USD 2.84 billion
Smart Furniture Market Size, Share, Growth Analysis, By Product(Smart tables, smart chairs, smart beds, and more), By Distribution channel(Online and offline retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25F2040 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Smart Furniture Market Insights
Smart Furniture Market size was valued at USD 2.84 billion in 2021 and is poised to grow from USD 3.11 billion in 2023 to USD 4.26 billion by 2030, at a CAGR of 4.6% during the forecast period (2023-2030).
The global smart furniture market experienced substantial growth due to increasing consumer interest in home automation and IoT technologies. Smart furniture incorporates innovative features such as built-in sensors, wireless charging, and app-controlled functionalities, enhancing user experience and convenience. The market witnessed rising demand for space-saving and multifunctional furniture, catering to urban living and smaller living spaces. Additionally, the integration of AI and voice-assisted technology in furniture further accelerated market growth.
The trend towards smart homes and the desire for interconnected living spaces are key driving factors for the continued expansion of the smart furniture market worldwide.
US Smart Furniture Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Online
Fastest Growth
Online
Growth Rate
4.6% CAGR
Global Smart Furniture Market by region
Country Share for North America(%)
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Smart Furniture Market Segmental Analysis
The global smart furniture market can be segmented based on product, distribution channel, and region. Product types may include smart tables, smart chairs, smart beds, and more. Distribution channels may involve online and offline retail. Region-wise analysis would encompass North America, Europe, Asia Pacific, Latin America, and MEA.
Smart Furniture Market Analysis by Product
The largest segment in the global smart furniture market was likely the smart tables category. Smart tables offer versatility and practicality in modern homes and offices, making them a popular choice among consumers. Additionally, with increasing adoption of smart technologies, smart tables were likely to have a more established market presence compared to other product types.
As for the fastest-growing segment, smart beds were anticipated to lead the way. Smart beds cater to the growing consumer interest in health and wellness, with features like sleep tracking and adjustable firmness appealing to a wide range of customers. The rise in awareness regarding the importance of sleep quality and its impact on overall well-being was driving the demand for smart beds.
Smart Furniture Market Analysis by Distribution Channel
The online retail segment is likely to be the largest distribution channel for smart furniture. The convenience and ease of shopping online, coupled with the availability of a wide range of products, make online retailers a popular choice for consumers. Additionally, the rise of digital marketing and social media has further boosted online sales, attracting tech-savvy customers interested in smart furniture products.
While online retail dominates the market, offline retailers are experiencing significant growth in the smart furniture industry. Despite the convenience of online shopping, many consumers still prefer to see and experience furniture in person before making a purchase. Furniture showrooms and brick-and-mortar stores provide a unique tactile experience that online retailers can't fully replicate.
Global Smart Furniture Market by distribution channel
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Smart Furniture Market Regional Insights
North America has traditionally been one of the largest markets for smart furniture. The region's high disposable income, technological advancements, and growing interest in smart home technologies have contributed to the widespread adoption of smart furniture. Major players in the smart furniture industry often target the North American market due to its significant consumer base and potential for growth.
The Asia-Pacific region has been experiencing rapid economic growth and urbanization, leading to increased consumer spending on home automation and smart technologies. As a result, the smart furniture market in countries like China, Japan, South Korea, and India has witnessed substantial growth. Rising middle-class populations with a penchant for smart and connected living solutions have further fueled the demand for smart furniture products in this region.
Global Smart Furniture Market by geography
- Largest
- Fastest
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Smart Furniture Market Dynamics
Smart Furniture Market Drivers
Rise of Urbanization
- The global smart furniture market is driven by increasing urbanization and the growing trend of smart homes, which has led to a rising demand for furniture with integrated technology. Smart furniture offers convenience, space optimization, and enhanced user experience, fostering its adoption among consumers.
Smart Furniture Market Restraints
Cost Associated with Advanced Technologies
- The global smart furniture market faces challenges related to high costs associated with integrating advanced technologies into furniture. Additionally, concerns over data privacy and security issues may hinder some consumers from fully embracing smart furniture solutions. These factors could limit the market's growth potential in certain regions.
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Smart Furniture Market Competitive Landscape
The global smart furniture market presented a highly competitive landscape, characterized by numerous key players vying for market share. Companies were actively innovating and integrating smart technologies, such as IoT connectivity, voice control, and automation, into furniture designs to meet evolving consumer demands for convenience and efficiency. Leading companies like IKEA, Herman Miller, and Steelcase dominated the market, while newer entrants and startups also contributed to the competitive dynamics. Customer-centricity, product differentiation, and strategic partnerships were some of the key factors driving success in this dynamic and rapidly expanding industry. For the latest developments, it's recommended to refer to up-to-date sources.
Smart Furniture Market Top Player’s Company Profiles
- IKEA (Sweden)
- Herman Miller, Inc. (USA)
- Steelcase Inc. (USA)
- Haworth Inc. (USA)
- Nectar (USA)
- Modsy (USA)
- Autonomous Inc. (USA)
- Ori Systems (USA)
- Fonesalesman (UK)
- Miliboo (France)
- Teknion Corporation (Canada)
- Galaxus AG (Switzerland)
- Furlenco (India)
- Koninklijke Philips N.V. (Netherlands)
- Kinnarps AB (Sweden)
- AcousticSheep LLC (USA)
- Bernhardt Furniture Company (USA)
- Cisco Systems Inc. (USA)
- Dyson Ltd (UK)
- KI Furniture (USA)
Smart Furniture Market Recent Developments
- In July 2021, Herman Miller announced the completion of its previously announced acquisition of Knoll, Inc., transforming the company into the preeminent pioneer in modern design.
Smart Furniture Key Market Trends
- The global smart furniture market was experiencing significant developments. Key trends included the integration of IoT technology into furniture, enabling features like smart lighting, wireless charging, and automated adjustments. The rise of voice-activated assistants and AI-driven systems further enhanced user experience and convenience. Additionally, manufacturers were focusing on sustainable and eco-friendly materials to cater to environmentally conscious consumers. The market witnessed increased collaborations between furniture companies and tech firms to create innovative products that meet the demands of the connected, smart home ecosystem. Consumer adoption was growing steadily, fostering further advancements in the industry.
Smart Furniture Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global smart furniture market is expected to witness promising growth in the future. With increasing urbanization and the adoption of smart home technology, consumers seek innovative and connected furniture solutions. Smart furniture offers enhanced functionality, convenience, and integration with smart devices, catering to the modern lifestyle. Advancements in IoT, AI, and automation will further fuel the market's expansion. Additionally, the growing focus on sustainable and space-saving furniture solutions will contribute to the market's growth. As consumers become more tech-savvy and seek seamless experiences, the smart furniture market is likely to experience substantial growth and opportunities in the years to come.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 2.84 billion |
| Market size value in 2030 | USD 4.26 billion |
| Growth Rate | 4.6% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Furniture Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Furniture Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Furniture Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Furniture Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Furniture Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Furniture Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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