Multifunctional Furniture Market Size, Share & Trends Analysis Report By Product (Sofa Cum Bed, Extendable Table), By Material (Wood, Plastic), By End Use (Residential, Commercial), By Region, And Segment Forecasts, 2024 - 2030

Multifunctional Furniture Market Trends

The global multifunctional furniture market size was estimated at USD 7.21 billion in 2023 and is expected to grow at a CAGR of 6.6% from 2024 to 2030. The market is driven by design innovation and technological advancements that enhance functionality and aesthetics. In addition, increasing disposable incomes and the shift toward compact living spaces and remote work environments contribute to the growing demand for versatile furniture solutions.

According to June 2024 data from the National Association of Home Builders, the average size of newly constructed homes in 2023 fell to 2,411 square feet, with a median size of 2,179 square feet-the smallest in 13 years. In response to this trend, multifunctional furniture has been developed to perform multiple functions and make the most of limited living space. Inter IKEA Systems B.V.’s BÅRSLÖV sofa bed exemplifies multifunctional design by quickly converting into a spacious bed with the removal of back cushions and extending the underframe. In addition, it features storage space under the chaise longue for added convenience.

In recent years, the scarcity and cost of living space have driven a significant shift in furniture design, with multifunctional pieces becoming increasingly essential. As homes evolve to serve not only as living spaces but also as workplaces, the demand for furniture that maximizes space and adapts to various needs has surged. This trend reflects a broader movement towards merging functionality with aesthetic appeal, ensuring that furniture not only meets practical requirements but also enhances the overall comfort and style of a home.

In April 2024, Inter IKEA Systems B.V. introduced the BRÄNNBOLL collection, which includes a versatile gaming station with a foldable tabletop, built-in PC tower storage, and cable management. This piece transitions smoothly from a gaming setup to a sleek storage unit. The collection also offers various storage solutions, such as a wall-mounted cabinet, mobile units on castors, side tables, and a multifunctional basket that can function as a movable, freestanding table.

The current wave of multifunctional furniture is not just about practicality but also about addressing the desire for a personalized and cozy living environment. As people seek to create homes that reflect their individuality and provide comfort, multifunctional furniture offers a solution that aligns with these personal aspirations. The blend of technical innovation with natural elements has made it possible to reconcile space efficiency with aesthetic appeal, allowing for high-quality, attractive, and sustainable furnishing solutions.

Increasing urbanization drives demand for multifunctional furniture as people seek to maximize the use of limited living space in smaller apartments and compact homes. Multifunctional furniture offers versatile solutions that efficiently use available space, catering to the need for both practicality and comfort in densely populated areas. The global population is projected to increase to around 9.8 billion by  2050, according to the UN. More than two-thirds of the world's population then will live in urban areas.

In January 2024, Simba Sleep unveiled six new bed frames featuring customizable storage options. Available in six fabric choices, these beds can be tailored with either two-drawers, four-drawers, or ottoman space beneath the mattress to meet individual storage needs. Such designs exemplify multifunctional furniture by combining sleeping and storage solutions in one product, making them economical as they reduce the need for additional furniture. In addition, their ability to optimize space and enhance functionality contributes to sustainability by minimizing waste and maximizing utility.

Product Insights

Sofa cum bed held a revenue share of about 25% of the market in 2023. These offer multiple benefits, making them highly desirable for modern living. They provide extra storage space under the seating area, which is ideal for stowing away documents, blankets, or other essentials, helping to declutter one’s home. These versatile pieces combine a sofa and a bed into one, saving both space and money, as one gets two functions for the price of one. Their ease of use, with a simple pull and push mechanism, adds to their convenience.

The demand for extendable tables is projected to grow at a CAGR of approximately 7.3% from 2024 to 2030 in the market, driven by their ability to optimize space by being compact when not in use and expandable when needed to accommodate more people. In December 2023, the Transformer Table was introduced at Costco UK. This innovative table measures just 18 inches in length when compact but can extend to around 10 feet using five additional panels. It features an easy expansion mechanism, solid wood construction, and elegant finish options, making it a versatile and stylish solution for various space requirements.

Material Insights

Wooden furniture accounted for a share of about 39% of the market in 2023. Wooden multifunctional furniture is highly preferred for its timeless durability, versatile design, and aesthetic appeal. Its robust construction ensures longevity, while its adaptability allows for endless customization, fitting seamlessly into various interior styles. In addition, the wooden furniture's natural beauty adds warmth and elegance to any space, making it both a practical and stylish choice. Wooden Street offers a variety of sofa cum beds with storage underneath, made from Sheesham wood. The wood used in these products is termite-resistant, making it ideal for use in humid climates.

The demand for multifunctional furniture made of plastic is expected to grow at a CAGR of about 7.7% from 2024 to 2030. In August 2023, Inter IKEA Systems B.V. partnered with the NextWave Initiative to help prevent used plastic products from ending up in the oceans and waterways. This collaboration involves leading technology and consumer-focused companies, non-governmental organizations (NGOs), and scientists to integrate ocean-bound plastic into consumer products. The long-term goal is to make ocean-bound plastic a widely available raw material. As a preliminary initiative, this project demonstrates the potential of ocean-bound plastic by creating a range of innovative product prototypes utilizing PET bottles retrieved from fishing nets by Spanish fishermen.

