Top Furniture Industry Trends 2024: Overview
The dynamic and ever-changing environment of the industry highlights the critical role that innovation plays. To figure out the intricate relationships between distribution networks, effectiveness of production, and technological advancement in the furniture industry, this technique utilizes sophisticated data analytics.
The Report Furniture Industry Trends 2024 offers a summary of the global furniture market using historical data sets (furniture production, consumption, imports, exports, preliminary estimates for 2020–2021, 2022, and 2023) and projections for the global furniture markets for global regions in the years 2024 and 2025. An in-depth analysis of 1400+ international startups and scale-ups was conducted for this study on the Top Furniture Industry Trends and startups. This data-driven study gives an overview of new technologies in the furniture sector and innovation intelligence to help you make better strategic decisions.
The Global Furniture Market Size is expected to reach USD 780.8 billion by 2030, at a CAGR of 5.1% during the forecast period 2022 to 2030, according to Spherical Insights & Consulting research study report. Read More Statistics Here: https://www.sphericalinsights.com/reports/furniture-market
Top Furniture Industry Trends 2024:
1. Smart Furniture
Manufacturers of furniture make an effort to adapt to consumers' shifting tastes. The Internet of Things (IoT) is changing the furniture-making sector in this way. Smart furniture makers use sensor technology in their products to track user data in real-time. Functionality and design are smoothly blended when technology is integrated with furniture. Wireless charging, integrated speakers, health monitoring systems, and other features are available on smart furniture. Moreover, voice-activated furniture links with Bluetooth, Wi-Fi, and Internet of Things devices in homes. For example, biometric sensors are used by smart beds to monitor heart rate, breathing rate, and level of slumber. By detecting possible issues and maintenance requirements, IoT integration helps furniture manufacturing businesses extend the life of their products.
- Using embedded audio, Invisible Tech creates furniture
Invisible Tech, a firm located in Hong Kong, makes furniture with integrated audio to produce premium audio quality. Modern connection in the audio system makes wireless listening simple, guaranteeing a hassle-free user experience. To improve product sustainability, the business also upcycles discarded wood elements into a smart audio system for the furniture components. Invisible tech caters to the increasing need for improved smart living experiences by tailoring its solutions to the interests of its customers.
- Manufacturer NextErgo produces a Smart Ergonomic Desk
An AI-powered smart desk with integrated presence detection sensors and ergonomic posture adjustment is being developed by US firm NextErgo. The business uses hand-level sensing and thermal imaging to enable consumers to adopt an optimal standing position. To enhance user connection, the desk also has a touchscreen and voice control via Google Assistant. Now they use both on-screen and voice notifications to create reminders for things like taking a break, drinking water, eating snacks, and exercising particular body parts. Consequently, it enhances user posture, energy levels, and overall productivity.
2. Integrated Technologies
Furniture manufacturers can present their items in a way that seems realistic and appealing to consumers because of technological improvements. To create lifelike models of furniture, furniture producers use immersive technologies like augmented reality, virtual reality, and extended reality (XR). This improves the purchasing experience by enabling customers to virtually sample things before making a purchase. Customers see the product in its entirety and from any perspective thanks to the accurate product representations and photo-realistic graphics. Customers also confirm if the colors blend in with their surroundings and whether the furniture measurements fit the available area. Moreover, furniture firms may improve the in-store experience and close the gap between physical and online shopping by using an immersive marketing approach.
- NXT Interactive provides a Web-AR Furniture App
A web-AR furniture app developed by Singaporean firm NXT Interactive shows off real-time 3D furniture models to help in decision-making. It makes use of augmented reality to let users picture furniture in their homes. Customers' buying experience is improved by this interactive experience, which guarantees that they make well-informed selections about the furniture they choose without having to enter a store. As a result, the firm sees a rise in sales and a decrease in returns since clients can inspect furniture before they buy it.
