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Smart Furniture Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2020-2024

  • Published: Mar 2020
  • Pages: 120
  • SKU: IRTNTR40463
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The smart furniture market share is expected to increase by USD 244.21 million from 2019 to 2024, at a CAGR of 5%.

This market research report extensively covers market segmentation by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America). The market report also offers information on several market vendors, including CARLO RATTI ASSOCIATI Srl, Desktronic LLC, Fonesalesman Ltd., Herman Miller Inc., Inter IKEA Systems BV, Milano Smart Living, Modoola Ltd., Ori Inc., Steelcase Inc., and StoreBound LLC among others.

What will the Smart Furniture Market Size be During the Forecast Period?

Smart Furniture Market Size

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Smart Furniture Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing adoption of smart products is notably driving market growth, although factors such as lack of demand in developing countries may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart furniture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Market Driver

One of the key factors driving growth in the market is the increasing adoption of smart products. Smart furniture is growing popular across industries. This is because organizations want to offer their employee's enhanced workplace comfort as they face problems due to lack of physical activities and busy work schedules. Furthermore, organizations are investing heavily to ensure the maximum productivity of their employees during their work hours. Smart furniture products have multiple sensors embedded in them, which analyze the activity log of employees by assessing how long they are stationed at the desk or away. Thus, the captured data helps employers in evaluating the active and inactive working hours of the employees.

Key Market Trend

Online retailing is a mode of conducting retail business by leveraging Internet connectivity. It includes various retailing models such as business-to-business (B2B), business-to-consumer (B2C), and consumer-to-consumer (C2C) sales of both goods and services and offers the option of shopping from remote locations using smartphones, tablets, laptops, and computers. Thus, the entry of many new players in the smartphone market with high-speed Internet service providers (ISPs) coupled with competitive price offerings will also support the global market.

Key Market Challenge

The lack of demand in developing countries will be a major challenge for the market during the forecast period. The awareness of the benefits of smart furniture and furniture systems is low in underdeveloped economies and rural areas. Consumers in most underdeveloped economies and rural areas prefer traditional furniture. Due to low product consciousness and lack of exposure to technological advances, underdeveloped economies and rural areas pose a minimal demand for smart furniture and furniture systems. Thus, the sales of smart furniture in APAC and MEA are lower than those of developed economies such as Europe and North America.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the smart furniture market as a part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Smart Furniture Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • CARLO RATTI ASSOCIATI Srl
  • Desktronic LLC
  • Fonesalesman Ltd.
  • Herman Miller Inc.
  • Inter IKEA Systems BV
  • Milano Smart Living
  • Modoola Ltd.
  • Ori Inc.
  • Steelcase Inc.
  • StoreBound LLC

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is concentrated and the vendors are deploying growth strategies on the basis of price, quality, and innovation to compete in the market.

Product Insights and News

  • CARLO RATTI ASSOCIATI Srl - Lift-Bit is a smart sofa which can be modified into a bed, sofa, living room or auditorium based on user requirements; uses IoT, and can be controlled remotely using an app.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.

Smart Furniture Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global home furnishings market includes the following core components:

  • Raw material and input suppliers
  • Manufacturing companies
  • Traders
  • Distributors
  • Retailer
  • Consumers

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Smart Furniture Market?

Smart Furniture Market Market segmentation by region

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34% of the market's growth will originate from North America during the forecast period. The US is the key market for smart furniture in North America. Market growth in this region will be slower than the growth of the market in other regions.

The wide penetration of smartphones and the internet will facilitate the market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Distribution channel Segments in the Smart Furniture Market?

Smart Furniture Market Segmentation

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The market share growth by the offline segment will be significant during the forecast period. The market is expected to witness the establishment of numerous physical retail stores during the forecast period. This is because smart furniture vendors are inclined toward expanding their business globally.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.

 

Smart Furniture Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Decelerate at a CAGR of 5%

Market growth 2020-2024

$ 244.21 million

Market structure

Concentrated

YoY growth (%)

7.04

Regional analysis

APAC, Europe, MEA, North America, and South America

Performing market contribution

North America at 34%

Key consumer countries

the US

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

CARLO RATTI ASSOCIATI Srl, Desktronic LLC, Fonesalesman Ltd., Herman Miller Inc., Inter IKEA Systems BV, Milano Smart Living, Modoola Ltd., Ori Inc., Steelcase Inc., and StoreBound LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Smart Furniture Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive market growth during the next five years
  • Precise estimation of the market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behaviour
  • The growth of the smart furniture industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Customer landscape

  • Overview

Drivers, Challenges, and Trends

  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • CARLO RATTI ASSOCIATI Srl
  • Desktronic LLC
  • Fonesalesman Ltd.
  • Herman Miller Inc.
  • Inter IKEA Systems BV
  • Milano Smart Living
  • Modoola Ltd.
  • Ori Inc.
  • Steelcase Inc.
  • StoreBound LLC

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Smart Furniture market growth will increase by $244.21 million during 2019-2024.
The smart furniture market is expected to grow at a CAGR of 5.23% during 2019-2024.
Technavio has segmented the smart furniture market by distribution channel (Offline and Online) ,other 1 (x86, ARM, PowerPC, and Others) , and geographic (North America, Europe, APAC, South America, and MEA).
CARLO RATTI ASSOCIATI Srl, Desktronic LLC, Fonesalesman Ltd., Herman Miller Inc., Inter IKEA Systems BV, Milano Smart Living, Modoola Ltd., Ori Inc., Steelcase Inc., StoreBound LLC are a few of the key vendors in the smart furniture market.
North America will register the highest growth rate of 34.26% among the other regions. Therefore, the smart furniture market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • UK
  • Germany
  • France
  • China
The key factors driving the smart furniture market growth are:
  • Use in detecting well-being of employees
  • Increase in online retailing
The smart furniture market vendors should focus on grabbing business opportunities from the offline segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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