Global Demand for Smart Furniture Market to Incur Considerable Upsurge During 2021 – 2028: Grand View Research Inc.

 Smart Furniture Market Growth & Trends

The global smart furniture market size is anticipated to reach USD 365.5 million by 2028, according to a new report by Grand View Research, Inc. The market 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.                                      

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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

Access Press Release@ https://www.grandviewresearch.com/press-release/global-smart-furniture-market

Smart Furniture Market Segmentation

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 Desks
• Smart Tables
• Smart Chairs
• Others

Smart Furniture Application Outlook (Revenue, USD Million, 2016 - 2028)

• Residential
• Commercial

Smart Furniture Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
• Europe
  • UK.
  • Germany
• Asia pacific
  • China
  • India
• Central and South America
  • Brazil
• Middle East and Africa

List of Key Players of Smart Furniture Market

• 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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.