Market Size of Europe Smart Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Smart Furniture Market Analysis
The production of smart furniture in the European region was severely constrained in 2020 and 2021 by the coronavirus outbreak (COVID-19). In an effort to reduce costs, it has disrupted supply chains, led to a lack of goods, and ended contracts. The overall expansion of the smart furniture market in the European region was also constrained by manpower shortage.
Several prominent firms in the smart furniture market in Europe are building their own online platforms and forming partnerships with e-commerce retailers to increase their distribution networks, which is one of the primary trends in the regional market. In addition, market dynamics are anticipated to change in the coming years due to the growing presence of manufacturers of smart furniture in other developing nations. Furthermore, it is anticipated that the expanding international trade in smart furniture between China, Germany, Italy, Poland, the United States, the United Kingdom, and France would play a key role.
The growing acceptance of tech-savvy workspace in corporate offices that serve IT, research, and laboratories, as well as the demand for efficient and effective office furniture among professionals who work from home, are some of the major drivers for the market for smart furniture. In addition, consumers' lifestyles are substantially changing as a result of rising discretionary spending, particularly in urban areas. The advent of luxury and technologically advanced products is making the lives of professionals and workaholics simpler. Additionally, consumers are spending more on items like furniture as a result of increased social awareness brought on by higher disposable income.
