Home automation aiding the smart furniture market growth

Smart furniture market was valued at US$ 135.2 Mn in 2017 and expected to grow at a CAGR of 21.8% (2018 to 2026) and reach US$ 794.8 Mn in 2026. Smart furniture combines smart home technology along with network-connected household goods such as dressing tables, chairs, shelves and cabinet doors. Smart furniture aims at simplifying numerous basic problems among which charging electronic devices forms a major one. Governed primarily by residential segment, the market is highly driven by the overall rising smart homes industry worldwide. Due to growing consumer shift towards connected devices, smart furniture market expected to witness robust growth over the forecast period.

Increasing adoption of smart furniture across workplace (corporate offices) is another prominent factor aiding the market growth. Smart furniture monitors the duration for which an employee stands, sits or is away from the desk. Moreover, it also measures the calories burnt by an employee while sitting at the desk. Similarly, it also sends alert in case an employee has been sitting for quite long time, thereby creating awareness on ergonomic lifestyle. With increasing emphasis on incorporating ergonomic furniture by corporate entities, smart furniture is set to witness substantial growth over the forecast period.

Another important factor complimenting the market growth is rapidly evolving smart furniture designs. Smart furniture companies are developing smart tables that facilitate wireless charging of smartphones and mirrors displaying time, date and news. Changing lifestyle coupled with rising disposable income of people across regions such as Asia Pacific, Middle East & Africa and Latin America has further created a favorable environment for smart furniture market to flourish.

Increasing focus towards employee welfare propelling adoption of smart furniture across offices

In 2017, the residential segment led the overall smart furniture market worldwide, contributing to nearly 70% of the overall market value in 2017. One of the most prominent factors influencing residential segment growth is the rising popularity of smart homes and connected devices worldwide. Moreover, changing lifestyle and increasing discretionary income is expected to further drive the adoption of smart furniture in residential sector over the forecast period. Apart from North America and Europe, regions such as Asia Pacific and Latin America expected to support the aforementioned growth factors.

The adoption of smart furniture across corporate offices expected to witness a significant growth during the forecast period. There has been an increasing focus on part of corporate offices towards employee welfare and ergonomics. The adoption of smart furniture in offices enables to track and monitor an employee’s activities, thereby enhancing the overall productivity. Moreover, offices across the world are supporting the idea of office automation, a factor further bolstering the adoption of smart furniture in offices.

Rising discretionary income across Asia Pacific to make it the fastest growing regional market

The global smart furniture market is dominated by North America accounting for more than 35% of the overall market value in 2017. One of the most prominent factors driving the smart furniture market growth in the region is the strong home automation industry. Moreover, people are willing to spend more on home automation solutions as a result of higher inclination towards sophisticated lifestyle. In addition, the region being one of the early adopters of Internet of Things (IoT) has further helped the market to flourish.

The smart furniture market in Asia Pacific is expected to witness a substantial growth during the forecast period. The growth is mainly governed by the rising inclination towards home automation in the region. With rising discretionary income, people are more likely to invest in home automation solutions, thereby influencing the demand for smart furniture positively. Countries such as Japan, China and South Korea and some of the Southeast Asian countries are estimated to play a major role in smart furniture market in the region over the forecast period.

Smart furniture market set to witness massive R&D activities on the part of manufacturers in coming years

One of the common strategies amongst players in the smart furniture market is emphasis on product development, in order to offer more convenience and usability to the consumers. For instance, Carlo Ratti Associati launched an Internet of Things sofa in April 2016. The new sofa is developed with the support of Swiss furniture brand Vitra. The new smart sofa can be adjusted into different configuration using hand gestures or an app. Similarly, in 2017, Herman Miller introduced its range of connected office furniture. The desks are equipped with sensors, which helps in monitoring the usage pattern. The collected data can be further used for health and activity analysis.

Key players profiled in the report include Milano Smart Living, Modoola Ltd., Fonesalesman, Carlo Ratti, Herman Miller, Inc., Tabula Sense, Ikea Systems B.V., Seebo Interactive Ltd., Kamarq Holdings and Ori Systems among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Furniture market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Furniture market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Furniture market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Furniture market?
• Which is the largest regional market for Smart Furniture market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Furniture market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Furniture market worldwide?