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

Report Overview

The global smart furniture market size was valued at USD 143.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028. Major factors favoring the progress include the rise in adoption of tech-savvy workspace across the corporate offices catering to IT, research, laboratories, clubbed with the demand for optimized and functional work furniture among the work-from-home professionals.

The 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.

Product Insights                                                                                                  

The smart desks segment dominated the market for smart furniture and 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.

The smart table segment is anticipated to exhibit the fastest CAGR of 13.6% over the forecast period. The lifestyle of consumers in urban areas is changing owing to increased disposable income. Luxurious products are becoming an essential part of their life; as a result, they are ready to spend more.

Application Insights                                                                                                

The commercial segment dominated the market for smart furniture and accounted for the largest revenue share of 50.9% in 2020. 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.

The residential segment is anticipated to proliferate over the forecast period owing to the growing demand for furniture in living rooms and bedrooms coupled with a rise in real estate construction projects initiated by governments especially in urban areas.

Regional Insights

North America dominated the smart furniture market and accounted for the largest revenue share of 32.8% in 2020. The market is gradually growing and is expected to witness maximum sales growth over the forecast period due to an increase in the number of working professionals and prompt adoption of technology. However, a severe downturn in demand coinciding with the 2007-2009 US recession offset strong gains in other years, resulting in little overall change in demand over the 2006-2016 decade. Demand for office furniture is highly cyclical, fluctuating in response to macroeconomic trends such as office building construction, capital investment, and employment levels.

In Asia Pacific, the market for smart furniture 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.

Key Companies & Market Share Insights        

The market for smart furniture is fragmented in nature owing to the presence of a large number of regional as well as international players. Some of the prominent players in the smart furniture market include:

• 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

Smart Furniture Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global smart furniture market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Smart Desks

  • Smart Tables

  • Smart Chairs

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Residential

  • Commercial

• 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