Smart Furniture Market Global Demand Analysis & Opportunity Outlook 2024

Smart Furniture Market Segmentation By Application (Residential and Commercial), By Product Type (Tables, Desks, Sofas, Chairs, Bed and Others) and By Distribution Channel (Online and Offline) – Global Demand Analysis & Opportunity Outlook 2028

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Report ID: 263 | Published On: Sep 08, 2022
  1. Introduction
    • Market Definition
    • Market Segmentation
    • Product Overview
  2. Assumptions and Acronyms
  3. Research Methodology
  4. Research Process
    • Primary Research
    • Manufacturers
    • Distributors
    • End Users
    • Secondary Research
    • Market Size Estimation
  5. Executive Summary - Global Advanced Therapy Medicinal Products Market
  6. Analysis of Market Dynamics
  7. Drivers
  8. Trends
  9. Key Market Opportunities for Business Growth
  10. Major Roadblocks for the Market Growth
  11. Regulatory & Standard Landscape
  12. Value Chain Analysis
  13. Potential ATMP Treatment Analysis
  14. Pricing Analysis of Global Advanced Therapy Medicinal Products Market
  15. Use Case Analysis
  16. Pipeline Analysis
  17. Analysis on the Manufacturing Process
  18. Analysis of COVID-19 Impact on the Global Advanced Therapy Medicinal Products Market
  19. Analysis of End-User Market Share of Global Advanced Therapy Medicinal Products
  20. Competitive Positioning
  21. Competitive Landscape
  22. Market Share Analysis of Major Players (%), 2021
  23. Competitive Benchmarking
  24. Novartis AG.
  25. Takeda Pharmaceutical Company Limited
  26. Gilead Sciences, Inc.
  27. Bluebird Bio, Inc
  28. BioMarin Pharmaceutical Inc
  29. Vericel Corporation
  30. Mallinckrodt Pharmaceuticals
  31. UniQure N.V.
  32. JCR Pharmaceuticals Co., Ltd.
  33. Spark Therapeutics, Inc. (Parent Company: Roche)
  34. Kolon TissueGene, Inc.
  35. Global Advanced Therapy Medicinal Products Market Outlook
  36. By Value (USD million)
  37. By Product
  38. CAR-T Therapy, 2021-2031F (USD million)
  39. Gene Therapy, 2021-2031F (USD million)
  40. Cell Therapy, 2021-2031F (USD million)
  41. Tissue Engineered Product, 2021-2031F (USD million)
  42. By Disease
  43. Oncology, 2021-2031F (USD million)
  44. Genetic Disorders, 2021-2031F (USD million)
  45. CNS, 2021-2031F (USD million)
  46. Dermatology, 2021-2031F (USD million)
  47. Others, 2021-2031F (USD million)
  48. By End-User
  49. Hospitals & Clinics, 2021-2031F (USD million)
  50. Research & Academic Institutes, 2021-2031F (USD million)
  51. Global Advanced Therapy Medicinal Products Market by Region
  52. North America, 2021-2031F (USD million)
  53. Europe, 2021-2031F (USD million)
  54. Asia-Pacific, 2021-2031F (USD million)
  55. Latin America, 2021-2031F (USD million)
  56. Middle East & Africa, 2021-2031F (USD million)
  57. North America Advanced Therapy Medicinal Products Market Outlook
  58. By Value (USD million)
  59. By Product
  60. CAR-T Therapy, 2021-2031F (USD million
  61. Gene Therapy, 2021-2031F (USD million)
  62. Cell Therapy, 2021-2031F (USD million)
  63. Tissue Engineered Product, 2021-2031F (USD million)
  64. By Disease
  65. Oncology, 2021-2031F (USD million)
  66. Genetic Disorders, 2021-2031F (USD million)
  67. CNS, 2021-2031F (USD million)
  68. Dermatology, 2021-2031F (USD million)
  69. Others, 2021-2031F (USD million)
  70. By End-User
  71. Hospitals & Clinics, 2021-2031F (USD million)
  72. Research & Academic Institutes, 2021-2031F (USD million)
  73. By Country
  74. US, 2021-2031F (USD million)
  75. Canada, 2021-2031F (USD million)
  76. Europe Advanced Therapy Medicinal Products Market Outlook
  77. By Product
  78. By Disease
  79. By End User
  80. By Country
  81. UK, 2021-2031F (USD Million)
  82. Germany, 2021-2031F (USD Million)
  83. France, 2021-2031F (USD Million)
  84. Italy, 2021-2031F (USD Million)
  85. Spain, 2021-2031F (USD Million)
  86. Russia, 2021-2031F (USD Million)
  87. Netherlands, 2021-2031F (USD Million)
  88. Rest of Europe, 2021-2031F (USD Million)
  89. Asia Pacific Advanced Therapy Medicinal Products Market Outlook
  90. By Product
  91. By Disease
  92. By End User
  93. By Country
  94. China, 2021-2031F (USD Million)
  95. India, 2021-2031F (USD Million)
  96. Japan, 2021-2031F (USD Million)
  97. South Korea, 2021-2031F (USD Million)
  98. Singapore, 2021-2031F (USD Million)
  99. Australia, 2021-2031F (USD Million)
  100. Rest of Asia-Pacific, 2021-2031F (USD Million)
  101. Latin America Advanced Therapy Medicinal Products Market Outlook
  102. By Product
  103. By Disease
  104. By End User
  105. By Country
  106. Brazil, 2021-2031F (USD Million)
  107. Argentina, 2021-2031F (USD Million)
  108. Mexico, 2021-2031F (USD Million)
  109. Rest of Latin America, 2021-2031F (USD Million)
  110. Middle East & Africa Advanced Therapy Medicinal Products Market Outlook
  111. By Product
  112. By Disease
  113. By End User
  114. By Country
  115. GCC, 2021-2031F (USD Million)
  116. Israel, 2021-2031F (USD Million)
  117. South Africa, 2021-2031F (USD Million)
  118. Rest of Middle East & Africa, 2021-2031F (USD Million)

