Europe Multifunctional Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Multifunctional Furniture Market Analysis
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
This section covers the major market trends shaping the Europe Multifunctional Furniture Market according to our research experts:
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 Industry Overview
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.
Europe Multifunctional Furniture Market Leaders
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Ikea Industry Group
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Dorel Industries Inc.
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Haworth, Inc.
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Ashley Furniture Industries
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DFS Furniture
*Disclaimer: Major Players sorted in no particular order
Europe Multifunctional Furniture Market News
- In January 2022, IKEA announced that it will hike its prices by an average of 9% next year due to the ongoing supply and transportation disruptions.
- In October 2022, the Italian designer brand Cassina launched its e-commerce platform as part of first phase in Italy, France, Germany, Austria and Benelux. The company plans to expand to rest of Europe in 2023 and later to rest of the world.
Europe Multifunctional Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Latest Trends and Innovations in the Industry
4.7 Insights on Recent Developments in the Industry
4.8 Consumer Preferences and Buying Behavior Analysis
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Chairs
5.1.2 Tables
5.1.3 Beds
5.1.4 Sofas
5.1.5 Others
5.2 By Application
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Home Centers
5.3.2 Specialty Stores
5.3.3 Online
5.3.4 Other Distribution Channels
5.4 By Country
5.4.1 Germany
5.4.2 France
5.4.3 Spain
5.4.4 Italy
5.4.5 United Kingdom
5.4.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 IKEA
6.2.2 Ashley Furniture Industries
6.2.3 Dorel Industries Inc.
6.2.4 Haworth, Inc.
6.2.5 La-Z-Boy, Inc.
6.2.6 Ekornes Group
6.2.7 Actona
6.2.8 Ahrend Groep
6.2.9 BRW Black Red White
6.2.10 DFS Furniture*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Europe Multifunctional Furniture Industry Segmentation
Multifunctional furniture is furniture that offers more than one function and purpose and often helps in space-saving. A complete analysis of the Europe Multifunctional Furniture Market, which includes an assessment of the emerging trends by segments, significant changes in market dynamics, and a market overview, is covered in the report. The Europe Multifunctional Furniture Market is segmented by Product Type (Chairs, Tables, Beds, Sofas, Others), By Application (Residential, Commercial), By Distribution Channel (Home Centers, Specialty Stores, Online, Other Distribution Channels), and by Country (United Kingdom, Germany, France, Spain, Italy, Rest of Europe). The report offers market size and forecasts for the Europe Multifunctional Furniture Market in value (USD Million) for all the above segments.
| By Product Type | |
| Chairs | |
| Tables | |
| Beds | |
| Sofas | |
| Others |
| By Application | |
| Residential | |
| Commercial |
| By Distribution Channel | |
| Home Centers | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
| By Country | |
| Germany | |
| France | |
| Spain | |
| Italy | |
| United Kingdom | |
| Rest of Europe |
Europe Multifunctional Furniture Market Research FAQs
What is the current Europe Multifunctional Furniture Market size?
The Europe Multifunctional Furniture Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Europe Multifunctional Furniture Market?
Ikea Industry Group, Dorel Industries Inc., Haworth, Inc., Ashley Furniture Industries and DFS Furniture are the major companies operating in the Europe Multifunctional Furniture Market.
What years does this Europe Multifunctional Furniture Market cover?
The report covers the Europe Multifunctional Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Multifunctional Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Multifunctional Furniture Industry Report
Statistics for the 2024 Europe Multifunctional Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Multifunctional Furniture analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
