The small space furniture market is anticipated to reach US$ 6 billion, with a remarkable double-digit CAGR of 5.9%.In today’s world, small space living has emerged as the new normal. As urbanization gathers momentum, the need for urban housing is surging rapidly. By 2050, over 6 billion people will reside in urban dwelling, with a major chunk of this population being concentrated in cities across the developing world.
Against this backdrop, the nature of housing is bound to undergo a metamorphosis. The trend of studio apartments and small-sized houses is already widespread in countries such as Japan and Singapore.
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.
Wood is anticipated to acquire major traction, generating substantial revenue throughout the upcoming decade’s forecast. Wooden furniture is extremely durable, requires minimum maintenance and prevents undesired deterioration through rot and decay.
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 includes 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.
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Small Spaces Necessitate Smart Solutions- Credible Developments Underway to Design Smart Small Space Furniture
As apartment sizes shrink, the nature of furniture demanded is also shrinking. As a result, manufacturers are increasingly seeking to introduce solutions to address the problem of small spaces. Therefore, the concept of multifunctional furniture and transformable rooms have acquired precedence.
For instance, a table and chair can serve a dual function of offering seating while working or dining. When not using them, these tables and chairs can serve as a bookshelf or storage drawers as well.
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.
Wooden Furniture to Hold Sway across the Forecast Period, Steel Furniture Remains Most Preferred Option
Wood is anticipated to acquire major traction, generating substantial revenue throughout the upcoming decade’s forecast. Wooden furniture is extremely durable, requires minimum maintenance and prevents undesired deterioration through rot and decay.
They do so by secreting natural oils as effective barriers against external agents. Moreover, they impart antiquity to the house. However, steel furniture is anticipated to remain the dominant choice in terms of small space furniture material. High corrosion resistance and robustness are the key drivers behind its surging popularity.
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
As rent prices are skyrocketing, people, especially millennials, are seeking inexpensive accommodation facilities. This often involves compromising on the living space, which compels them to seek smaller houses.
Against this backdrop, sales of small space furniture are expanding manifold since the past few years. This has accelerated sales of smart furniture as well.
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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
Offline sales channels have largely dominated the furniture landscape, with consumer preferring to visit specialized furniture stores. These stores enable consumers to experience first-hand the quality and feel of the different materials used in constructing them.
Moreover, effective after-sales services are attracting more buyers, thus heightening their revenue prospects.However, with the proliferation of the internet, consumers are becoming digitally empowered. Access to smartphones and other hardware devices make shopping easier, leading to a major tilt in consumer purchasing behavior.
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
The Asia-Pacific region is home to 3/5th of the global population, around 4.3 billion people. Most of them reside in China and India. By 2050, this number is forecast to climb to 5 billion. Consequently, the demand for housing and construction is bound to accelerate, pushing up demand for household furniture.
With such a large population base, small-space living is acquiring significant ground. People prefer to reside in studio apartments or two-bedroom flats. Owing to the space constraints, investments in small-space furniture such as foldable beds and multi-purpose tables have gathered momentum in this region.
COVID-19 Accelerates Online Furniture Sales, Conventional Retailing Witnesses Drastic Dip
The novel coronavirus pandemic has adversely impacted the global economy, forcing businesses to enter into a hiatus for an indefinite time period. As governments continue to impose restrictions, the global small space furniture market is headed towards a prolonged depression. A resurgence is not anticipated anytime soon.
With calls for maintaining social distancing, visits to furniture stores has dramatically fallen, leading to a dip in sales. This has majorly affected revenue inflow and disrupted profit margins of prominent players, as they are left with unsold inventory in their retail outlets. This is forcing them to incur depreciation costs.
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.
Global Small Space Furniture Market- Competitive Landscape
The global small space furniture market is characterized by the presence of multiple players, rendering is highly competitive in nature. Some prominent players include IKEA, Walmart, Target Corporation, Crate & Barrel, HomeLane, Godrej Interio, Apt 2B, Joss & Main and Wooden Street among others.
These players are investing in providing small space solutions across different geographical regions. For instance, IKEA offers its kitchen island solution, comprising of four cabinets measuring 30 cm and 80 cm respectively, a custom-cut work top and a rolling trolley. This ensures that users have an enjoyable working experience as well as save space.
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.
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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)
Small Space Furniture Market- Segmental Analysis
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
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