South Korea Smart Furniture Market to Grow at a CAGR of 9.1% During 2024-2032, Aided by the Increasing Demand for Space-Saving and Multifunctional Furniture

South Korea's rising disposable income presents a significant driver for the smart furniture market. As consumers' financial resources increase, they demonstrate a growing propensity to invest in smart furniture solutions. These solutions enhance comfort, convenience, and efficiency within the home environment. Consequently, the expanding affordability and rising purchasing power, driven by rising incomes, are propelling the demand for smart furniture.

The increasing adoption of Internet of Things (IoT) devices within homes is significantly driving the South Korea smart furniture market expansion. Consumers, increasingly prioritising connectivity and convenience, are readily adopting IoT technology to improve their daily lives. Smart furniture, featuring integrated sensors and connectivity functions, fosters seamless interaction with these IoT devices, ultimately creating a more personalised and streamlined living experience.

Further, in the forecast period, ongoing advancements in home automation technology are anticipated to unlock significant growth potential for the market. These technological strides enable the seamless integration of smart furniture into the wider smart home ecosystem, enhancing user-friendliness and offering versatility that caters to consumers with varying levels of technical expertise.

Hyundai LIVART offers comprehensive lifestyle products, encompassing various aspects of the living environment. With furniture serving as the foundation, the company offers a diverse brand portfolio catering to specific needs. This includes LIVART KIDS for children's spaces, LIVART ENSLEEP for bedrooms, H.MONDO for a touch of modern luxury, and specialised lines for kitchens (LIVART KITCHEN), bathrooms (LIVART BATH), offices (LIVART OFFICE), and built-in solutions (LIVART BUILT-IN). Additionally, HAUM extends its offerings beyond furniture, while LIVART MARINE caters to specific maritime needs. To ensure convenient access, Hyundai LIVART leverages established online platforms, including Amazon.com (NASDAQ: AMZN).

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Market Breakup by Product, End User, and Distribution Channel:

• On the basis of the product, the market is divided into smart desks, smart tables, and smart chairs, among others.

• The market can be segmented based on end user into residential and commercial.

• On the basis of the distribution channel, the market is bifurcated into offline and online.

Key Findings of the Report:

• The growing adoption of Internet of things (IoT) has spurred a growing interest in smart home technology. Consumers are increasingly seeking smart furniture and devices to enhance their living environments, prioritising convenience and improved comfort within their homes.

• Consumer interest in eco-friendly and sustainable furniture is rising, aligning perfectly with the functionality of smart furniture.  Furthermore, growing disposable income and the nation's high living standards are prompting consumers to seek innovative solutions to enhance the functionality of homes.

• The South Korea smart furniture market growth is being driven by rising demand for smart furniture within the commercial sector. This demand encompasses a variety of smart furniture solutions, including chairs, desks, conference tables, and advanced cabinets.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea smart furniture market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for products, end users, and distribution channels of smart furniture in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea smart furniture market are Hyundai LIVART Corporation, Koninklijke Philips NV, Inter IKEA Systems B.V., and Yelim Comfurni, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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