Multifunctional Home Furniture Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 5.00 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Multifunctional Home Furniture Market Analysis
The rise in consumer disposable income, improved quality of life, and growing development of new residential projects across the globe are likely to drive the industry's growth. The ongoing smart city developments along with growth of the construction industry is projected to create substantial demand for the multifunctional home furniture solutions. According to the International Data Corporation, the smart city projects across the globe are expected to interest technology investments of over USD 158 billion by 2022. Middle income groups are largely spending on the multifunctional furniture owing to rising living standards, easy to use and convenient lifestyle. Due to limited space availability, especially in metro cities and increasing urbanization, people have started opting for multifunctional or folding furniture that occupies lesser space along with contemporary designs that fit the home décor. Additionally, the multi-functionality and space-saving features of folding furniture enhance the decor of the available space that is contributing to the industry's growth.
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 rise in cost of living, multi-functional furniture can reduce the number of items required to complete the home. A convertible bed that converts into a sofa is a great way to save money while also maximizing space.
Multifunctional Home Furniture Market Trends
This section covers the major market trends shaping the Multifunctional Home Furniture Market according to our research experts:
Rising Infrastructure Development
The rising population, burgeoning need for quality housing and infrastructure, along with increasing trend of nuclear families are favoring the infrastructure development growth. Asia-Pacific is expected to register fastest growth in the coming years. India's construction industry expanded in real terms by 7.9 per cent in 2021 followed by average yearly growth of 6.5 per cent up until 2030. Underpinning the positive outlook on residential building in India, strong government support was noted at the national level for housing sector, reflected in allocation of sizeable funding for housing with national 2021 Budget including INR 50,000 crore allocated to the Ministry of Housing and Urban Development (MoHUA) as well as creation of USD 3.5 Billion fund to support completion of stalled housing projects. Further, ongoing urbanization and upliftment of the population's living standard in Asian countries have driven the demand for space-efficient and affordable furniture. The booming building sector in Asia due to the rise in disposable income, growing middle-class population, and rising construction of residential infrastructure are expected to spur the market growth in the years to follow.
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Increasing Disposable Income and Urbanization
Rise in urbanization globally has fueled the demand for accommodation and subsequently boosted the housing market and led to reduction in 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 towards the adoption of folding furniture grows. The rising urbanization of the population is expected to positively impact the growth of the multifunctional home 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.
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Multifunctional Home Furniture Industry Overview
The report covers major international players operating in the global multifunctional home furniture market. In terms of market share, market is highly fragmented, as many unorganized players are also present in the industry. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
Multifunctional Home Furniture Market Leaders
Ashley Furniture Industries
Murphy Wall Beds Hardware Inc.
Milano Smart Living
*Disclaimer: Major Players sorted in no particular order
Multifunctional Home Furniture Market News
- On June 7th 2022, IKEA announced a new collection in collaboration with nine creatives across Latin America. The result is a new collection that promises to be vibrant, to be launched in 2023.
- On March 26th 2022, Ashley Furniture Inds. announced that it will launch its broadest product line in the company history. The new product line includes all of the company's product categories and all its divisional designations: Ashley Furniture, Signature Design by Ashley and Benchcraft by Ashley.
Multifunctional Home Furniture Market Report - 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 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
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 Distribution Channel
5.2.1 Home Centers
5.2.2 Specialty Stores
5.2.4 Other Distribution Channels
5.3 By Region
5.3.1 North America
5.3.3 Asia Pacific
5.3.4 South America
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.2 Ashley Furniture Industries
6.2.3 Meco Corporation
6.2.4 Murphy Wall Beds Hardware Inc.
6.2.5 Milano Smart Living
6.2.6 Resource Furniture
6.2.7 Atlas Industries
6.2.8 Kestell Furniture LLC
6.2.9 Sauder Woodworking Company
6.2.10 Bush Industries, Inc.*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Multifunctional Home Furniture Market Research FAQs
What is the current Global Multifunctional Home Furniture Market size?
The Global Multifunctional Home Furniture Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).
Who are the key players in Global Multifunctional Home Furniture Market?
IKEA, Ashley Furniture Industries, Meco Corporation, Murphy Wall Beds Hardware Inc. and Milano Smart Living are the major companies operating in the Global Multifunctional Home Furniture Market.
Which is the fastest growing region in Global Multifunctional Home Furniture Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Multifunctional Home Furniture Market?
In 2023, the North America accounts for the largest market share in the Global Multifunctional Home Furniture Market.
Global Multifunctional Home Furniture Industry Report
Statistics for the 2023 Global Multifunctional Home Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Multifunctional Home Furniture analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.