San Francisco, November 23, 2021/PRNewswire/-According to a new report from Grand View Research, Inc., the global smart furniture market is expected to reach 365.5 million U.S. dollars by 2028. The market is expected to grow at a compound annual growth rate of 12.4% from 2021 to 2028. Consumers’ lifestyles, especially in urban areas, are undergoing significant changes due to the increase in disposable income. Luxurious and technologically integrated products are becoming an essential part of their lives; this makes the lives of professionals and workaholics easier. This will help promote the development of the industry in the next few years. In addition, the increase in personal disposable income has triggered thinking about social status, and has promoted an increase in product spending, including furniture.
The market size in 2020 is 143.6 million US dollars, and the compound annual growth rate from 2021 to 2028 is expected to be 12.4%
Smart desks account for the largest revenue share in 2020, accounting for 34.8%
The Asia-Pacific region is expected to grow at a compound annual growth rate of 15.2% from 2021 to 2028
Read the 80-page research report, "Smart furniture market size, product sharing and trend analysis report (smart table, smart table, smart chair), forecast by application (residential, commercial), by region and market segment, 2021-2028 ", via Grand View Research
In 2020, the smart desk division has the largest revenue share at 34.8%. As the company provides new office space, strong growth in commercial and office building construction and renovation activities is expected to boost demand. Although replacement activities have historically played a secondary role in supporting demand-primarily as a result of product durability and lack of innovation-the trend towards more open, collaborative-oriented workspace designs will drive an increase in replacement activities.
In commercial and office buildings, furniture will be needed to equip these new work spaces. As the company transforms its work areas to include modern design features, such as open floor plans and collaborative work areas, the projected increase in office improvement activities will further support revenue. However, the second-hand furniture market will continue to attract budget-conscious office buyers.
Due to the rapid development of the residential real estate industry in Asian countries such as India and China, the Asia-Pacific region is expected to grow at a compound annual growth rate of 15.2% from 2021 to 2028, which in turn will bring significant growth to the industry during the forecast period. Opportunity.
Grand View Research has segmented the global smart furniture market based on products, applications and regions:
Smart furniture product outlook (revenue, million dollars, 2016-2028)
Smart furniture application outlook (revenue, million dollars, 2016-2028)
Regional Outlook for Smart Furniture (Revenue, USD million, 2016-2028)
List of major players in the smart furniture market
Inter Ikea Systems BV
Rest Lunar is a Retro Sys, Inc. company
Check out more home automation-related research conducted by Grand View Research:
Smart home automation market-In 2016, the global smart home automation market was worth US$46.15 billion. Due to its rapid adoption in residential applications, it is expected to gain appeal during the forecast period. The growing demand for features such as the convenience of remote operation and the superior experience provided by smart home automation is likely to drive global market growth during the forecast period.
Smart bed market-In 2019, the global smart bed market was worth 2.17 billion U.S. dollars and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. Due to higher adaptability, the well-being of increased investment in sleep technology has led to the demand for smart beds.
Smart home equipment market-Due to the increasing demand for pre-programmed applications, the global smart home equipment market is expected to witness rapid growth during the forecast period. These applications can remotely control security cameras, music systems, lights and appliances.
Browse Grand View Research's coverage of the global home care and decoration industry.
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Grand View Research is a US-based market research and consulting company that provides joint and customized research reports and consulting services. The company is registered in California, headquartered in San Francisco, has more than 425 analysts and consultants, and adds more than 1,200 market research reports to its huge database every year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and well-known academic institutions understand the global and regional business environment and seize future opportunities.
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SOURCE Grand View Research, Inc.
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