Market Trends of US Multifunctional Furniture Industry
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.
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.