- Ruupi offers VR for Product Demonstrations
Virtual reality is being used by the Lithuanian firm Ruupi to provide immersive shopping experiences and product demos. It helps furniture retailers and salespeople to improve the online shopping experience for clients. It also has a marketplace that presents a catalog of furniture products that can be seen and bought.
3. Robotic Furniture Manufacturing
Furniture firms use automated solutions for order fulfillment and material management because of the fierce rivalry and strong demand. They use automation and robotics driven by AI, such as autonomous mobile robots (AMRs), to transform the furniture-making process. Robots with AI and computer vision capabilities are also capable of very precise cutting, molding, and assembling furniture parts, among other difficult activities. For example, automated drilling equipment guarantees that holes remain at the right depth and angle, which results in constant quality and less waste. To proactively identify and resolve problems and increase efficiency, automated systems also keep an eye on production lines in real-time. Using sensors and data analytics, they identify areas for improvement and obtain insights into manufacturing procedures. Finally, robots improve quality control and lower labor costs and human error rates for furniture makers.
- Gani Robotics maximizes the manufacturing of leather furniture
To automate and improve the manufacture of furniture leather, the Indian firm Gani Robotics develops a robot for machine vision-based leather edge trimming. The robot is very accurate and dependable; it is mostly used for wet blue and crust leather. Additionally, the firm provides an all-in-one solution for automatic leather nesting, digital die cutting, leather hide scanning, and photo-digitization of designs. It enables furniture leather producers to produce furniture leather efficiently and ecologically.
- Flumio Provides AI-Driven Text for Robotic Manufacturing
A US-based firm called Flumio offers a text-to-image system driven by artificial intelligence that produces many furniture design iterations. The business turns digital drawings into real furniture by combining robotic production with generative AI. Real-time customization is made possible by the AI-chat interface, which quickly transforms ideas into parametric models and produces the data required for the robotic manufacturing system. Flumio offers a cutting-edge method for precisely and quickly producing specified furnishings.
4. Eco-Friendly Furniture
The manufacture of furniture has a significant carbon impact on the world. The trend toward obtaining environmentally friendly materials for furniture manufacture has significantly changed in response to the growing need for more accurate ecological life cycle evaluations. Moreover, shortages of raw materials are a constant problem for furniture manufacturers. Consequently, recycling and upcycling procedures maximize resource use and longevity. For instance, bio-based materials offer a possible substitute for plastic in the manufacturing of furniture and its components. Additionally, recycled materials and renewable resources including old wood fibers, polyethylene terephthalate bottles, bamboo, cotton, and algae are used to make furniture. Manufacturers create furniture fittings, glides, wheels, and castors using injection molding and only renewable materials. This enables furniture manufacturers to source materials ethically and steer clear of harmful chemicals, helping them to meet sustainability targets.
- Made from Recycled Furniture by Gravity Wave
Spanish-based startup Recycled Furniture is produced by Gravity Wave to protect the environment and lessen ocean pollution. The company turns plastic debris from the ocean into eco-friendly furniture including repurposed seats, tables, and pots. Due to its flexibility in a wide range of shapes and spaces, the material may be used for a variety of interior design and architectural decorating purposes. Finally, the concept encourages sustainability in the sector by using a circular furniture production method.
- Calico Sol is a leader in eco-friendly furnishings
A US-based firm called Calico Sol creates eco-friendly home furniture to promote recycling and reuse ideas while lowering total carbon footprints. The company creates personalized furniture using long-lasting, stain-resistant materials that are affordable, easy to discard, and ecologically friendly. The firm uses only natural, nontoxic materials that need fewer resources to make all of their furniture. Its circular form helps furniture makers even more to reduce waste and maintain material usage.
5. Multifunctional Furniture Design
Using sturdy furniture to maximize living space is essential as cities get denser and real estate values rise. Contemporary furniture designs combine several uses for modern technology to create visually pleasing and compact pieces of furniture. Up-and-coming entrepreneurs make furniture with sophisticated folding mechanics and flexible designs to maximize storage. For example, multipurpose desks can fold up into small pieces or become wall-mounted shelves when not in use. To make such furniture, materials including cardboard, steel, aluminium, and wood are used. Moreover, natural resources are used by startups and scaleups to create sustainable furniture that is stackable, foldable, and transformable.
