|Fastest Growing Market:||Asia-Pacific|
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The Global Multifunctional Furniture Market is expected to witness strong growth during the forecast period.
With fast-paced urbanization and industrial revolution, many people flocked to the cities and couldn’t afford proper housing. This resulted in the growth of apartment or small-space living. Multifunctional furniture includes beds, tables and chairs that can be used in multiple ways. Combinations of the portable, lightweight and plenty of storage area have created an appeal among the general population. Multifunctional or multipurpose furniture can be a great utility for a tiny apartment or a cramped house.
The market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Asia leads the global market however, Europe, which is home to several luxury furniture brands, is considered a key influencer and leader in terms of advancements in technology and design.
The COVID-19 crisis has altered the way people shop by adapting to new technologies. Shopping furniture is now a decision of buying virtually. The product images talk in every corner of the website with self-explanatory labels on them. People want to shop from the convenience of their mobile phones or tablets.
Scope of the Report
Multifunctional furniture is a furniture that offers more than one function and purpose, and often helps in space-saving. A complete analysis of the Global Multifunctional Furniture Market, which includes an assessment of the emerging trends by segments, significant changes in market dynamics and market overview, is covered in the report. The Multifunctional furniture market is segmented by Product Type (Chairs, Tables, Beds, Sofas, Others), by Application (Residential, Commercial), by Distribution Channel (Home Centers, Specialty Stores, Online, Other Distribution Channels), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa). The report offers market size and forecasts for the Global Multifunctional Furniture Market, in value (USD million) for all the above segments.
|By Product Type|
|By Distribution Channel|
|Other Distribution Channels|
|Middle East and Africa|
Key Market Trends
Increased momentum in development of smaller apartments to drive the Global Multifunctional Furniture Market
Rise in population and urbanization globally has fuelled the demand for accommodation and subsequently boosted the real estate market and also led to reduction in size of apartments. Development of urban housing has forced habitants to prefer smaller spaces, which in turn has increased the demand for furniture that can fit in small spaces and carry out multiple functions. Multifunctional furniture is also gaining popularity and traction among millenials as it is often unique, trendy and modern in design.
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Rapid growth of e-commerce as a distribution channel
The success of furniture e-commerce platforms is mainly attributed to the fact that the consumers are more inclined toward buying foldable, multi-purpose, and technology-driven furniture through e-commerce websites on account of heavy discounts, comfort, and trendy designs. The furniture sold on the e-commerce websites can come assembled, be partially assembled, or need assembly on arrival. This furniture can be larger items including couches, desks, and beds as well as much smaller decorative items, such as throw pillows, light fixtures, and window treatments. The proliferation of online shopping, rise in penetration of smartphones, and growth of the real estate and hospitality industries across the globe are the major factors expected to fuel the growth of the e-commerce.
Several furniture stores started their online journey where they focused on their online presence and tried to make it grow rigorously, this resulted in most furniture brands opting for an omnichannel approach to reach a more significant mass as it is considered one of the easiest ways to grow the business.
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The Global Multifunctional Furniture Market is competitive and characterized by presence of several players. The multifunctional furniture market is largely driven by the manufacturer's ability to create new and innovative furniture products which bring more elegance to the interiors. Some of the major players are IKEA, Lifetime Products, NOVA Furniture, Expand Furniture, Resource Furniture Mogo Direct and Meco.
June 2022: IKEA launched GREAKER, a new cabinet with drawers with added safety and stability features designed to decrease one of the furnishing industry’s most serious safety issues furniture tip over.
August 2021: Lifetime Product Inc and Plastic Development Group (PDG) have entered into an agreement wherein Lifetime will purchase PDGs folding furniture business at the end of their current licensing agreement in December of 2023. Through this agreement, Lifetime and PDG will be able to provide industry-leading products to a broader spectrum of consumers in the folding furniture market.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Latest Trends and Innovations in the Industry
4.7 Insights on Recent Developments in the Industry
4.8 Consumer Preferences and Buying Behavior Analysis
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.2 By Application
5.3 By Distribution Channel
5.3.1 Home Centers
5.3.2 Specialty Stores
5.3.4 Other Distribution Channels
5.4 By Geography
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.2 Lifetime Products
6.2.3 Nova Furniture
6.2.4 Expand Furniture
6.2.5 Resource Furniture
6.2.6 Mogo Direct
6.2.8 Kestell Furniture
6.2.10 Meco Corp*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Global Multifunctional Furniture Market market is studied from 2018 - 2027.
What is the growth rate of Global Multifunctional Furniture Market?
The Global Multifunctional Furniture Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Global Multifunctional Furniture Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Multifunctional Furniture Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Global Multifunctional Furniture Market?
IKEA , Lifetime Products, Expand Furniture, Resource Furniture, Nova Furniture are the major companies operating in Global Multifunctional Furniture Market.