The global smart furniture market size was valued at USD 143.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028. Major factors favoring the progress include the rise in adoption of tech-savvy workspace across the corporate offices catering to IT, research, laboratories, clubbed with the demand for optimized and functional work furniture among the work-from-home professionals.
The lifestyle of consumers, especially in urban areas, is changing significantly due to increased disposable income. Luxurious and technically integrated product is becoming an essential part of their life; which is easing out the lives of professionals and workaholics. This would contribute to driving the industry in the coming years. In addition, increasing disposable income of individuals has led to thinking regarding the social status, driving the increased spending on products including furniture.
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Key Player Mentioned:
- Inter Ikea Systems B.V.
- Sobro
- Sleep Number Corporation
- Hi-Interiors srl
- Modoola Limited
- Fonesalesman, LLC
- Desktronik
- Nitz Engineering GmbH
- Rest Lunar a Retro Sys, Inc., company
Product Segment Analysis:
- Smart Desks
- Smart Tables
- Smart Chairs
- Others
Application Segment Analysis:
- Residential
- Commercial
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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North America dominated the smart furniture market and accounted for the largest revenue share of 32.8% in 2020. The market is gradually growing and is expected to witness maximum sales growth over the forecast period due to an increase in the number of working professionals and prompt adoption of technology. However, a severe downturn in demand coinciding with the 2007-2009 US recession offset strong gains in other years, resulting in little overall change in demand over the 2006-2016 decade. Demand for office furniture is highly cyclical, fluctuating in response to macroeconomic trends such as office building construction, capital investment, and employment levels.
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- A strong research methodology was followed to collect data for the report. The data collected in this way are subjected to several quality checks to provide the best quality.
- The report provides a holistic view of the competitive scenario of the Smart Furniture Market.
- The latest product launches, along with technological changes and developments, are included in the report.
- The data analysis in the report will help you understand the Smart Furniture Market dynamics projected from 2021 to 2028.
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