Market Size of Global Multifunctional Home Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*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.
