|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The wood industry, which necessitates a strategic algorithm of ethics, workmanship, devotion, patience, and discipline, is one of the key segments to be hit by the COVID-19. The lockdown has hindered business even though the market has consistently been growing for a number of firms.
The desire for ergonomic and useful office furniture among professionals who work from home is one of the main drivers promoting progress, along with the rise in the adoption of tech-savy workspace across corporate offices serving IT, research, and laboratories.
Due to greater discretionary income, consumers' lifestyles are altering substantially, particularly in urban regions. Professionals and workaholics lives are being made easier by the emergence of luxurious and technologically advanced products. In the upcoming years, this would help to drive the sector. Additionally, as people's discretionary money has increased, they have begun to consider their social status, which has resulted in greater spending on goods like furniture.
Scope of the Report
Smart furniture is a furniture with integrated technology such as sensors and intelligent systems to provide enhanced functionality, for example, coffee tables with wireless charging. A complete analysis of the global smart furniture market, which includes an assessment of the emerging market trends by segments, significant changes in the market dynamics and market overview, is covered in the report. The Global Smart Furniture Market is Segmented By Product (Smart Desks, Smart Tables, Smart Chairs, Other Smart Furniture), By End User (Residential, Commercial), By Distribution Channel (Home Centers, Specialty Stores, Online, Other Distribution Channels), By Geography (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa).
|Other Smart Furniture|
|By End User|
|By Distribution Channel|
|Other Distribution Channels|
|Middle East and Africa|
Key Market Trends
Commercial Segment Dominates the Market
The commercial sector dominates the market for smart furniture. The furniture will be required for new workspaces in commercial building and office construction. Gains will be further supported by a predicted increase in office improvement activity as businesses renovate workspaces to integrate contemporary design elements like open floor plans and collaborative work areas. Budget-conscious office buyers will still be drawn to the market for used furniture, though.
The increased demand for furniture for living rooms and bedrooms along with an increase in real estate construction projects launched by governments, particularly in urban areas, are expected to cause the residential segment to expand throughout the course of the projection year.
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Smart Desk Segment Dominates the Market
The market for smart furniture was dominated by the smart desks sector in 2021. Demand is expected to increase as businesses outfit new office spaces due to predicted rapid expansion of commercial and office building development and remodelling activity. Because of product longevity and lack of innovation, replacement activity has historically played a modest part in meeting demand. However, trends toward more open, collaborative workspace designs will cause replacement activity to increase.
Due to higher discretionary income, consumers' lifestyles are altering in metropolitan regions. They are willing to pay more since luxuries are becoming a need in their lives.
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The market for smart furniture is fragmented in nature owing to the presence of a large number of regional as well as international players. In terms of market share, some of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
- On May 5th 2022, Steelcase Inc. announced that it has entered a definitive agreement to buy HALCON, a Minnesota-based designer and manufacturer of precision-tailored wood office furniture. This acquisition will add to Steelcase's current wood product collection, providing A+D experts and clients with uncompromising design and master craftsmanship. It entailed the purchase of all outstanding equity interests in HALCON for $127.5 million, plus a working capital adjustment and a potential extra consideration of up to $9.5 million payable to the seller over three years if certain performance criteria are met and Mr. Conway remains employed.
- In July 2021, Herman Miller announced the completion of its previously announced acquisition of Knoll, Inc., transforming the company into the preeminent pioneer in modern design. The united company has 19 major brands, a global dealer network, 64 showrooms worldwide, over 50 physical retail locations, and global multi-channel e-commerce capabilities. The completion of this deal is the first step in realising the many benefits of this merger, allowing them to quickly begin leveraging the combined company's capabilities.
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 Analysis
4.5 Porter's 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 into Latest Trends and Technological Advancements in the Industry
4.7 Consumer Preferences and Behavior Analysis
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Smart Desks
5.1.2 Smart Tables
5.1.3 Smart Chairs
5.1.4 Other Smart Furniture
5.2 By End User
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
6.2.1 Inter Ikea Systems B.V.
6.2.2 Herman Miller, Inc
6.2.3 Steel Case Inc
6.2.5 Sleep Number Corporation
6.2.6 Store Bound LLC
6.2.7 Seebo Interactive Ltd.
6.2.9 Nitz Engineering GmbH
6.2.10 Hi-Interiors srl
6.2.11 Fonesalesman, LLC
6.2.12 Rest Lunar a Retro Sys, Inc.,*
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 Smart Furniture Market market is studied from 2018 - 2027.
What is the growth rate of Global Smart Furniture Market?
The Global Smart Furniture Market is growing at a CAGR of >10% over the next 5 years.
Which region has highest growth rate in Global Smart Furniture Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Smart Furniture Market?
North America holds highest share in 2021.
Who are the key players in Global Smart Furniture Market?
Inter Ikea Systems B.V., Herman Miller, Steel Case Inc, Sobro, Sleep Number Corporation are the major companies operating in Global Smart Furniture Market.