Smart Furniture Market Size Worth $365.5 Million By 2028: Grand View Research, Inc.

Smart Furniture Market Size Worth $365.5 Million By 2028: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Nov. 23, 2021

SAN FRANCISCO, Nov. 23, 2021 /PRNewswire/ -- The global smart furniture market size is anticipated to reach USD 365.5 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.4% from 2021 to 2028. Lifestyle of consumers, especially in urban areas, is changing significantly due to increased disposable income. Luxurious and technically integrated product is becoming an essential part of their life; which is easing out the lives of professionals and workaholics. This would contribute to driving the industry in the coming years. In addition, increasing disposable income of individuals has led to thinking regarding the social status, driving the increased spending on products including furniture.

Grand View Research

Key Insights & Findings:

Read 80 page research report, "Smart Furniture Market Size, Share & Trends Analysis Report By Product (Smart Table, Smart Desks, Smart Chairs), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The smart desks segment accounted for the largest revenue share of 34.8% in 2020. Vigorous growth in commercial and office building construction and remodeling activity is anticipated to buoy demand as companies furnish new office spaces. While replacement activity historically played a minor role in supporting demand - largely the result of product durability and lack of innovation - trends towards more open, collaboration-oriented workspace design will drive an increase in replacements.

In commercial building and office construction, the furniture will be needed to outfit these new workspaces. A forecast increase in office improvement activity will further support gains as companies remodel work areas to include modern design features, such as open floor plans and collaborative work areas. However, the market for used furniture will continue to appeal to budget-conscious office purchasers.

Asia Pacific is expected to witness a lucrative CAGR of 15.2% from 2021 to 2028 due to rapid developments in the residential real estate industry in Asian countries such as India and China, which in turn opens up notable opportunities for the sector during the forecast period.

Grand View Research has segmented the global smart furniture market on the basis of product, application, and region:

List of Key Players of Smart Furniture Market

Check out more studies related to home automation, conducted by Grand View Research:

Browse through Grand View Research's coverage of the Global Homecare & Decor Industry.

Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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