Market Trends of Global Multifunctional Home Furniture Industry
This section covers the major market trends shaping the Multifunctional Home Furniture Market according to our research experts:
Rising Infrastructure Development
The rising population, burgeoning need for quality housing and infrastructure, along with increasing trend of nuclear families are favoring the infrastructure development growth. Asia-Pacific is expected to register fastest growth in the coming years. India's construction industry expanded in real terms by 7.9 per cent in 2021 followed by average yearly growth of 6.5 per cent up until 2030. Underpinning the positive outlook on residential building in India, strong government support was noted at the national level for housing sector, reflected in allocation of sizeable funding for housing with national 2021 Budget including INR 50,000 crore allocated to the Ministry of Housing and Urban Development (MoHUA) as well as creation of USD 3.5 Billion fund to support completion of stalled housing projects. Further, ongoing urbanization and upliftment of the population's living standard in Asian countries have driven the demand for space-efficient and affordable furniture. The booming building sector in Asia due to the rise in disposable income, growing middle-class population, and rising construction of residential infrastructure are expected to spur the market growth in the years to follow.
Increasing Disposable Income and Urbanization
Rise in urbanization globally has fueled the demand for accommodation and subsequently boosted the housing market and led to reduction in 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 towards the adoption of folding furniture grows. The rising urbanization of the population is expected to positively impact the growth of the multifunctional home 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.
