Smart Furniture: The Future of Urban Living
Amsterdam, vrijdag, 20 juni 2025.
The global furniture industry is transforming rapidly due to increasing urbanisation. Research shows that the market for multifunctional furniture will grow to 4.9 billion dollars, with a focus on innovative, space-saving solutions. Foldable dining tables, compact chairs, and smart storage furniture are the new standard for urban living environments. This trend reflects the growing need for flexible and efficient home furnishings, with consumers increasingly valuing furniture that adapts to their dynamic living spaces. Manufacturers like IKEA are heavily investing in multifunctional designs that elegantly solve the challenges of compact urban dwellings.
Global Market Growth for Multifunctional Furniture
The global furniture industry is at an innovation tipping point, driven by urbanisation and space-saving needs. The Global Multifunctional Furniture Market was valued at USD 15.9 billion in 2024 and is estimated to grow with a CAGR of 4.9% to reach USD 25.4 billion by 2034 [1]. Specifically for the furniture market, the sofa sector, which generated USD 4.9 billion in 2024, is expected to grow with a CAGR of 5.4% until 2034 [1].
Innovative Product Development
Leading manufacturers such as IKEA, Expand Furniture, and Ashley Furniture Industries are currently investing heavily in product innovation, focusing on multifunctional and space-saving designs [1]. The wooden furniture sector maintained a market share of 43% in 2024 and is expected to grow with a CAGR of 5.2% from 2025 to 2034 [1].
Regional Market Dynamics
The United States represented a multifunctional furniture market worth USD 4.4 billion in 2024 [1]. The growth is driven by increasing urbanisation and the need for compact, flexible living environments [2].