- Hoek Home is an expert in the design of modular furniture
A US-based firm called Hoek Home uses proprietary snap-lock and flat-pack technology to create modular furniture designs. Businesses can quickly construct and remove furniture using snap-lock technology without the need for complicated equipment or lengthy instructions. Furthermore, each piece of furniture folds into an easily transportable object to utilize the flat-pack technology. To preserve space while not in use, customers can hang furniture using this solution's thin wall cleat. The furniture from the business can be quickly assembled and used as a desk, table, bookshelf, and more.
- Flowfactory provides a Window Seat with Multiple Uses.
A window seat that hangs within a workspace and functions as a multipurpose table or shelf is made by the Austrian firm Flowfactory. It allows for safe and cozy window sitting when folded, converting the window recess into a miniature balcony. The firm provides extra room for workers to unwind and focus by selling multipurpose furniture that maximizes the living area.
Top Global Furniture Industry Marketing Trends in the:
1. The Development of Virtual Showrooms with Augmented Reality (AR)
Furniture marketers are concentrating on developing seamless online-to-offline experiences, combining augmented reality (AR) and virtual showrooms, to close the gap between internet shopping and in-store visits. Before making a purchase, sometimes customers want to use augmented reality (AR) technology to preview how a particular item might fit and appear in their homes by superimposing 3D models of furniture onto actual locations. AR and virtual showrooms improve client interaction, lessen the demand for physical showroom space, and give furniture sellers useful information about the tastes and behaviors of their customers.
- A purchase from a retailer offering augmented reality experiences is more likely to be made by 65% of customers.
- Conversions for furniture businesses employing AR rose by 140%.
- Companies who use virtual showrooms report a 41% increase in website time.
- 82% of buyers said they would be more inclined to buy furniture following their visit to a virtual showroom.
2. Connected TV (CTV) Advertising
TV commercials have become a potent tool for furniture marketers to interact with their target market in the ever-changing world of advertising. CTV advertising has exceptional chances to highlight furniture products and motivate customers in the comfort of their own homes, especially as streaming services and linked gadgets continue to gain popularity.
- 70% of CTV viewers have acted on an advertisement by going to a website, looking up additional information, or making a purchase, demonstrating how effective CTV advertising is in boosting audience engagement and conversions.
- In comparison to traditional linear TV advertisements, CTV ads are less expensive per thousand impressions (CPM), which makes them a wise option for furniture marketers aiming to reach a certain demographic.
- The impact of CTV advertising on furniture purchases is demonstrated by the fact that 40% of CTV viewers believe they are more inclined to purchase after viewing a relevant advertisement on their linked device.
3. Understanding the Digital Wave
How people purchase furniture has changed as a result of the digital revolution. 90% of consumers start their furniture search online, according to a study. Furniture marketers take advantage of this online transition and place themselves where prospective buyers are actively looking for items and ideas by having a strong online presence. These customers are drawn to and retained by a well-designed website, an interesting social media presence, and targeted online advertising.
- 80% of furniture buyers investigate products online before making a purchase.
- The statistics were somewhat lower but no less remarkable in a related investigation. Before making a furniture purchase in-store, 67% of customers conduct internet research.
4. Influencer Partnerships
Influencer collaborations have a big influence on customer behavior. Influencers who share great experiences and highlight furniture products are seen by their audience as recommending the products to others. Because people view influencers as trustworthy sources of inspiration and knowledge, consumers are more likely to believe the perspectives of those who follow them. Customers are influenced by their peers to investigate and contemplate the suggested furniture pieces for their residences.
- 80% of furniture buyers say that social media material affects their choice to buy.
- Influencer marketing is a strategy used by 50% of furniture businesses to promote their products.
