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

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?

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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?

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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?

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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	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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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

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