Europe Multifunctional Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Europe Multifunctional Furniture Market is poised to grow at a CAGR of 5% during the forecast period.

The increase in consumer disposable income, improved quality of life, and growing development of new residential projects across the region are likely to drive the industry’s growth. The ongoing smart city developments and growth of the construction industry are projected to create substantial demand for multifunctional furniture solutions. In 2021, London and five European partner cities have triggered investment of USD 302.8 Million in smart technologies through the Sharing Cities Programme that would surge the inclination of customers toward modular furniture. Due to constrained space availability, especially in metro cities and growing urbanization, people have started opting for multifunctional or folding furniture that occupies less significant space along with contemporary designs that fit the home décor.

Many customers nowadays prefer furniture that improves the space's functioning. Multi-functional furniture not only makes their lives easier, but it may also become a part of their daily routine. With the increase in the cost of living, multi-functional furniture can reduce the number of items required to complete the home. A convertible bed that switches into a sofa is a great way to save money while also maximizing space.

Europe Multifunctional Furniture Market Trends

Increased Momentum In Development of Smaller Apartments

The rise in urbanization has fueled the demand for accommodation and subsequently boosted the housing market and led to a reduction in the size of apartments. Consumers are looking for inspiring folding furniture designs that emanate relaxation, elegance, and comfort as their lifestyle improves, and thus the trend toward the adoption of folding furniture grows. The rising urbanization of the population is expected to positively impact the growth of the multifunctional furniture market over the forecast period. Sofas that double up as beds, study units that can be folded away, and beds that can be stood up against the wall are among items expected to be in demand, fueled by shrinking homes and a growing affordable housing sector across the World. Ongoing urbanization and upliftment of the population's living standard in European countries have driven the demand for space-efficient and affordable furniture.

Residential Sector is Dominating

The residential sector is expected to dominate the market in Europe due to the larger requirement of furniture items within a home as compared to commercial buildings. The rising population, burgeoning need for quality housing and infrastructure, along with the increasing trend of nuclear families are favoring the infrastructure development growth. Ecommerce is increasing in Europe as customers prefer to shop online instead of in physical stores. The changing trends in the home and living concepts are transforming the buying patterns of customers. The emergence of new opportunities for customers to shop online is one of the key factors boosting the online purchase of multifunctional furniture such as chairs, tables, and sofas.

Europe Multifunctional Furniture Market Competitor Analysis

The report covers major international players operating in the Europe multifunctional furniture market. In terms of market share, the market is highly fragmented, as many unorganized players are also present in the industry. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Companies including, Ikea Industry Group, Dorel Industries Inc., Haworth, Inc., Ashley Furniture Industries, and DFS Furniture, among others have been profiled in the report.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support