The
global smart
furniture market is expected to display higher growth rate over the
next five years. Rapid surge in the market is credited to the robust market
growth in residential housing sector. Rise in the number of online distribution
channels and higher penetration of smart electronic equipment are expected to
drive the growth of the market over the forecast period. Increasing demand for
smart furniture via various online platforms, particularly in Asia Pacific
region is credited to the massive boom in residential housing sector and
ever-growing population demands.
Factors
responsible for sustained growth of smart furniture market include rising per
capita income, growing awareness level regarding online retail platforms and
declining cost of raw materials. Globally, market is predicted to generate
massive revenue over the next five years, providing numerous opportunities for
industry participants to invest in research and development of smart furniture
market.
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Increasing
adoption of smart furniture from commercial sector to enhance workplace comfort
for employees, thus improving organizational productivity, is expected to fuel
industry growth over the coming years. In addition, integration of smart
furniture in workplace creates pleasant environment for employees and keeps
them energetic during busy work schedules. Smart furniture is considered as a
key aspect for home automation, thereby generating several growth opportunities
for industry players.
However,
lack of awareness among general population, particularly in underdeveloped
economies is expected to limit market growth to a certain extent. Additionally,
higher initial cost and relatively new concepts of smart furniture are the key
challenges for smart furniture market, thus delaying its effective adoption.
Complexity associated with design of smart furniture in comparison with
traditional furniture, is further slowing the market progress.
The
market is broadly categorized into two major segments based on the application
type such as commercial sector and residential sector. Residential segment is
growing rapidly in the market with substantial revenue generation in the last
few years.
Market Segment:
The various contributors involved in the
value chain of Smart Furniture include manufacturers, suppliers, distributors,
intermediaries, and customers. The key manufacturers in the Smart Furniture
include
•
Ikea Group
•
Modoola Ltd.
•
Fonesalesman
•
Carlo Ratti
•
Herman Miller, Inc.
•
Tabula Sense
•
Milano Smart Living
Market Size Split by Application
•
Offices
•
Commercial
•
Home Use
Market size split by Region
•
North America
•
United States
•
Canada
•
Mexico
•
Asia-Pacific
•
China
•
India
•
Japan
•
South Korea
The key points of this report are:
•
To study and analyze the global Smart Furniture market size (value &
volume) by company, key regions/countries, products and application, history
data from 2013 to 2017, and forecast to 2025.
•
To understand the structure of Smart Furniture market by identifying its
various subsegments.
•
To share detailed information about the key factors influencing the growth of
the market (growth potential, opportunities, drivers, industry-specific
challenges and risks).
•
Focuses on the key global Smart Furniture manufacturers, to define, describe
and analyze the sales volume, value, market share, market competition
landscape, SWOT analysis and development plans in next few years.
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