Rising demand for space saving and multi-functional furniture is driving the demand for the South Korea smart furniture market during the forecast period.

South Korea Smart Furniture Market was valued at USD 51.91 million in 2023, and is expected to reach USD 77.5 million by 2030, with a CAGR of 5.7% from 2024 to 2030, according to new research report by Next Move Strategy Consulting. The growing need for furniture that saves space and serves multiple functions is a key factor driving the popularity of smart furniture. In today's busy urban areas, where living spaces are often limited in size, people are looking for smart solutions that make the most of their available space. This trend reflects the changing lifestyle of city dwellers who prefer compact and versatile furniture. Smart furniture is designed to meet this demand, offering features such as hidden storage, foldable designs, and the ability to adapt to different uses. This furniture is essential for making the most out of small living spaces.

Additionally, the increasing disposable income per capita is a significant driver behind the growth of the smart furniture market. As individuals have more disposable income, they are increasingly inclined to invest in smart furniture solutions that offer enhanced comfort, convenience, and efficiency in their homes. The expanding affordability and purchasing power fueled by rising incomes are consequently propelling the demand for smart furniture, boosting the market growth.

Also, the ever-increasing penetration of the Internet of Things (IoT) devices into residential spaces is playing a pivotal role in propelling the growth of the smart furniture industry. In an era where connectivity and convenience are paramount, consumers embrace IoT technology to enhance their daily lives. Smart furniture, equipped with sensors and connectivity features, seamlessly integrates with these IoT devices to provide a more personalized and efficient living experience. As more homeowners recognize the benefits of this fusion of technology and design, the smart furniture industry continues to evolve and expand, ushering in a new era of intelligent and responsive living spaces.

However, integrating advanced technology and smart features into smart furniture tends to be more expensive. This cost can be a real obstacle for many potential buyers, especially those mindful of their budgets. It acts as a barrier that prevents the smart furniture market from expanding, particularly in the segments of the population that prioritize affordability.

On the other hand, the rapid advancements in home automation technology are expected to create ample opportunities for the smart furniture industry in the future. This technological progress allows for the integration of smart furniture into the broader smart home ecosystem, making it user-friendly and versatile for consumers of various technical backgrounds. The seamless integration of smart furniture with existing home automation systems, such as voice assistants and smart thermostats, ensures the streamlining of the user experience and enhances the appeal of smart homes.

Additionally, this collaboration between smart furniture and home automation systems contributes to energy efficiency, aligning with the increasingly important trend of eco-friendly living. With more user-friendly, stylish, and environmentally conscious options available than before, the smart furniture industry is well-positioned to thrive as it caters to the evolving needs of homeowners.

Request for a sample here: https://www.nextmsc.com/south-korea-smart-furniture-market/request-sample

Several market players operating in South Korea smart furniture market include Inter IKEA Systems BV, Herman Miller, Inc., Sobro, Steelcase, Inc., StoreBound LLC, Seebo Interactive Ltd., Milano Smart Living, Modoola Limited, Hi-Interiors SRL, Sleep Number Corporation, and others.

Key Insights from the South Korea Smart Furniture Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the South Korea smart furniture market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the South Korea smart furniture market is provided in the report along with their competitive analysis.