United States Multifunctional Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The United States Multifunctional Furniture Market is poised at a CAGR of 4.5% during the forecast period.

The increase in customer disposable income, improved quality of life, and growing development of new residential projects across the country are likely to drive the industry’s growth. The ongoing smart city developments and the growth of the construction industry are projected to create substantial demand for multifunctional home furniture solutions. Rise in entrepreneurship & work from home, growth in infrastructure investment in the residential & commercial sectors, and a surge in the inclination of customers toward modular furniture drive the development of the US multi-functional furniture market. Due to inadequate space availability, especially in metro cities and increasing urbanization, people have started choosing multifunctional or folding furniture that occupies lesser space along with contemporary designs that fit the home décor.

Many consumers nowadays prefer furniture that improves the space's functioning. Multi-functional furniture not only makes their lives simpler, but it may also become a part of their daily routine. With the rise in the cost of living, multi-functional furniture can reduce the number of items required to complete the home. A convertible bed that converts into a sofa is a great way to save money while also expanding space.

The United States Multifunctional Furniture Market Trends

Increasing Disposable Income and Urbanization

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. Customers are looking for inspirational 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 likely to be in demand, fueled by shrinking homes and a growing affordable housing sector across the World.

Residential Sector is Leading

The residential sector is expected to dominate the market in the United States due to the larger requirement for 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 driving the market growth. The US president, Joe Biden, announced a USD 2.25 trillion infrastructure plan, that includes the Neighbourhood Homes Investment Act (NHIA) among USD 213 billion in affordable housing investments with a focus on low- and middle-income homeowners and prospective homebuyers that could also include expansions of the Low-Income Housing Tax Credit, public housing capital funding, and other programs. Hence, in the coming years as well, the residential sector is anticipated to dominate the market share in the US multifunctional furniture market.

The United States Multifunctional Furniture Market Competitor Analysis

The report covers major international and local players operating in the US multifunctional furniture market. In terms of market share, 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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support