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Multifunctional Furniture Market Trends

  • Report ID: GMI10940
  • Published Date: Aug 2024
  • Report Format: PDF

Multifunctional Furniture Market Trends

Modern lifestyles prioritize flexibility. With the growing adoption of hybrid work models, there's a rising demand for multifunctional furniture. This furniture can effortlessly shift roles, transitioning from a home office to a living area or from a dining space to a guest room. Additionally, the surge in multi-generational living arrangements has heightened the need for versatile furniture. Such pieces cater to the varied requirements of different age groups, ensuring comfort and practicality in shared environments. Furthermore, tech-savvy consumers are drawn to the integration of technology in multifunctional furniture. Features like smart beds with adjustable settings, sofas equipped with charging stations, and modular pieces controllable via apps underscore a trend towards convenience and innovation.
 

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The multifunctional furniture market was valued at around USD 15.2 billion in 2023 and is estimated to register around 4.8% CAGR between 2024 & 2032, due to rapid urbanization, and the need for versatile furniture that maximizes every square foot.

The sofa segment accounted for revenue of around USD 4.6 billion and is expected to reach USD 7.4 billion by 2032, owing to its versatility, enabling transformations into beds, recliners, or sectional pieces.

North America multifunctional furniture market held the largest revenue share of around 36% in 2023 and is estimated to register around 5.1% CAGR between 2024 & 2032, owing to rapid urbanization, along with a heightened need for adaptable home offices and versatile living spaces.

Ashley Furniture Industries, Inc, CasaKids, Clei S.r.l, Expand Furniture, Furl, Häfele, IKEA among others.

Multifunctional Furniture Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 415
  • Countries covered: 23
  • Pages: 135
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