional furniture market is expected to grow at a CAGR of 7.5% to reach USD 13.2 billion over the forecast period i.e. 2017-2027. The primary factor responsible for the growth of the market is the increasing number of smaller homes in the populous cities of the world, generating a need for saving space. Multifunctional furniture provides for effective space saving options without downscaling but rather collapsing the furniture as per the available space.
Moreover, these furniture also offers aesthetic appeal and at the same time reduction in space, thus leading to the growth of the market. From ceiling beds to coffee-tables, Multifunctional furniture provides numerous innovations. One of the most recent trends in this industry is the usage of bookniture, which is a compact furniture hidden that appears as a book that can be unfolded into a footrest, standing desk and a portable side table.
The growth of the market is primarily driven by the adoption of the furniture in the populated cities of the world namely, Beijing, Tokyo, New York, London and Delhi due to the increasing ownership of smaller homes. Further, the rapid pace of urbanization and growth in the real estate industry influence the folding furniture industry. In U.S. the growing trend towards the rented apartments has been observed among the population who are inclined towards affordable, multifunctional and smaller furniture that suits their changing lifestyles. Moreover, the folding furniture manufacturers are trying to cater to the metropolitan ways of life of consumers and are adding appealing features to the furniture. Therefore, the manufacturers in order to meet the rising needs of the consumers are diversifying their product portfolio. Their furniture now includes the various attributes that are aesthetically appealing and light weight, and thus supplementing the growth of the global Multifunctional furniture market. However, the market growth is hampered by the rising prices of the raw materials such as leather, foam and wood. In addition, the costs of coating and finishing have also increased which has increased the price of the furniture in the U.S. and China. Moreover, the rising prices of the foam and fiber may also hamper the growth of the market.
The folding furniture market is expected to grow at a higher pace in Asia Pacific and Europe. The folding-furniture industry in Asia Pacific would be driven by the growth in population and smaller living areas. As for the Europe, the space saving furniture is gaining popularity, which has led to the expansion across the region. For instance, an Italian design for small coffee table can be expanded into dinner table and a beautiful wall that spins 180º and then unfolds into a queen-sized bed with the help of hydraulic mechanism. These innovations within the folding furniture market are expected to drive the Europe folding furniture market during the forecast period.
The folding furniture is sold through offline and online channels. However, the offline channels will dominate the market, while the online channel will grow at a significant CAGR during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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