Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Smart Furniture Market size is expected to reach $290.8 million by 2027, rising at a market growth of 11.7% CAGR during the forecast period.
The Commercial segment acquired maximum revenue share the Global Smart Furniture Market by Application in 2020; thereby, achieving a market value of $158.6 million by 2027. This is because of the rising need for smart furniture in the commercial sector. In addition, many office projects aimed to incorporate new workstations into their premises for maximum productivity. Companies would rebuild work areas to integrate current design features, like open floor plans and collaborative work areas, as part of a predicted increase in office improvement activity. Used furniture, on the other hand, would likely attract budget-conscious office buyers. One of the key factors driving the growth of the smart furniture market is the rising demand for smart office workstations, director's chairs, smart conference tables, sleek chairs, smart office sofas, and advanced designed cabinets in the commercial sector
The Smart Tables segment is showcasing a CAGR of 11.9% during (2021 - 2027). The high share of this segment can be attributed to the shifting lifestyles patterns of consumers in metropolitan areas with the increase in their disposable income. Therefore, they are willing to spend more since luxurious things are becoming an integral part of their lives. Hence, these factors are likely to open new growth avenues for the segment over the forecast years.
The North America market dominated the Global Smart Furniture Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $101.8 million by 2027. The Europe market is estimated to witness a CAGR of 11.2% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 12.2% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/smart-furniture-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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