Consequently, the demand for small-space furniture has witnessed a major upsurge and will remain on a high pedestal during the 2020-2030 forecast.Small-space furniture is manufactured using a range of materials such as glass, wood, leather and plastic.
Most of this furniture is portable, thus making it easier to accommodate more space for navigation and movement within the house. Going further, small space furniture is also touted as a frontrunner of sustainable living.
Small space furniture typically include foldable beds, retractable and mounted tables, island kitchens, ottomans, foldable kitchens, compact coffee tables, wardrobes, portable book shelves and expanding tables to name a few.
Small Spaces Necessitate Smart Solutions- Credible Developments Underway to Design Smart Small Space Furniture
With respect to transformable rooms, arrangements such as convertible beds and sofa are becoming increasingly common.
Also, modular couches are becoming highly popular. As space constraints increase, high demand for flexible furniture has bolstered demand for portable sofas, beds and dining furniture.
These add a high degree of versatility, permitting individuals to alter the room layout for different purposes. They also come in different designs, appealing to consumers’ aesthetic indulgences.
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Wooden Furniture to Hold Sway across the Forecast Period, Steel Furniture Remains Most Preferred Option
Additionally, it imparts a modern outlook to the home environment. It is also very environmentally friendly as steel can be easily recycled.
Demand for Residential-Grade Small Space Furniture to Upsurge
Expansion is also underway across the commercial sector. Just like residences, offices, hotels, restaurants and other commercial settings are becoming increasingly remote.
This is happening in order to reduce overhead costs in terms of rent and maintenance. Rising demand for more office space is expected to bode well for the commercial segment.
E-commerce to Emerge as the Frontrunner in Small Space Furniture Marketing
This has prompted manufacturers to open their own online portals or partner with leading retail platforms to remain afloat in the market.
Asia-Pacific to Emerge as the Kingpin of the Global Small Space Furniture Market
Recognizing this trend, governments are relaxing business laws and regulations, thus enabling major market players to establish their operations across the continent.
They are endowed with several tax incentives and favorable reimbursement policies, leading to increased output and high profit margins. Thus, the Asia-Pacific region is expected to register impressive growth in the coming years.
With respect to commercial grade furniture, Europe is anticipated to hold major sway, due to heightened tourism which in turn is driving the hospitality sector, thereby creating demand for small space furniture in hotels and resorts.
Also, the presence of leading manufacturers across France, Germany and Italy will generate major revenue pools, being primary export hubs.
COVID-19 Accelerates Online Furniture Sales, Conventional Retailing Witnesses Drastic Dip
Fortunately, manufacturers have found a way around this and have been working to effectively leverage online retailing platforms. Prominent manufacturers are forging partnerships with Amazon, Flipkart, Alibaba and e-Bay to market their products.
Additionally, they are contributing their revenue toward eliminating the pandemic. For this, they have set up relief funds to assist frontline health workers.
Thus, a V-shaped growth trajectory is anticipated for the market. The slump will exist at least until the latter half of 2021, after which growth prospects will gradually improve. A full recovery is only possible when a proper vaccination or drug is introduced in the market.
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Global Small Space Furniture Market- Competitive Landscape
The company also offers smart bathroom-cum-laundry solutions in the form of stackable SORTERA bins and an adjustable drying rack in the shower or above the bathtub, thus eliminating the need to acquire a separate laundry spot. Other solutions involve a walk-in closet within a bedroom and an all-purpose living room.
On a similar plane, HomeLane offers the Kivaha 4-seater, Cayman and Altura coffee table sets which consist of compact seating stools which can easily fit under the table when not in use. The company also manufactures the Blaine wall mounted dining table, the Kowloon sofa cum bed and the Travis sofa cum bead.
Companies are also concentrating on forging collaborations with players from other verticals to offer diverse products to consumers. For instance, IKEA partnered with Adidas Group in 2018 to introduce a sports based home décor products line.
Market players are also leveraging the trend of environmental sustainability to manufacture low-cost eco-friendly products by avoiding the usage of toxic chemicals during the manufacturing process. For instance, Cisco Home offers eco-friendly seating, bedroom and lighting accessories and are FSC-certified.
Small Space Furniture Market- Prominent Players
- IKEA
- Crate & Barrel
- Wooden Street
- HomeLane
- West Elm
- Godrej Interio
- Resource Furniture
- Pottery Barn
- Ethan Allen
- Design Within Reach
- Apt 2B
- Etsy
- Joss & Main
- Walmart
- Urban Outfitters
- Target Corporation
Region/Country
- North America (US & Canada)
- Latin America (Brazil, Mexico & Rest of Latin America)
- Europe (EU-5, Russia, Poland & Rest of Europe)
- Asia-Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand & Rest of APAC)
- Middle East & Africa (GCC, Northern Africa, South Africa & Rest of MEA)
Report Highlights
- The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
- The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
- The report also maps the qualitative impact of various market factors on market segments and geographies.
By Furniture Type
- Chairs
- Tables
- Sofa
- Cupboards
- Beds
- Others
By Material
- Metal/Steel
- Wood
- Glass
- Leather
- Plastic
By End-Use
- Commercial
- Hotels
- Office
- Others
- Residential
- Living Room
- Kitchen
- Bedroom
- Outdoor
- Others
By Distribution Channel
- Offline Channels
- Online Channels