US Multifunctional Furniture Market Size
|Study Period:||2019 - 2028|
|CAGR:||> 4.5 %|
*Disclaimer: Major Players sorted in no particular order
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US Multifunctional Furniture Market Analysis
The United States Multifunctional Furniture Market is poised at a CAGR of 4.5% during the forecast period.
The increase in customer disposable income, improved quality of life, and growing development of new residential projects across the country are likely to drive the industry’s growth. The ongoing smart city developments and the growth of the construction industry are projected to create substantial demand for multifunctional home furniture solutions. Rise in entrepreneurship & work from home, growth in infrastructure investment in the residential & commercial sectors, and a surge in the inclination of customers toward modular furniture drive the development of the US multi-functional furniture market. Due to inadequate space availability, especially in metro cities and increasing urbanization, people have started choosing multifunctional or folding furniture that occupies lesser space along with contemporary designs that fit the home décor.
Many consumers nowadays prefer furniture that improves the space's functioning. Multi-functional furniture not only makes their lives simpler, but it may also become a part of their daily routine. With the rise in the 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 expanding space.
US Multifunctional Furniture Industry Segmentation
Multifunctional furniture is furniture that offers more than one function and purpose and often helps in space-saving. A complete analysis of the US Multifunctional Furniture Market, which includes an assessment of the emerging trends by segments, significant changes in market dynamics, and a market overview, is covered in the report. The US 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). The report offers market size and forecasts for the United States Multifunctional Furniture Market in value (USD Million) for all the above segments.
|By Product Type|
|Other Distribution Channels|
US Multifunctional Furniture Market Trends
This section covers the major market trends shaping the US Multifunctional Furniture Market according to our research experts:
Increasing Disposable Income and Urbanization
The rise in urbanization has fueled the demand for accommodation and subsequently boosted the housing market and led to a reduction in the size of apartments. Customers are looking for inspirational folding furniture designs that emanate relaxation, elegance, and comfort as their lifestyle improves, and thus the trend toward the adoption of folding furniture grows. The rising urbanization of the population is expected to positively impact the growth of the multifunctional 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 likely to be in demand, fueled by shrinking homes and a growing affordable housing sector across the World.
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Residential Sector is Leading
The residential sector is expected to dominate the market in the United States due to the larger requirement for furniture items within a home as compared to commercial buildings. The rising population, burgeoning need for quality housing and infrastructure, along with the increasing trend of nuclear families are driving the market growth. The US president, Joe Biden, announced a USD 2.25 trillion infrastructure plan, that includes the Neighbourhood Homes Investment Act (NHIA) among USD 213 billion in affordable housing investments with a focus on low- and middle-income homeowners and prospective homebuyers that could also include expansions of the Low-Income Housing Tax Credit, public housing capital funding, and other programs. Hence, in the coming years as well, the residential sector is anticipated to dominate the market share in the US multifunctional furniture market.
US Multifunctional Furniture Industry Overview
The report covers major international and local players operating in the US multifunctional 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.
US Multifunctional Furniture Market Leaders
Ashley Furniture Industries
Murphy Wall Beds Hardware Inc.
Milano Smart Living
*Disclaimer: Major Players sorted in no particular order
US Multifunctional Furniture Market News
- June 2022 - IKEA U.S. held ONE HOME, ONE PLANET U.S., a two-day action-focused sustainability event, in the House of Sweden in Washington, D.C. on June 14 and 15, 2022. This was the event's first time ever. Policymakers, corporate executives, NGOs, students, activists, and IKEA coworkers came together at the event to work together to bring about meaningful change in the areas of inequality and the climate problem.
- June 2022 – IKEA Kreativ, a new AI-driven digital design experience, is now available from Ingka Group, the largest IKEA retailer. Customers now have a realistic, completely integrated way to build and envision their own living environments from computers and smartphones thanks to the user-friendly new experience.
US Multifunctional 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 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.2 By Application
5.3 Distribution Channel
5.3.1 Home Centers
5.3.2 Specialty Stores
5.3.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
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
6.2.8 Expand Furniture Social
6.2.9 Sauder Woodworking Company
6.2.10 Bush Industries, Inc.*
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
US Multifunctional Furniture Market Research FAQs
What is the study period of this market?
The United States Multifunctional Furniture Market is studied from 2019 - 2028.
What is the growth rate of United States Multifunctional Furniture Market?
The United States Multifunctional Furniture Market is growing at a CAGR of >4.5% over the next 5 years.
Who are the key players in United States Multifunctional Furniture Market?
Ashley Furniture Industries, Meco Corporation, Murphy Wall Beds Hardware Inc., Milano Smart Living, Resource Furniture, Expand Furniture, IKEA are the major companies operating in United States Multifunctional Furniture Market.
United States Multifunctional Furniture Industry Report
Statistics for the 2023 US Multifunctional Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Multifunctional 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.