The Latin America, Middle East and Africa Smart Furniture Market would witness market growth of 14.6% CAGR during the forecast period (2021-2027).
Continual technological advancements have led to the incorporation of several features including wireless smartphone charging, induction beverage warmers, and Bluetooth speakers, among others, into a single piece of furniture, a factor that is expected to further boost the growth of the smart furniture market. On the other hand, people's apprehension about adopting new technology continues to be a stumbling block to the expansion of the smart furniture business. Because smart furniture is still a relatively new concept, its effective adoption may be delayed significantly. Furthermore, the price of smart furniture is higher than regular furniture due to its complicated design, restricting market growth even more.
The demand for home and office furniture in Africa is rising in tandem with the continent's growing population. In addition, people require a bed to sleep on, wardrobes to store their belongings, chairs, a dining table, sofas, kitchen cabinets, and other types of furniture when they move into a new home. Offices, like households, prefer to purchase a lot of smart furniture. Africa has a large population that is expected to continue to increase and grow rapidly. By 2050, the world is anticipated to have 2.4 billion additional people, with 1.3 billion of them born in Africa. Africa is predicted to account for the majority of the global population increase, making it one of the most appealing marketplaces in the world. The rapid growth of Africa's urban population and their buying power, as well as the expanding economy, are the key reasons why the smart furniture industry is expected to flourish in this region.
The Brazil market dominated the LAMEA Smart Furniture Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5,329.6 Thousands by 2027. The Argentina market is poised to grow at a CAGR of 15.2% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 14.3% during (2021 - 2027).
Based on Application, the market is segmented into Commercial and Residential. Based on Product, the market is segmented into Smart Desks, Smart Tables, Smart Chairs and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Furniture Market is Predict to reach $290.8 Million by 2027, at a CAGR of 11.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sleep Number Corporation, Inter IKEA Systems B.V., Eight Sleep, Hi-Interiors Srl, Fonesalesman Ltd., Nitz engineering Srl, Desktronic, Modoola Limited, and Sobro (StoreBound LLC).
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