Multifunctional Home Furniture Market Analysis
The Global Multifunctional Home Furniture Market is expected to register a CAGR of greater than 5% during the forecast period.
The rise in consumer disposable income, improved quality of life, and growing development of new residential projects across the globe are likely to drive the industry's growth. The ongoing smart city developments along with growth of the construction industry is projected to create substantial demand for the multifunctional home furniture solutions. According to the International Data Corporation, the smart city projects across the globe are expected to interest technology investments of over USD 158 billion by 2022. Middle income groups are largely spending on the multifunctional furniture owing to rising living standards, easy to use and convenient lifestyle. Due to limited space availability, especially in metro cities and increasing urbanization, people have started opting for multifunctional or folding furniture that occupies lesser space along with contemporary designs that fit the home décor. Additionally, the multi-functionality and space-saving features of folding furniture enhance the decor of the available space that is contributing to the industry's growth.
Many customers nowadays prefer furniture that improves the space's functioning. Multi-functional furniture not only makes their lives easier, but it may also become a part of their daily routine. With the rise in cost of living, multi-functional furniture can reduce the number of items required to complete the home. A convertible bed that converts into a sofa is a great way to save money while also maximizing space.
Multifunctional Home Furniture Market Trends
Rising Infrastructure Development
The rising population, burgeoning need for quality housing and infrastructure, along with increasing trend of nuclear families are favoring the infrastructure development growth. Asia-Pacific is expected to register fastest growth in the coming years. India's construction industry expanded in real terms by 7.9 per cent in 2021 followed by average yearly growth of 6.5 per cent up until 2030. Underpinning the positive outlook on residential building in India, strong government support was noted at the national level for housing sector, reflected in allocation of sizeable funding for housing with national 2021 Budget including INR 50,000 crore allocated to the Ministry of Housing and Urban Development (MoHUA) as well as creation of USD 3.5 Billion fund to support completion of stalled housing projects. Further, ongoing urbanization and upliftment of the population's living standard in Asian countries have driven the demand for space-efficient and affordable furniture. The booming building sector in Asia due to the rise in disposable income, growing middle-class population, and rising construction of residential infrastructure are expected to spur the market growth in the years to follow.
Increasing Disposable Income and Urbanization
Rise in urbanization globally has fueled the demand for accommodation and subsequently boosted the housing market and led to reduction in size of apartments. Consumers are looking for inspiring folding furniture designs that emanate relaxation, elegance, and comfort as their lifestyle improves, and thus the trend towards the adoption of folding furniture grows. The rising urbanization of the population is expected to positively impact the growth of the multifunctional home furniture market over the forecast period. Sofas that double up as beds, study units that can be folded away, and beds that can be stood up against the wall are among items expected to be in demand, fueled by shrinking homes and a growing affordable housing sector across the World.
Multifunctional Home Furniture Industry Overview
The report covers major international players operating in the global multifunctional home furniture market. In terms of market share, market is highly fragmented, as many unorganized players are also present in the industry. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
Multifunctional Home Furniture Market Leaders
IKEA
Ashley Furniture Industries
Meco Corporation
Murphy Wall Beds Hardware Inc.
Milano Smart Living
- *Disclaimer: Major Players sorted in no particular order
Multifunctional Home Furniture Market News
- th 2022: IKEA announced a new collection in collaboration with nine creatives across Latin America. The result is a new collection that promises to be vibrant, to be launched in 2023.
- th 2022: Ashley Furniture Inds. announced that it will launch its broadest product line in the company history. The new product line includes all of the company's product categories and all its divisional designations: Ashley Furniture, Signature Design by Ashley and Benchcraft by Ashley.