5. Promotion of New and Pre-Movers
Furniture dealers have a great chance to engage with prospective consumers during this exciting time of transition for both individuals and families moving to a new home. Furniture companies deliberately target this group and give them the ideal furnishings for their new place by getting to know their wants and preferences.
- Online Research and Shopping Habits:
83% of movers seek furniture and household items online.
- Higher Expenses During the Move:
Furniture and appliances are typically spent 3.4 times more by movers than by non-movers.
- Research and Purchase Before the Move:
Before the transfer, 38% of movers do their research and make their purchases, and 49% do so during the first month.
- Direct Marketing with A Specific Aim:
75% of movers take note of and interact with direct mail that is relevant to their relocation.
Key Players of the Furniture Industry
- Williams-Sonoma, Inc.
- Kimball International, Inc.
- DEDON Manufacturing Inc.
- Ashley Furniture Industries Inc.
- HNI Corporation
- Harman Miller Inc.
- Stickley Furniture Inc.
- Oppein Home Group Inc.
- Duff & Phelps, LLC.
- Inter IKEA Systems BV
- Raymour & Flanigan
- Haworth, Inc.
- Dare Studio
- Durham Furniture Inc.
- American Signature
- RH (Restoration Hardware)
- Jason Furniture Co., Ltd
- Okamura Corporation
- Masco Corporation
- L. & J.G. STICKLEY, INC.
- La-Z-Boy Inc.
- P & C ArteMobili SA
- Steelcase Inc.
- Heritage Home Group LLC
- In March 2023, Wriver stated that, exclusively at India Design 2023, a selection of new furniture pieces created in partnership with the renowned and award-winning design studios Morph Lab, MuseLAB, Studio Sumeet Nagi, and Wriver Design Studio would be unveiled. With an eye toward 'energizing modern life,' the collections aimed to empower interior designs while combining exceptional workmanship and innovative materials. Their foundation was global in sensibility.
- In February 2023, as part of their new Transitions line, IKEA unveiled three collections: Vivid Wonderland, Glorious Green, and Simple Serenity. The Swedish retailer encourages homes to be more sustainable with their purchases by selecting longer-lasting items that can be used repeatedly, as opposed to replacing items around the house regularly.
- In December 2022, one of the biggest online luxury furniture stores in Australia, Brosa, was taken over by Kogan.com Limited. With the backing of the Kogan Group, the agreement guarantees that the well-known furniture brand endures and emerges stronger than before.
- In July 2022, Gaming seats, workstations, and monitor arms were provided by Harman Miller Inc. in collaboration with G2 Esports. The firm will see a rise in sales revenue and gross profit thanks to the relationship.
- In December 2021, DeKalb Office Environments, Inc. will be acquired by Empire Office, Inc., as stated. The firm will be able to expand locally in Atlanta and Birmingham thanks to the purchase.
- In November 2021, the furniture and interior design company Interni was fully acquired by Haworth Inc. The acquisition will contribute to improving product quality and design.
- In May 2020, the manufacturer of console tables and chair goods Theodore Alexander USA, Inc. teamed up with Ralph Lauren Corporation, a U.S.-based fashion products firm, to grow its business through the partner's U.S. fashion stores.
- In March 2020, the firm that operates six separately owned La-Z-Boy Furniture Galleries, with an estimated yearly retail volume of USD 30 million, and one warehouse in Seattle, Washington, was acquired by La-Z-Boy Incorporated, it was announced.
In conclusion, the furniture industry is undergoing a dynamic state of transition driven by technological innovation and the demand for sustainability. Business executives require adaptability, vision, and the readiness to take on new opportunities and challenges. This sculpture acts as a compass pointing towards a future where the most creative and adaptable individuals will flourish, based on the most recent monthly developments. Being knowledgeable is crucial to navigating the furniture industry's complexities and seizing opportunities. To keep your business ahead of the curve, make use of the platform we provide to learn about the most recent developments and innovations in the furniture sector. The discovery platform helps you identify profitable joint venture opportunities and make well-informed investment decisions by providing a succinct yet thorough overview of the most recent advancements and trends.
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