Foldable mattresses, retractable and mounted tables, island kitchens, ottomans, foldable kitchens, tiny coffee tables, closets, portable book shelves, and expanding tables are just a few examples of small space furniture. Small-space living has become the new normal in today’s world. The demand for urban housing is steadily increasing as urbanisation gains traction. Over 6 billion people will live in cities by 2050, with a large portion of this population concentrated in cities throughout the developing globe.
The character of housing is destined to change in the face of this backdrop. In nations like Japan and Singapore, the trend of studio apartments and compact houses is already well-established.
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 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.
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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.
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.
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.
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 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.
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.
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