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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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Extensive insights into the Growth of Smart Furniture Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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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 GraphThe 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. CLICK TO DOWNLOAD SAMPLE REPORT

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 GraphMoreover, 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

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.

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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