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Inflation and Looming Recession to Haunt Businesses:

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.


In The News

  • June 2019: Inter IKEA Systems B.V. announced that they have teamed up with ORI, that has developed ROGNAN robotic furniture, a smart furniture for modern small space living so as to turn small spaces into smart spaces.

  • July 2018: Hi-Interiors srl announced that it has launched its product “HiCan”, which is a smart bed, at the Milano Design Week. The product helps the user to control their bed and change their position, close their privacy blinds, watch a movie, listen to music or turn off the lights with the help of a multiplatform app.


Introduction to Smart Furniture

Smart Furniture is referred to all those furniture solutions that uses surrounding environment information to provide integrated functionality and comfort to its users. It includes all the object that supports various human activities, such as, seating, eating, sleeping and others. A smart furniture usually has the characteristics of style, which might be traditional, modern or extravagant, and is build with the sole concern of saving space. Serving multiple purposes, smart furniture is built with a focus on its appearance and impression and may also be integrated with latest IT technologies that provides the user to connect the smart furniture with their smartphone devices.

Characteristics of smart furniture


Market Size and Forecast

The global smart furniture market is thriving on the back of growing demand for smart home automated devices amongst consumers. Smart furniture provides consumers the ease to access various comfort applications, such as controlling of temperature in electric mattresses of smart beds, and also helps the user to transform the basic furniture into various space saving furniture forms, for instance, transformation of a sofa to bed and vice-versa. Additionally, growing consumption of furnishings and durable household equipment amongst consumers is also anticipated to contribute significantly towards the growth of the global smart furniture market. According to Federal Reserve Economic Data (FRED) of the Federal Reserve Bank of St. Louis, personal consumption expenditures for furnishings and durable household equipment increased from USD 238.28 billion in the year 2009 (1st of January) to USD 341.21 billion in the year 2018 (1st of January).

Personal Consumption Expenditures GraphGet more information on this report: Download Sample PDF

The market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2020-2028. 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 on the back of changing lifestyle and increasing discretionary income of population around the globe. Additionally, shifting trend of consumers towards the adoption of furniture which are interconnected to IoT is also anticipated to drive the growth of the segment during the forecast period. According to Organisation for Economic Co-operation and Development (OECD), household disposable income in the USA increased from 40624.23 USD/capita in the year 2010 to 50294.00 USD/capita in the year 2017.

Household DisposableMoreover, the commercial segment is anticipated to gain significant market share on the back of major focus by corporate offices across the world towards employee welfare and ergonomics, coupled with growing need amongst employers to track and monitor an employee’s activity, in order to increase the productivity of all employees.

smart furniture market share Graph


Growth Drivers

Growing Trend for Space Saving Furnitures

According to the Bank for International Settlements (BIS), commercial property price index in the United States grew from 400.10 index, 2010 = 100 units in the year 2010 to 687.20 index, 2010 = 100 units in the year 2018, and in the Euro area, grew from 39.31 index, 2011 = 100 units in the year 2010 to 467.30 index, 2011 = 100 units in the year 2018.

Commercial Property Price Index Graph

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Moreover, the statistics also stated that residential property price index in the United States grew from 416.60 index 2005 = 100 units in the year 2013 to 528.40 index 2005 = 100 units in the year 2018, and in the Euro Area, it grew from 392.05 index 2015 = 100 units in the year 2013 to 454.66 index 2015 = 100 units in the year 2018.

Residential Property

There is a rising concern amongst individuals around the globe for the increasing prices of commercial and residential property spaces. Additionally, numerous people stay at small living spaces to avoid the increasing cost of property spaces. Many people are even shifting to mobile homes so as to reduce their recurring cost of rent for property spaces. Owing to such factors, consumers are shifting towards furniture and home furnishings that saves space and also can be transformed to multiple furniture types. Smart furniture serves numerous benefits to the consumers, such as, it serves numerous functions, the moveable and foldable parts stow furniture or minimize wasted space when it is not in use and also the furniture is interactive as well as transformative to serve one or more persons.

Rapid Evolvement Designs Of Smart Furniture

Smart furniture manufacturers are increasingly developing new furniture that facilitate various technologies, such as wireless charging of smartphones, mirror display of time, date & news, as well as sensors deployed in furniture that detect the well-being of the user. Owing to such a factor, employers in offices are increasingly adapting to smart office furniture so as to monitor employee activities, such as how long the employee sits, stands or is away from the desk, and the calories burnt by the employee. Furthermore, many end consumers are increasingly shifting towards smart furniture owing to the multiple transformation facilities provided by the furniture, such as stools transforming from modular sofas just at the press of a button in the user’s smartphone, and smart beds that helps to maintain health of the user by keeping a track of the user’s heart rate, respiration rate, sleeping posture and others. Such factors are anticipated to drive the growth of the global smart furniture market during the forecast period.

Smart Furniture market by Application


Characteristics of smart furniture
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Restraints

High Price of Smart Furniture

Smart furniture is priced increasingly high owing to the numerous facilities provided by these furniture types. As a result, it is not feasible for many consumers to purchase the product, which might impact the sales of the smart furniture manufacturer. Additionally, lack of awareness amongst many consumers, and competitive pricing offered by the unorganized sector in the smart furniture industry are some of the factors anticipated to hinder the growth of the global smart furniture market.


Market Segmentation

Our in-depth analysis of the global smart furniture market includes the following segments:

By Application

  • Residential
  • Commercial

By Product Type

  • Tables
  • Desks
  • Sofas
  • Chairs
  • Bed
  • Others

By Distribution Channel

  • Online
  • Offline

By Region

On the basis of regional analysis, the global smart furniture market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is anticipated to hold the largest market share, especially in the provinces of U.S. and Canada, owing to increased awareness amongst the population and increasing prices of commercial and residential spaces. According to Statistics Canada, the Canada’s national statistical agency, retail trade sales of furniture stores in Canada increased from USD 9.47 million in the year 2011 to USD 11.56 million in the year 2018.

Retail Trade Sales

The global smart furniture market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.


Personal Consumption Expenditures Graph
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Top Featured Companies Dominating the Market

    • Inter Ikea Systems B.V.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Sobro
    • Sleep Number Corporation
    • Hi-Interiors srl
    • Rest Lunar a Retro Sys, Inc. company
    • Eight Sleep
    • Modoola Limited
    • Fonesalesman
    • LLC "Desktronik" (Tabula Sense)
    • Nitz Engineering GmbH

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