Multifunctional Furniture Market To Be Sustained By Technological Advancements | TMR Insight

Multifunctional Furniture - A study on a type of furniture that is transformable and functional
Multifunctional furniture is a type of furniture that is versatile and can adapt to smaller spaces and fulfill multiple user needs
Multifunctional furniture is also popularly known as multi-purpose furniture, space-saving furniture, or transformable furniture
Modular and reconfigurable designs of these furniture not only offer functional benefits but also enhance décor of the room
Increasing trend of downsizing in apartments is a key factor driving the demand for multifunctional furniture that are not only ingenious in their functionality but are also stylish
Myriad innovative and functional furniture are available in the market, and a shift in preference toward such furniture among the millennial generation is anticipated to further encourage manufacturers to design and innovate more ergonomic multi-functional furniture

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Increased momentum in development of smaller apartments to drive the global multifunctional furniture market

Rise in population and urbanization globally has fueled 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
Adoption of technology in development of innovative multifunctional furniture to offer significant opportunities

Multifunctional furniture has been offering greater convenience to users, especially those who have limited living space, for the last few years. The concept of multifunctional furniture has evolved significantly, leading to the development of a wide range of space saving solutions that incorporate advanced technology, and yet are esthetically appealing.

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Higher cost of multifunctional furniture to hinder the market

Multifunctional furniture offers numerous space-saving benefits; however, the cost of acquiring such furniture is significantly higher than that of conventional furniture
For instance, a multifunctional wall bed is likely to cost 2 to 3 times more than a conventional bed. This has been hampering the market, particularly in developing countries with dense population.
However, intense competition in the market is likely to lead to a reduction in the prices of multifunctional furniture in the near future

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Asia Pacific to hold leading share of the global multifunctional furniture market

In terms of geography, the global multifunctional furniture market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
Country and sub-region level analysis of North America region features the U.S., Canada, and Rest of North America. Analysis and forecast of the multifunctional furniture market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The multifunctional furniture market in South America is segmented into Brazil, and Rest of South America.

Asia Pacific dominated the global market in 2018 due to the presence of countries with significantly large population and limited living space. Japan, China, Hong Kong, and India are a few countries that contribute significantly to the expansion of the multifunctional furniture market in Asia Pacific.
The market in Asia Pacific is projected to expand at a rapid pace, followed by Middle East & Africa and Europe, 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.

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Key players operating in multifunctional furniture market

The global multifunctional furniture market is highly competitive owing to the presence of several global and regional players. Major players are adopting various strategies such as regional expansion and product portfolio expansion to consolidate their position in the market. A few key players operating in the global multifunctional furniture market are:
• Inter Ikea Systems B.V.
• Resource Furniture
• Expand Furniture
• Milano Smart Living
• La-Z-Boy Inc.
• Murphy Wall Beds Hardware Inc.
• Bush Industries, Inc.
• Ashley Furniture Industries
• Nourison Industries
• Flexsteel Industries, Inc.

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