End Use Insights

In 2023, the residential end-use segment represented approximately 61% of the market share. A study conducted in the same year on global home improvement expenditures, including furniture and decor purchases, found that the U.S. ranked second only to China in total spending. Breaking down the expenditures by category, U.S. consumers allocated USD 65.63 billion to living room furniture, USD 41.87 billion to bedroom furniture, USD 34.61 billion to kitchen and dining room furniture, USD 16.85 billion to home office furniture, USD 28.38 billion to lighting, and USD 31.28 billion to decor. 

The demand for multifunctional furniture in commercial settings is expected to rise at a CAGR of about 6.9% from 2024 to 2030. The increase in commercial development globally is a significant factor driving the growth of the market. This surge in commercial development is fueled by factors such as population growth, urbanization, economic expansion, and evolving workplace trends. As commercial spaces such as offices, hotels, restaurants, healthcare facilities, and educational institutions continue to expand and evolve, there is a growing demand for furniture solutions that meet the unique needs of these environments.

Regional Insights

The multifunctional furniture market in North America accounted for a market share of around 29% in 2023. The demand here is driven by increasing urbanization, leading to smaller living spaces that require efficient use of available room. In addition, the rise in remote work has heightened the need for versatile furniture that can serve multiple purposes. Consumers also prioritize sustainability and cost-effectiveness, making multifunctional furniture a popular choice for maximizing functionality without compromising on style or budget.

U.S. Multifunctional Furniture Market Trends

The multifunctional furniture market in the U.S. accounted for a market share of around 80% in 2023 in the North American market. In the U.S., the demand for multifunctional furniture is fueled by the growing trend of minimalistic living and the desire for smart, space-saving solutions. In addition, the increasing popularity of compact, urban apartments and the shift towards flexible, work-from-home setups drive the need for furniture that can adapt to different uses. Consumers also seek durable and stylish options that offer both practicality and aesthetic appeal.

Asia Pacific Multifunctional Furniture Market Trends

The multifunctional furniture market in Asia Pacific is anticipated to grow at a CAGR of about 7.4% from 2024 to 2030. This is due to the rapid urbanization and growing middle class, which is driving a boom in home decor. With rising incomes, consumers are increasingly seeking versatile and high-quality furniture from established chains like Nitori and IKEA. In addition, the shift from local family-owned shops to larger retailers offering stable quality and a wide range of products supports this growing demand.

Key Multifunctional Furniture Company Insights:

The market for multifunctional furniture is fragmented. Many brands have identified untapped opportunities within their product lines and are taking steps to address these market gaps. This often involves developing new products or making strategic acquisitions to better meet consumer needs and preferences.

Recent Developments

• In January 2024, Inter IKEA Systems B.V. introduced the DAJLIEN collection, a limited-edition line of fitness equipment and stress relief products. This collection comprises 19 versatile and compact items designed for easy storage at home. Among the offerings is a durable wooden bench that serves dual purposes: it functions as both a seating and exercise platform and includes hidden storage space. Users can lift the wooden plank to stow their fitness accessories and relaxation tools, keeping their space organized and clutter-free.

• In May 2023, Resource Furniture introduced its latest innovations in space-saving furniture: the motorized Tonale sofa wall bed and the LGM 2.0 revolving wall bed. The updated LGM 2.0 model features built-in nightstands, recessed LED lighting, and USB ports. It also supports the addition of a mounted TV and includes a fold-down desk that can be fully detached to serve as a standalone table. Alongside the LGM 2.0, Resource Furniture launched the Tonale, which it characterizes as a modern twist on the traditional sofa wall bed. The Tonale is available in both two-seat and three-seat configurations, with a selection of Italian fabrics and leather to suit various home styles.

• In May 2023, Inter IKEA Systems B.V. launched its advertisement campaigns in India. The ads showed the multifunctional prowess of its iconic products, including the versatile NORDEN Table, GLADOM Tray Table, and MINNEN Bed. The commercials illustrate how these pieces seamlessly integrate into Indian homes, enhancing everyday life with their innovative designs. The NORDEN Table’s ability to fold for extra play space, the GLADOM Tray Table’s dual functionality, and the MINNEN Bed’s extendable feature highlight the campaign's emphasis on practicality and adaptability. 

Multifunctional Furniture Market Report Scope

Global Multifunctional Furniture Market Report Segmentation

This report forecasts revenue growth at the regional and country levels and analyzes the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global multifunctional furniture market report based on product, material, end-use, and region.

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Sofa Cum Bed

  • Wall Bed

  • Shelf and Desk

  • Modular Furniture

  • Extendable Table

  • Storage Ottoman

  • Convertible Chair/Recliner

  • Others

• Material Outlook (Revenue, USD Billion, 2018 - 2030)

  • Metal

  • Wood

  • Plastic

  • Glass

  • Others

• End Use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Residential

  • Commercial

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia