Smart Furniture Market Size & Share, by Application (Residential, Commercial), Product (Tables, Desks, Sofas, Chairs, Bed), Distribution Channel (Online, Offline) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

Growing Trend for Space Saving Furnitures

According to the Bank for International Settlements (BIS), commercial property price index in the United States grew from 400.10 index, 2010 = 100 units in the year 2010 to 687.20 index, 2010 = 100 units in the year 2018, and in the Euro area, grew from 39.31 index, 2011 = 100 units in the year 2010 to 467.30 index, 2011 = 100 units in the year 2018.

Moreover, the statistics also stated that residential property price index in the United States grew from 416.60 index 2005 = 100 units in the year 2013 to 528.40 index 2005 = 100 units in the year 2018, and in the Euro Area, it grew from 392.05 index 2015 = 100 units in the year 2013 to 454.66 index 2015 = 100 units in the year 2018.

There is a rising concern amongst individuals around the globe for the increasing prices of commercial and residential property spaces. Additionally, numerous people stay at small living spaces to avoid the increasing cost of property spaces. Many people are even shifting to mobile homes so as to reduce their recurring cost of rent for property spaces. Owing to such factors, consumers are shifting towards furniture and home furnishings that saves space and also can be transformed to multiple furniture types. Smart furniture serves numerous benefits to the consumers, such as, it serves numerous functions, the moveable and foldable parts stow furniture or minimize wasted space when it is not in use and also the furniture is interactive as well as transformative to serve one or more persons.

Rapid Evolvement Designs Of Smart Furniture

Smart furniture manufacturers are increasingly developing new furniture that facilitate various technologies, such as wireless charging of smartphones, mirror display of time, date & news, as well as sensors deployed in furniture that detect the well-being of the user. Owing to such a factor, employers in offices are increasingly adapting to smart office furniture so as to monitor employee activities, such as how long the employee sits, stands or is away from the desk, and the calories burnt by the employee. Furthermore, many end consumers are increasingly shifting towards smart furniture owing to the multiple transformation facilities provided by the furniture, such as stools transforming from modular sofas just at the press of a button in the user’s smartphone, and smart beds that helps to maintain health of the user by keeping a track of the user’s heart rate, respiration rate, sleeping posture and others. Such factors are anticipated to drive the growth of the global smart furniture market during the forecast period.

Challenges

High Price of Smart Furniture

Smart furniture is priced increasingly high owing to the numerous facilities provided by these furniture types. As a result, it is not feasible for many consumers to purchase the product, which might impact the sales of the smart furniture manufacturer. Additionally, lack of awareness amongst many consumers, and competitive pricing offered by the unorganized sector in the smart furniture industry are some of the factors anticipated to hinder the growth of the global smart furniture market.