Market Trends of Europe Multifunctional Furniture Industry
This section covers the major market trends shaping the Europe Multifunctional Furniture Market according to our research experts:
Increased Momentum In Development of Smaller Apartments
The rise in urbanization has fueled the demand for accommodation and subsequently boosted the housing market and led to a reduction in the size of apartments. Consumers are looking for inspiring folding furniture designs that emanate relaxation, elegance, and comfort as their lifestyle improves, and thus the trend toward the adoption of folding furniture grows. The rising urbanization of the population is expected to positively impact the growth of the multifunctional furniture market over the forecast period. Sofas that double up as beds, study units that can be folded away, and beds that can be stood up against the wall are among items expected to be in demand, fueled by shrinking homes and a growing affordable housing sector across the World. Ongoing urbanization and upliftment of the population's living standard in European countries have driven the demand for space-efficient and affordable furniture.
Residential Sector is Dominating
The residential sector is expected to dominate the market in Europe due to the larger requirement of furniture items within a home as compared to commercial buildings. The rising population, burgeoning need for quality housing and infrastructure, along with the increasing trend of nuclear families are favoring the infrastructure development growth. Ecommerce is increasing in Europe as customers prefer to shop online instead of in physical stores. The changing trends in the home and living concepts are transforming the buying patterns of customers. The emergence of new opportunities for customers to shop online is one of the key factors boosting the online purchase of multifunctional furniture such as chairs, tables, and sofas.
