Smart Furniture Market to Record a Robust CAGR during the Forecast Period

Research Nester has released a report titled “Smart Furniture Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

The Bank for International Settlements (BIS), in one of their statistics stated that commercial property price index in the United States reached to 687.20 index, 2010 = 100 units in the year 2018 from 400.10 index, 2010 = 100 units in the year 2010, and in Euro area, it reached to 467.30 index, 2011 = 100 units in the year 2018 from 39.31 index, 2011 = 100 units in the year 2010. Furthermore, residential property price index in the United States reached to 528.40 index 2005 = 100 units in the year 2018 from 416.60 index 2005 = 100 units in the year 2013, and in the Euro area, it reached to 454.66 index 2015 = 100 units in the year 2018 from 392.05 index 2015 = 100 units in the year 2013.

The statistics portray the increasing prices of property spaces, thereby shrinking the living spaces of people in urban areas. Owing to such a factor, consumers are increasingly shifting towards the adoption of smart furniture that helps them to save their room space and also provides multifunctional properties. Additionally, consumers are benefitted from paying extra money on rent for property spaces, and also find the same furniture as a multiutility device. Smart furniture helps consumers to minimize wasted space when not in use and the transformative nature of the furniture type also helps to serve one or more persons.

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The global smart furniture market is anticipated to record a robust CAGR during the forecast period, i.e. 2020-2028. The market is segmented by application into residential and commercial. Among these segments, residential segment is anticipated to hold the largest market share on account of shifting trend of consumers towards the adoption of furniture interconnected by IoT, along with their changing lifestyle and increasing household disposable income. Organisation for Economic Co-operation and Development (OECD), in one of its statistics stated that household disposable income in the USA reached to 50294.00 USD/capita in the year 2017 from 40624.23 USD/capita in the year 2010.

Geographically, the global smart furniture market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to hold the largest market share on account of increasing prices of living spaces in the region, along with a large number of population having an increased awareness for smart furniture products. Statistics Canada, the Canada’s national statistical agency, stated in one of their statistics that retail trade sales of furniture stores in Canada reached to USD 11.56 million in the year 2018 from USD 9.47 million in the year 2011.

However, concerns for high price of smart furniture, which might impact the sales of the manufacturers of smart furniture, along with lack of awareness amongst certain group of population in other nations around the globe are some of the factors that is estimated to act as a barrier to the growth of the global smart furniture market.

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This report also studies existing competitive scenario of some of the key players of the global smart furniture market, which includes profiling of Inter Ikea Systems B.V., Sobro, Sleep Number Corporation (NASDAQ: SNBR), Hi-Interiors srl, Rest Lunar a Retro Sys, Inc. company, Eight Sleep, Modoola Limited, Fonesalesman, LLC “Desktronik” (Tabula Sense), and Nitz Engineering GmbH.

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Smart Furniture Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall smart furniture industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global smart furniture market in the near future.

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