Multifunctional Furniture Market Analysis
The Global Multifunctional Furniture Market is expected to register a CAGR of greater than 5% during the forecast period.
The Global Multifunctional Furniture Market is expected to witness strong growth during the forecast period.
With fast-paced urbanization and industrial revolution, many people flocked to the cities and couldn't afford proper housing. This resulted in the growth of apartment or small-space living. Multifunctional furniture includes beds, tables and chairs that can be used in multiple ways. Combinations of the portable, lightweight and plenty of storage area have created an appeal among the general population. Multifunctional or multipurpose furniture can be a great utility for a tiny apartment or a cramped house.
The market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Asia leads the global market however, Europe, which is home to several luxury furniture brands, is considered a key influencer and leader in terms of advancements in technology and design.
The COVID-19 crisis has altered the way people shop by adapting to new technologies. Shopping furniture is now a decision of buying virtually. The product images talk in every corner of the website with self-explanatory labels on them. People want to shop from the convenience of their mobile phones or tablets.
Multifunctional Furniture Market Trends
Increased momentum in development of smaller apartments to drive the Global Multifunctional Furniture Market
Rise in population and urbanization globally has fuelled the demand for accommodation and subsequently boosted the real estate market and also led to reduction in size of apartments. Development of urban housing has forced habitants to prefer smaller spaces, which in turn has increased the demand for furniture that can fit in small spaces and carry out multiple functions. Multifunctional furniture is also gaining popularity and traction among millenials as it is often unique, trendy and modern in design.
Rapid growth of e-commerce as a distribution channel
The success of furniture e-commerce platforms is mainly attributed to the fact that the consumers are more inclined toward buying foldable, multi-purpose, and technology-driven furniture through e-commerce websites on account of heavy discounts, comfort, and trendy designs. The furniture sold on the e-commerce websites can come assembled, be partially assembled, or need assembly on arrival. This furniture can be larger items including couches, desks, and beds as well as much smaller decorative items, such as throw pillows, light fixtures, and window treatments. The proliferation of online shopping, rise in penetration of smartphones, and growth of the real estate and hospitality industries across the globe are the major factors expected to fuel the growth of the e-commerce.
Several furniture stores started their online journey where they focused on their online presence and tried to make it grow rigorously, this resulted in most furniture brands opting for an omnichannel approach to reach a more significant mass as it is considered one of the easiest ways to grow the business.
Multifunctional Furniture Industry Overview
The Global Multifunctional Furniture Market is competitive and characterized by presence of several players. The multifunctional furniture market is largely driven by the manufacturer's ability to create new and innovative furniture products which bring more elegance to the interiors. Some of the major players are IKEA, Lifetime Products, NOVA Furniture, Expand Furniture, Resource Furniture Mogo Direct and Meco.
Multifunctional Furniture Market Leaders
IKEA
Lifetime Products
Expand Furniture
Resource Furniture
Nova Furniture
- *Disclaimer: Major Players sorted in no particular order
Multifunctional Furniture Market News
June 2022: IKEA launched GREAKER, a new cabinet with drawers with added safety and stability features designed to decrease one of the furnishing industry's most serious safety issues furniture tip over.
August 2021: Lifetime Product Inc and Plastic Development Group (PDG) have entered into an agreement wherein Lifetime will purchase PDGs folding furniture business at the end of their current licensing agreement in December of 2023. Through this agreement, Lifetime and PDG will be able to provide industry-leading products to a broader spectrum of consumers in the folding furniture market.
