The global smart furniture products market was valued at USD 8.2 billion in 2022 and is expected to grow at a CAGR of 13.5% from 2023 to 2030. Over the past few years, there has been a surge in demand for smart furniture products due to their rising popularity in the home décor segment. Smart furniture is designed to provide a modern, multi-functional, and space-saving solution for a variety of needs. It is designed to be eco-friendly, energy-efficient, and easy-to-use. The growing trend of minimalism combined with the increasing demand for smart home solutions, is driving the growth of the market.

The growing demand for customized furniture is also driving the market growth. Manufacturers are introducing customizable furniture pieces that can be modified to fit specific needs and preferences of customers. For instance, in October 2021, IKEA launched their ‘Build Your Own Sofa’ campaign that allows customers to design their own sofa. The sofa can be customized in terms of length, width, height, color, and fabric. This initiative has been successful in attracting more customers to the brand.

The increasing use of advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI) is expected to fuel the growth of the market. Smart furniture products are equipped with sensors and other technology to detect user behavior and preferences. For instance, in June 2021, a company called Ollie launched a smart bed with an AI-powered sleeping assistant feature. This bed is equipped with AI-enabled sensors that automatically adjust the bed based on the user’s sleeping position and body shape.

The rising demand for ergonomically designed furniture is another key factor driving the market. The advent of ergonomic seating, beds, and desks has provided relief to those suffering from back and neck pain. For instance, in March 2021, Steelcase launched a line of ergonomic furniture solutions that combine elements of ergonomics, technology, design, and sustainability. These products have been designed to help people with back and neck pain, provide support for long hours of sitting, and provide a comfortable working environment.

The increasing demand for multifunctional furniture is also propelling the growth of the market. Manufacturers are introducing furniture pieces with multiple functions to provide efficient space solutions. For instance, in April 2021, a company called Resource Furniture launched a new collection of multifunctional furniture pieces, designed to maximize space in small living areas. This collection includes a sofa that can be converted into a bed, a desk that can be folded up into a shelf, and a dining table that can be folded up into a wall-mounted cabinet.

The smart bed segment held the largest share of the market in 2022. Smart beds offer a variety of features such as built-in massage, sleep tracking, and adjustable positions. Furthermore, the rising demand for personalized sleep solutions and the increasing prevalence of sleep disorders among people are some of the major factors driving the growth of the market. According to an article published by the Wall Street Journal, in October 2020, the demand for smart beds has increased significantly due to the pandemic.

The smart sofas segment is expected to grow at the highest CAGR of 10.3% during the forecast period. Smart sofas offer features such as adjustable lighting and sound, automated recliners, and integrated storage compartments. In addition, the rising demand for automated furniture is another factor driving the growth of the market. According to an article published by the National Institute of Standards and Technology, in April 2020, smart furniture has become a major trend, with more than 30% of consumers planning to purchase it in the next two years.

The offline distribution channel segment captured the major share of over 42.0% in 2022. The growth of the segment is mainly attributed to the convenience, comfort, and trust associated with offline shopping experience. Consumers also prefer to purchase smart furniture products from physical stores as they offer customers the convenience to touch and feel the product before buying. In addition, the availability of skilled personnel in physical stores helps customers to understand the features and purchase the product as per their requirement.

The online segment is expected to expand at the highest CAGR of 12.7% over the forecast period. The growth of the segment can be attributed to the increasing penetration of the internet and the rise in the number of smartphone users. Increasing online presence of furniture retailers and the increasing inclination of consumers towards online shopping are also expected to drive the segment. Moreover, the growing popularity of virtual reality (VR) and augmented reality (AR) technology in the furniture industry is further expected to propel the segment growth.

The connected segment is projected to dominate the market with a revenue share of 67.3% in the year 2022. The increasing adoption of internet-enabled products has driven the demand for connected smart furniture products. The rising trend of smart homes and the availability of affordable smart furniture products are driving the segment revenue share. For instance, modern furniture with built-in storage, such as the Chairio, has been trending in the market due to its technological edge. The product is designed to store items and can be used to charge phones and other accessories.

