The global smart
furniture market is expected to display higher growth rate
over the next five years. Rapid surge in the market is credited to the robust
market growth in residential housing sector. Rise in the number of online
distribution channels and higher penetration of smart electronic equipment are
expected to drive the growth of the market over the forecast period. Increasing
demand for smart furniture via various online platforms, particularly in Asia
Pacific region is credited to the massive boom in residential housing sector
and ever-growing population demands.
Factors responsible for sustained growth of
smart furniture market include rising per capita income, growing awareness
level regarding online retail platforms and declining cost of raw materials.
Globally, market is predicted to generate massive revenue over the next five
years, providing numerous opportunities for industry participants to invest in
research and development of smart furniture market.
Increasing adoption of smart furniture from
commercial sector to enhance workplace comfort for employees, thus improving
organizational productivity, is expected to fuel industry growth over the
coming years. In addition, integration of smart furniture in workplace creates
pleasant environment for employees and keeps them energetic during busy work
schedules. Smart furniture is considered as a key aspect for home automation,
thereby generating several growth opportunities for industry players.
Get Sample Copy of this Report @
However, lack of awareness among
general population, particularly in underdeveloped economies is expected to
limit market growth to a certain extent. Additionally, higher initial cost and
relatively new concepts of smart furniture are the key challenges for smart
furniture market, thus delaying its effective adoption. Complexity associated
with design of smart furniture in comparison with traditional furniture, is
further slowing the market progress.
The market is broadly categorized into
two major segments based on the application type such as commercial sector and
residential sector. Residential segment is growing rapidly in the market with
substantial revenue generation in the last few years.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in implementation of
latest technologies in housing sector, surge in number of research &
development activities in the region and existence of well-established
manufacturing infrastructure. In European region, Germany, France, and United
Kingdom are projected to witness steady growth due the growing housing market
and increasing per capita income.
Asia-Pacific region is estimated to
hold a major share in the smart furniture industry with massive growth in
forecast period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with increasing infrastructural activities, booming online
retail sector, rising disposable income, and significant investment by leading
industry players considering potential growth opportunities in the region.
The key players in the smart furniture
market are Milano Smart Living LLC, Modoola Ltd., Fonesalesman Ltd., Carlo
Ratti Associati, Herman Miller, Inc., Tabula Sense Ltd., Ikea Systems B.V.,
Seebo Interactive Ltd., Kamarq Holdings Pvt., Ltd., and Ori Systems Co.
Browse Related Category Market
Reports @
No comments:
Post a Comment