Smart Furniture Market Growth Rate, Trends and Future Opportunities
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.
(firmenpresse) - 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.
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.
Themen in dieser Pressemitteilung:
smart-furniture-market
smart-furniture
smart-furniture-industry
consumer-goods
consumer-goods-market
consumer-goods-industry
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Datum: 15.07.2019 - 08:21 Uhr
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Date of sending: 15.07.2019
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