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
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 have 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 offer 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
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.
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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Global Multifunctional Furniture Market: Research Scope
Global Multifunctional Furniture Market, by Product Type
- Coffee tables
- Dining Tables
- Wall Beds
- Others (Shelves/Storage)
Global Multifunctional Furniture Market, by Application
Global Multifunctional Furniture Market, by Distribution Channel
- Company Owned Website
- Specialty Stores
- Large Retail Formats
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.