The global small space furniture market is anticipated to achieve a remarkable double-digit compound annual growth rate (CAGR) of 5.9%, reaching a market value of US$ 6 billion.
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.
In this light, the type of housing will have a change in nature. The phenomenon of studio apartments and micro-sized houses is already popular in countries like Japan or Singapore.
As a result, small-space furniture has seen an enormous growth and is likely to remain elevated during the forecast period 2020 – 3. The materials used to make small-space furniture include glass, wood, leather and plastic.
Wood is projected to gain rapid momentum, yielding impressive revenue for the forecast period of this decade. The durability of wooden furniture is extraordinary, the minimal maintenance required prevents deterioration through rot and decay.
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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.
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.
Business Growth Drivers in the Small Space Furniture Market:
- Urbanization Trends: With an increasing number of people living in urban areas, the demand for small space furniture rises due to limited living space in cities. This trend is particularly prominent in densely populated urban centers where space optimization is crucial.
- Rising Real Estate Prices: Escalating real estate prices lead to smaller living spaces as consumers seek affordable housing options. This drives the need for furniture that is designed to fit compact living areas without compromising functionality or aesthetics.
- Changing Lifestyles: Evolving lifestyles, including the rise of single-person households, millennials opting for minimalist living, and remote work arrangements, contribute to the demand for small space furniture. Consumers seek versatile and multi-functional pieces that can adapt to various living situations.
- Innovations in Design and Technology: Continuous advancements in furniture design and technology enable the creation of innovative solutions tailored for small spaces. This includes space-saving mechanisms, modular furniture systems, and smart furniture equipped with IoT capabilities, enhancing convenience and usability.
- Sustainability Concerns: Growing awareness of environmental sustainability prompts consumers to opt for eco-friendly furniture solutions. Manufacturers responding to this demand by offering sustainable materials and production methods further drive growth in the small space furniture market.
Industry Restraints in the Small Space Furniture Market:
- Quality vs. Affordability Balancing Act: Consumers often face the dilemma of choosing between affordable, mass-produced furniture and higher-quality, albeit more expensive, options. Balancing affordability with quality remains a challenge for manufacturers in the small space furniture market.
- Limited Customization: Small space furniture may lack customization options compared to larger pieces, limiting personalization according to individual preferences and living space requirements. This constraint could deter some consumers seeking unique or tailored solutions.
- Space Constraints: While small space furniture aims to optimize living areas, there are inherent limitations to the size and functionality of these pieces. Some consumers may find it challenging to accommodate all their needs within the confines of a compact living space, leading to potential dissatisfaction.
- Competition from Alternative Solutions: The small space furniture market faces competition from alternative solutions such as multifunctional storage solutions, space-saving accessories, and home organization systems. These alternatives may offer cost-effective or DIY options that appeal to certain segments of consumers.
- Logistical Challenges: Logistics pose a significant challenge in the small space furniture market, especially concerning delivery and assembly in urban environments with restricted access or narrow spaces. Efficient logistics solutions are essential to meet consumer expectations and ensure customer satisfaction.
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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.
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.
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)
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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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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