Folding furniture Market Highlights:
Folding furniture market is expected to grow at CAGR of around 5.8% during the period 2020 to 2027.
Rapid industrialization and urbanization in the emerging economies such as China, India, Indonesia, Thailand, Brazil, and Mexico, drive the growth of the market. Many people are shifting from rural to urban areas. Hence, the increasing population, and lack of housing structures, automatically increase the value of available limited space, where space saving furniture is the most suited option. Folding furniture is an effective alternative to traditional furniture. The multi-functionality and space saving of this type of furniture, also enhance the decor of available space. Growing demand for decorative interior and low maintenance building products, are also expected to generate growth opportunities for the market. However, the fluctuating prices of raw material, may restrict the growth of the market.
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Key Players
The prominent players in the folding furniture market include Resource Furniture (U.S.), Expand Furniture (Canada), Meco Corporation (U.S), Ashley Furniture Industries Inc. (U.S.), IKEA Systems B.V. (Sweden), Murphy Bed (U.S.), La-Z-Boy Incorporated (U.S.), Flexfurn Ltd (Belgium), Gopak Ltd (U.K.), Nilkamal Limited (India)., Leggett Platt, Inc. (U.S.), Dorel Industries Inc. (Canada) and among others.
Market Research Analysis
For the purpose of this study, the global folding furniture market has been segmented based on products, and applications. On the basis of product, the market has been segmented as chairs, tables, sofas, beds, and other furniture. Among products, sofa accounted for the largest market share. A sofa is the most popular product type as it enhances the décor of the living room. Foldable beds segment is expected grow at the highest CAGR during the forecast period. Growing adoption of co-living trend in the US, and various bed designs such as murphy beds, wall beds, would raise the demand in near future.
On the basis of applications, the market has been segmented as residential and non-residential. Residential sector dominates the application segment of the market and is expected to grow at the highest CAGR during the forecast period. Increasing residential construction across the globe increases the demand of the market. Non-residential segment is the second largest application segment of the market. Non-residential application segment is expected to contribute significantly during the forecast period. Folding furniture is installed in numerous sub-applications within the non-residential construction sector such as corporate offices, healthcare centers, and educational institutions. It is also installed in Cafeterias, and hotels.
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Scope of the Report
This study provides an overview of the global folding furniture market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global folding furniture market by product, by application, and region.
By Product
Chairs
Tables
Sofas
Beds
Other Furniture
Application
Residential
Non-residential
By Region
North America
Asia Pacific
Europe
Rest of the World
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