Technavio market research analysts forecast the global smart furniture market to grow at a CAGR of close to 4% during 2018-2022. The increase in online retailing is a key trend, which is expected to have a significant impact on the growth of the market.
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Technavio has published a new market research report on the global smart furniture market from 2018-2022. (Graphic: Business Wire)
Online retailing is a mode of conducting business by leveraging the internet. It eliminates the need for physical stores, holding huge inventories, and other related costs. It enhances visibility by eliminating geographical restrictions. It also offers products at competitive prices owing to lower overhead costs. Therefore, most furniture manufacturers are selling their furniture online. Smart furniture brands such as Steelcase, Sobro, and Space Max actively sell their products online through their own websites or through popular retail websites such as Amazon.com or eBay.
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In this report, Technavio researchers identify the growth in the real estate sector as a key factor contributing to the growth of the global smart furniture market:
Growth in the real estate sector
The global real-estate industry has been witnessing high growth over the last two decades due to the development of residential buildings, offices spaces, and commercial complexes. The real-estate industry is also moving towards technological advances and upgrades.
According to a senior analyst at Technavio for furniture and home furnishing research, “Numerous factors such as the shift in demographics, differentiated style of the millennials, growing urbanization, rise in disposable income, and longevity of baby-boomers are influencing furniture vendors to come up with novel product offerings which attract huge investments in office and personal use furniture. Such developments augur well for the growth of the global smart furniture market during the forecast period.”
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Global smart furniture market - segmentation and analysis
This market research report segments the global smart furniture market by application (commercial and residential segments), distribution channel (offline and online) and key regions (Americas, APAC, and EMEA).
The Americas dominated the market with 66% share of the market, followed by the EMEA and APAC in 2017. The market share of all the regions will remain relatively constant over the forecast period with a slight variation of less than 0.5%. High demand from the commercial and corporate sectors is leading to the growth of the market. Moreover, the increasing use of smart products across industries is expected to positively influence the purchase of smart furniture through 2022.
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