Dublin, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The "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 has been added to ResearchAndMarkets.com's offering.
The global smart furniture market size is anticipated to reach USD 365.5 million by 2028 and 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.
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.
Smart Furniture Market Report Highlights
- 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
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Smart Furniture Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Smart Furniture Market: Application Estimates & Trend Analysis
Chapter 6. Smart Furniture Market: Product Estimates & Trend Analysis
Chapter 7. Smart Furniture Market: Region Estimates & Trend Analysis
Chapter 8. Competitive Analysis
Chapter 9. Company Profiles
- Inter Ikea Systems B.V.
- Sobro
- Sleep Number Corporation
- Hi-Interiors srl
- Eight Sleep
- Modoola Limited
- Fonesalesman
- LLC Desktronik
- Nitz Engineering GmbH
- Rest Lunar a Retro Sys, Inc., company
For more information about this report visit https://www.researchandmarkets.com/r/tsvr7u
