Market Size of Europe Multifunctional Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Multifunctional Furniture Market Analysis
Europe Multifunctional Furniture Market is poised to grow at a CAGR of 5% during the forecast period.
The increase in consumer disposable income, improved quality of life, and growing development of new residential projects across the region are likely to drive the industry's growth. The ongoing smart city developments and growth of the construction industry are projected to create substantial demand for multifunctional furniture solutions. In 2021, London and five European partner cities have triggered investment of USD 302.8 Million in smart technologies through the Sharing Cities Programme that would surge the inclination of customers toward modular furniture. Due to constrained space availability, especially in metro cities and growing urbanization, people have started opting for multifunctional or folding furniture that occupies less significant space along with contemporary designs that fit the home décor.
Many customers nowadays prefer furniture that improves the space's functioning. Multi-functional furniture not only makes their lives easier, but it may also become a part of their daily routine. With the increase in the cost of living, multi-functional furniture can reduce the number of items required to complete the home. A convertible bed that switches into a sofa is a great way to save money while also maximizing space.
