Market Overview:
The global multifunctional sofa market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to factors such as the increasing demand for multifunctional furniture, rising disposable income, and growing urbanization. The global multifunctional sofa market is segmented on the basis of type into push-pull and folding sofas. The folding sofas segment is expected to grow at a higher CAGR than the push-pull sofas segment during the forecast period from 2018 to 2030. This can be attributed to their growing popularity among consumers due to their space-saving features. On the basis of application, the global multifunctional sofa market is divided into furniture and furnishings stores, supermarkets, and others (including online retailers). Furniture and furnishings stores are expected to account for a major share of this market in terms of revenue during 2018–2030 owing to an increase in demand for home décor products across regions worldwide.
Product Definition:
Multifunctional Sofa is a type of furniture which can be used for multiple purposes. They are usually designed to be versatile and can be used as sofas, beds, or tables. This type of furniture is popular in small spaces because it can serve multiple purposes and save space.
Push-pull:
The push-pull strategy is used in the multifunctional sofa market to differentiate one product from another. It helps create a unique identity for each product and makes it stand out in the sea of similar looking products. The growth factor for this segment is primarily consumer’s willingness to pay a premium price for convenience features offered by push-pull sofas such as easy cleaning, reduced maintenance, and greater comfort.
Folding:
Folding sofas are also known as collapsible or compact sofa. It is a type of sofa that can be easily converted into a bed. The main advantage of this product is that it takes up less space when not in use, and also its weight bearing capacity is much higher than normal sofas which makes it easier for people with bad backs to carry.
Application Insights:
The furniture and furnishing stores segment dominated the global multifunctional sofa market in 2017. The segment is expected to witness significant growth over the forecast period owing to rising demand for home dĩcor products, including sofas. Increasing consumer disposable income has led to an increase in spending on home dĩcor products, which includes purchasing sofas for seating and lying down purposes.
The supermarkets segment is also expected to witness considerable growth over the next eight years due to increasing consumer preference for shopping at supermarkets as compared with other retail outlets such as hypermarkets or departmental stores. Multifunctional sofas are highly popular among consumers who have a large family or require extra seating space at their homes during parties and social gatherings.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. This can be attributed to increasing product demand as a result of growing population, rising disposable income levels, and changing lifestyles. Furthermore, rapid urbanization has led to an increase in construction activities across emerging economies such as India and China. As a result of this growth in construction spending, there has been an increase in new furniture stores opening up across these countries which will further boost product demand over the next eight years.
North America is expected to grow at a significant rate during the forecast period owing to increasing consumer preference for multifunctional sofas that can be used for different purposes such as sleeping or sitting along with additional features like storage space or cupboards that come with it being able to fold into small spaces saving lot of space when not being used thereby boosting sales at times when consumers need them most; namely during emergencies like floods or hurricanes etc.
Growth Factors:
- Increasing demand for multifunctional sofas in the residential sector as a result of changing lifestyles and growing disposable incomes.
- Rising popularity of open-plan living spaces, which has led to an increase in demand for multifunctional furniture that can be used to maximise space efficiency.
- The increasing trend of home-sharing and co-living, which has fuelled demand for multifunctional furniture that can be used as both a sofa and bed.
- Growing awareness among consumers about the benefits of using multifunctional furniture, such as increased space efficiency and cost savings.
- The launch of innovative new designs and models of multifunctional sofas by leading players in the market, which is helping to attract more consumers
Scope Of The Report
Report Attributes
Report Details
Report Title
Multifunctional Sofa Market Research Report
By Type
Push-pull, Folding
By Application
Furniture and Furnishings Stores, Supermarkets, Others
By Companies
Hanssem, Aria Furniture, Muse Furniture, Man Wah Holdings, La-Z-Boy, Natuzzi Editions, Ashley Furniture, Qumei Investment AS(Ekornes)
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
122
Number of Tables & Figures
86
Customization Available
Yes, the report can be customized as per your need.
Global Multifunctional Sofa Market Report Segments:
The global Multifunctional Sofa market is segmented on the basis of:
Types
Push-pull, Folding
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Furniture and Furnishings Stores, Supermarkets, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Hanssem
- Aria Furniture
- Muse Furniture
- Man Wah Holdings
- La-Z-Boy
- Natuzzi Editions
- Ashley Furniture
- Qumei Investment AS(Ekornes)
Highlights of The Multifunctional Sofa Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Push-pull
- Folding
- By Application:
- Furniture and Furnishings Stores
- Supermarkets
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Multifunctional Sofa Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A multifunctional sofa is a type of couch that can be used for multiple purposes. These sofas are often designed with extra storage space, which makes them perfect for use as an office chair, bed, or even a makeshift living room. Some multifunctional sofas even have built-in TV stands and DVD players.
Some of the major players in the multifunctional sofa market are Hanssem, Aria Furniture, Muse Furniture, Man Wah Holdings, La-Z-Boy, Natuzzi Editions, Ashley Furniture, Qumei Investment AS(Ekornes).
The multifunctional sofa market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Multifunctional Sofa Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Multifunctional Sofa Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Multifunctional Sofa Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Multifunctional Sofa Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Multifunctional Sofa Market Size & Forecast, 2020-2028
4.5.1 Multifunctional Sofa Market Size and Y-o-Y Growth
4.5.2 Multifunctional Sofa Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Push-pull
5.2.2 Folding
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Furniture and Furnishings Stores
6.2.2 Supermarkets
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Multifunctional Sofa Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Multifunctional Sofa Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Push-pull
9.6.2 Folding
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Furniture and Furnishings Stores
9.10.2 Supermarkets
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Push-pull
10.6.2 Folding
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Furniture and Furnishings Stores
10.10.2 Supermarkets
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Push-pull
11.6.2 Folding
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Furniture and Furnishings Stores
11.10.2 Supermarkets
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Push-pull
12.6.2 Folding
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Furniture and Furnishings Stores
12.10.2 Supermarkets
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Push-pull
13.6.2 Folding
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Furniture and Furnishings Stores
13.10.2 Supermarkets
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Multifunctional Sofa Market: Competitive Dashboard
14.2 Global Multifunctional Sofa Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Hanssem
14.3.2 Aria Furniture
14.3.3 Muse Furniture
14.3.4 Man Wah Holdings
14.3.5 La-Z-Boy
14.3.6 Natuzzi Editions
14.3.7 Ashley Furniture
14.3.8 Qumei Investment AS(Ekornes)
