Research Nester has released a report titled "Smart Furniture Market - Global Demand Analysis and Opportunity Forecast 2028" which also includes some important market analysis parameters such as industry growth drivers, constraints, supply and demand risk, market attractiveness, dynamics growth year on year. year-on-year (YoY) growth comparison, market share comparison, BPS analysis, SWOT analysis and Porter's Five Forces Model.
The Bank for International Settlements (BIS) in one of its statistics stated that the commercial real estate price index in the United States reached an index of 687.20, 2010 = 100 units in 2018, from an index of 400.10, 2010 = 100 units in 2010 and in the euro area it reached an index of 467.30 in 2011 = 100 units in 2018 from an index of 39.31 in 2011 = 100 units in 2010. In addition, the residential real estate price index in the United States reached an index of 528.40 in 2005 = 100 units. in 2018 from an index of 416.60 in 2005 = 100 units in 2013, and in the euro area it reached an index of 454.66 in 2015 = 100 units in 2018 from an index of 392.05 in 2015 = 100 units in 2013.
Statistics show an increase in property prices, which leads to a reduction in the living space of people in urban areas. Due to this factor, consumers are increasingly choosing smart furniture that helps them save space in their rooms and also provides multifunctional properties. Additionally, consumers are able to pay extra money for space rentals and also find the same furniture as the all-in-one. Smart furniture helps consumers minimize wasted space when not in use, and the transformative nature of furniture also helps cater to one or more people.
The global smart furniture market is expected to register a steady CAGR during the forecast period, i.e. 2020-2028. The market is segmented based on application into residential and commercial. Among these segments, the residential segment is expected to hold the largest market share due to the shifting consumer trend towards IoT-connected furniture, as well as their changing lifestyle and increasing household disposable income. The Organization for Economic Co-operation and Development (OECD) in one of its statistics stated that household disposable income in the US reached US$50,294.00 per capita in 2017 from US$40,624.23 per capita in 2010.
Geographically, the global smart furniture market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa, out of which North America is expected to hold the largest market share due to increasing residential price in the region, as well as increased awareness among a large number of people about smart furniture. Statistics Canada, Canada's national statistics agency, said in one of its statistics that retail sales of furniture stores in Canada reached $11.56 million in 2018 from $9.47 million in 2011.
However, concerns over the high price of smart furniture, which may affect the sales of smart furniture manufacturers, as well as lack of awareness among certain sections of the population in other countries around the world are some of the factors that are estimated to act as a hindrance to the growth of the global smart furniture market. furniture.
This report also studies the existing competitive scenario of some of the key players in the global smart furniture market which includes profiling of Inter Ikea Systems BV, Sobro, Sleep Number Corporation (NASDAQ: SNBR), Hi-Interiors srl, Rest Lunar and Retro Sys. , Inc., Eight Sleep, Modoola Limited, Fonesalesman, LLC "Desktronik" (Tabula Sense) and Nitz Engineering GmbH.
Profiling covers key information about companies, which includes an overview of the business, products and services, key financial indicators, and the latest news and events. In conclusion, the report titled “Smart Furniture Market – Global Demand Analysis and Outlook to 2028” analyzes the smart furniture industry as a whole to help new entrants understand the details of the market. In addition to this, this report also helps existing players looking to expand and large investors looking for investments in the global Smart Furniture market in the near future.
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