$ 365.5 Million Smart Furniture Market Size by 2028: Grand View Research, Inc.
SAN FRANCISCO, 23 November 2021 / PRNewswire / – The World smart furniture market the size is planned to reach $ 365.5 million by 2028, according to a new report from Grand View Research, Inc. The market is expected increase at a CAGR of 12.4% from 2021 to 2028. The lifestyle of consumers, especially in urban areas, is changing dramatically due to the increase in disposable income. The luxurious and technically integrated product becomes an essential part of their life; which makes life easier for professionals and workaholics. This would help boost the industry in the years to come. In addition, the increase in the disposable income of individuals has led to a reflection on social status, resulting in increased expenditure on products, including furniture.
Main lessons and findings:
- The size of the market was estimated at $ 143.6 million in 2020 and is expected to experience a CAGR of 12.4% from 2021 to 2028
- The smart office segment accounted for the largest revenue share of 34.8% in 2020
- Asia Pacific expected to witness a lucrative 15.2% CAGR from 2021 to 2028
Read the 80-page research report, “Smart Furniture Market Size, Share and Trend Analysis Report by Product (Smart Table, Smart Desks, Smart Chairs), by Application (Residential, Commercial), by Region and Segment Forecast, 2021-2028“, by Grand View Research
The smart office segment accounted for the largest revenue share of 34.8% in 2020. Robust growth in commercial and office building construction and renovation activity is expected to support demand as companies supply new ones. office spaces. While replacement activity has historically played a minor role in sustaining demand – largely due to product sustainability and lack of innovation – the trends towards more open workspace design and collaborative efforts will lead to an increase in replacements.
In the construction of commercial and office buildings, furniture will be needed to equip these new workspaces. A planned increase in office improvement activity will further support gains as companies redesign work areas to include modern design features, such as open floor plans and collaborative work areas. However, the used furniture market will continue to attract budget-conscious office buyers.
Asia Pacific is expected to experience a lucrative 15.2% CAGR from 2021 to 2028 due to rapid developments in the residential real estate sector 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 offices
- Smart boards
- Smart chairs
- Smart Furniture Application Outlook (Revenue, USD Million, 2016 – 2028)
- Regional Smart Furniture Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia peaceful
- central and South America
- Middle East and Africa
List of key players in the smart furniture market
- Inter Ikea Systems BV
- Sleep number company
- Hi-Interiors srl
- Modoola Limited
- Fonesalesman, LLC
- Nitz Engineering GmbH
- Rest Lunar a Retro Sys, Inc., company
Discover other studies related to home automation, conducted by Grand View Research:
- Smart home automation market – The global smart home automation market size has been assessed $ 46.15 billion in 2016 and is expected to gain ground during the forecast period due to its rapid adoption in residential applications. Rising demand for features like convenience of remote operation and exceptional smart home automation experience is likely to propel the growth of the global market during the forecast period.
- Smart beds market – The global smart bed market size was estimated to be $ 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 investment in sleep technology due to higher wellness adaptation drives demand of smart beds.
- Smart Home Equipment Market – The global smart home equipment market is expected to witness strong growth during the forecast period owing to the increasing demand for preprogrammed applications. These apps have the ability to remotely control security cameras, music systems, lights, and devices.
Browse Grand View Research’s coverage of the Global home care and decoration industry.
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About Grand View Research
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps renowned Fortune 500 companies and academic institutes understand the global and regional business environment and assess opportunities as they arise.
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