Global Smart Furniture Market; By Product (Smart Desks, Smart Chairs, Smart Tables); By Application (Commercial, and Residential); By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast: 2023-2032

Report Overview

The global smart furniture market was valued at USD 160.6 million in 2021. This market is slated to expand to USD 553.19 million at an 11.9% CAGR (compound annual growth rate), between 2023-2032.

There are two main factors that favor industry development: the rising adoption of tech-savvy workspaces in corporate offices for IT, research, and laboratories, as well as the growing demand for work furniture optimized for work-from-home professionals. This Smart Furniture market report provides a detailed analysis of the market size, share, growth, competitive analysis, Industry trends, competitive landscape, and other major factors.

Global Smart Furniture Market Scope:

Product Analysis

In terms of ‘Product’, the ‘Smart Desks’ segment dominated the smart furniture market in 2021, accounting for 33.7% of this market’s revenue share. The demand for office space is expected to increase due to the anticipated growth in commercial and office building remodeling and construction projects.

Because these products last a long time and there isn’t much innovation, replacement activity has historically only contributed minimally to meeting product demand. However, there will be increased replacement activity as a result of tendencies toward open, collaborative workspace designs.

The fastest CAGR is expected to be indexed by the ‘Smart Table’ segment, growing at a 13.1% CAGR over the forecast period. Because of the increase in disposable incomes, the lifestyles of consumers are steadily changing. Consumers are increasingly looking for luxury products and are willing to spend more.

Application Analysis

With respect to ‘Application’, the smart furniture market was dominated by the ‘Commercial’ segment, which accounted for 51.1% of all revenues in 2021. Furnishing will be required for office and commercial purposes. Companies are anticipated to register an increase in office renovation activity, which will aid in supporting market growth. The market for second-hand furniture will also remain an attractive option for budget-conscious office buyers.

Due to the increasing demand for furniture in living areas and bedrooms as well as an increase in real estate construction projects, especially in urban areas, the residential segment is expected to continue to grow.

Key Market Segments

Product

• Smart Desks
• Smart Chairs
• Smart Tables
• Others

Application

• Commercial
• Residential

Market Dynamics

Smart furniture is a furniture item that integrates technology, like sensors and smart systems to offer enhanced capabilities, such as coffee tables that have wireless charging.

With the surge in disposable incomes, the lifestyles of consumers continue to evolve, particularly in urban areas. The luxury and technical integration of products is becoming an integral part of people’s lives, which is helping to ease a workaholic lifestyle. This will drive the industry forward in the future. In addition to the surging disposable incomes, people are now more concerned about their social status. This has resulted in increased spending on furniture.

One of the main reasons anticipated to propel the growth of the smart furniture market is the increasing demand for smart furniture in the commercial sector, including smart office workstations, sleek chairs, director’s chairs, smart conference tables, smart office sofas, and advanced designed cabinets. The smart furniture market is also expanding as a result of the increase in demand for compact furniture and the augmentation of online shopping.

The COVID-19 pandemic, fluctuating demand for furniture, import and export restrictions, and unanticipated supply chain disruptions, have all slowed this market’s expansion prospects to a certain extent. On the other hand, market participants believe that the continuous trend of smart city initiatives and a spike in the launch of innovative smart furniture products would present profitable growth opportunities for players engaged in this industry.

Regional Analysis

North America accounted for the majority of smart furniture sales and was responsible for 33.6% of the total revenue share in 2021. Due to an increase in the number of professionals and the rapid adoption of technology, this market is expected to steadily grow. It is slated to index maximum sales growth over the forecast period.

The 2007-2009 US recession caused a sharp decline in demand. This resulted in little change in the overall demand between 2006 and 2016. The demand for office furniture is very cyclical and fluctuates in response to macroeconomic changes such as the construction of office buildings, capital investments, employment levels, and other economic trends.

The smart furniture market in the Asia Pacific is expected to grow at a profitable 14.8% CAGR, between 2032 and 2032. This is due in part to rapid developments in Asia’s residential real estate market, such as in India or China.

Key Regions and Countries Covered іn This Rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of Middle East & Africa

Market Share Analysis

Because of the significant number of international as well as regional players, the smart furniture market is fragmented.

To influence market growth, major market players employ a host of strategies, including new launches, product development, partnerships, collaborations, and acquisitions. For instance, Herman Miller expanded the gaming line in October 2020 with the introduction of the Special Gaming Edition Sayl Chair, which is built for maximum comfort and performance and comes in six new expressive color options to entice gamers to play in an upscale setting.

Key Market Players

Market leaders in the global smart furniture market include:

• Inter Ikea Systems B.V.
• Sleep Number Corporation
• Sobro
• Modoola Limited
• Hi-Interiors SRL
• Desktronik
• Fonesalesman LLC
• Rest Lunar a Retro Sys Inc.
• Nitz Engineering GmbH
• Kamarq Holdings
• Steelcase Inc.
• Ori Systems
• Other Key Players

These are the major companies in this market.