SAN FRANCISCO, Nov. 23, 2021 /PRNewswire/ -- The global smart furniture market size is anticipated to reach USD 365.5 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.4% from 2021 to 2028. Lifestyle of consumers, especially in urban areas, is changing significantly due to increased disposable income. Luxurious and technically integrated product is becoming an essential part of their life; which is easing out the lives of professionals and workaholics. This would contribute to driving the industry in the coming years. In addition, increasing disposable income of individuals has led to thinking regarding the social status, driving the increased spending on products including furniture.
Key Insights & Findings:
- The market size was valued at USD 143.6 million in 2020 and is anticipated to witness a CAGR of 12.4% from 2021 to 2028
- The smart desks segment accounted for the largest revenue share of 34.8% in 2020
- Asia Pacific is expected to witness a lucrative CAGR of 15.2% from 2021 to 2028
Read 80 page research report, "Smart Furniture Market Size, Share & Trends Analysis Report By Product (Smart Table, Smart Desks, Smart Chairs), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
The smart desks segment accounted for the largest revenue share of 34.8% in 2020. Vigorous growth in commercial and office building construction and remodeling activity is anticipated to buoy demand as companies furnish new office spaces. While replacement activity historically played a minor role in supporting demand - largely the result of product durability and lack of innovation - trends towards more open, collaboration-oriented workspace design will drive an increase in replacements.
In commercial building and office construction, the furniture will be needed to outfit these new workspaces. A forecast increase in office improvement activity will further support gains as companies remodel work areas to include modern design features, such as open floor plans and collaborative work areas. However, the market for used furniture will continue to appeal to budget-conscious office purchasers.
Asia Pacific is expected to witness a lucrative CAGR of 15.2% from 2021 to 2028 due to rapid developments in the residential real estate industry in Asian countries such as India and China, which in turn opens up notable opportunities for the sector during the forecast period.
Grand View Research has segmented the global smart furniture market on the basis of product, application, and region:
- Smart Furniture Product Outlook (Revenue, USD Million, 2016 - 2028)
- Smart Desks
- Smart Tables
- Smart Chairs
- Others
- Smart Furniture Application Outlook (Revenue, USD Million, 2016 - 2028)
- Residential
- Commercial
- Smart Furniture Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Europe
- U.K.
- Germany
- Asia pacific
- China
- India
- Central and South America
- Brazil
- Middle East and Africa
List of Key Players of Smart Furniture Market
- Inter Ikea Systems B.V.
- Sobro
- Sleep Number Corporation
- Hi-Interiors srl
- Modoola Limited
- Fonesalesman, LLC
- Desktronik
- Nitz Engineering GmbH
- Rest Lunar a Retro Sys, Inc., company
Check out more studies related to home automation, conducted by Grand View Research:
- Smart Home Automation Market - The global smart home automation market size was valued USD 46.15 billion in 2016 and is expected to gain traction over the forecast period owing to its rapid adoption across residential applications. The increasing demand for features such as the convenience of remote operation and exceptional experience offered by smart home automation is likely to propel the global market growth over the forecast period.
- Smart Bed Market - The global smart bed market size was valued at USD 2.17 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. Increasing investments in sleep technology owing to the higher adaption of well-being are resulting in demand for smart beds.
- Smart House Equipment Market - The global smart house equipment market is expected to witness high growth over the forecast period owing to the increasing demand for pre-programmed applications. These applications have the capability to remotely control security cameras, music systems, lights, and appliances.
Browse through Grand View Research's coverage of the Global Homecare & Decor Industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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