The semi-connected segment is projected to expand at the highest CAGR of 10.3% during the forecast period. The growing trend of smart home products and the increasing awareness about their features and benefits are driving the segment. For instance, in April 2021, IKEA, a Swedish-founded multinational group, launched a new collection of connected products, called the IKEA Smart Home 2021, which includes furniture such as sofas, lamps, and tables. The products are designed to be controlled using IKEA’s mobile application, which is available for both Android and iOS users.

The Asia Pacific is expected to be the fastest-growing region in the smart furniture market. Growing urbanization, the emergence of smart cities, and the increasing adoption of smart home technology are some of the key factors driving the growth of the smart furniture market in the region. Moreover, the presence of some of the leading players such as Panasonic, LG Electronics, Haier Group, and Samsung Electronics is further expected to propel the market growth. For instance, in May 2021, Haier announced the launch of its new NeoCube smart furniture in India.

Europe is estimated to account for the second-largest share in the market. Increasing demand for space-saving furniture, growing trend of smart homes, and the presence of some of the key players like IKEA, Vitra, and Natuzzi are some of the major factors driving the growth of the market in the region. For instance, in January 2021, IKEA announced the launch of its new range of smart furniture, including a sofa and a bed, in the U.K. market.

In this part of the smart furniture products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a smart furniture products business comes from selling smart furniture products, as well as providing services such as delivery, installation, and maintenance. Other possible sources of profit are selling related accessories and providing interior design services.

Projecting Expenses
In this section, all the regular expenses related to keeping the smart furniture products business running will be described. The list of operating expenses includes rent or mortgage, wages, utilities, insurance policies, advertising, and others. Additionally, expenses related to product sourcing, inventory management, and delivery should also be taken into consideration.

Some of the key companies operating in the smart furniture market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Steelcase Inc. launched the Live OS-enabled furniture line to provide an intuitive and connected workplace experience.

– In August 2022, Herman Miller Inc. launched the Embody Chair, an ergonomic chair designed for digital workspace with advanced features like breathable material and an adjustable frame.

– In October 2022, Smart Furniture launched the Thrive Series, a collection of furniture that offers automated adjustment to fit the user’s body.

Some of the prominent players in the smart furniture market include:

– Steelcase Inc.
– Herman Miller Inc.
– Smart Furniture
– Knoll Inc.
– HNI Corporation
– Kimball International
– Humanscale Corporation
– Logitech
– Haworth Inc.
– Okamura Corporation

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global smart furniture products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Chairs
– Desks
– Storage
– Tables
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Online
– Retail Stores
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Traditional
– Smart

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Smart Furniture?
[A]: Smart furniture offers immense potential as it is designed to offer convenience through automated features. Smart furniture allows users to control household elements such as lighting and heating, enabling them to create a comfortable atmosphere with just a few taps on their mobile devices. Smart furniture is also designed to reduce energy consumption and improve the overall efficiency of the home.

[Q]: Who are the Key Players in the Smart Furniture Market?
[A]: Major players in the smart furniture market include Herman Miller, Inc., Steelcase, Inc., IKEA, Sauder Woodworking Co., and Haiku Designs.

[Q]: What are the Factors Driving the Smart Furniture Market?
[A]: Factors such as increasing demand for home automation, rising disposable incomes, and changing lifestyles are expected to drive the smart furniture market over the forecast period.

[Q]: What are the Potential Opportunities for Smart Furniture?
[A]: Smart furniture offers numerous potential opportunities in the retail industry. For instance, the introduction of interactive displays in retail stores provides customers with an immersive shopping experience. Smart furniture can also be used to provide an enhanced customer experience while they are in the store. Additionally, smart furniture can be used to optimize space in retail stores, allowing them to showcase more products in the same area.

[Q]: Which Region Offers the Largest Opportunity for Sales of Smart Furniture?
[A]: North America is expected to be the most lucrative region for the smart furniture market, with an absolute dollar opportunity of $14.5 B (USD).