Folding Furniture Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Insight, Impact of COVID-19, Company Analysis
Global Folding Furniture Market will be US$ 14.32 Billion by 2027. Nowadays, the adoption of folding furniture is growing in the most populated cities of the world, owing to an increase in smaller homes. In various metropolises globally, people’s mediocre living area is getting smaller and smaller. More and more young people are bent to move to large cities for more options and a more active lifestyle. Thus, folding furniture would be a helpful way and an excellent necessity for saving space while keeping the essentials for users and improving their lifestyle in a small place.
In general, folding furniture is counted under lightweight and easily deployable structures that can efficiently and effectively transform between various configurations. It becomes as serviceable and unique as any other type of furniture. However, rapid urbanization and growth in the real estate market influence the folding furniture industry. Furthermore, millennials opting for rented living spaces are bent towards multifunctional and packed furniture, which, in turn, is anticipated to propel the global market.
Worldwide Folding Furniture Market Size was US$ 9.79 Billion in 2021
Based on product type, the folding furniture is classified into tables, sofas, beds, chairs, and other furniture. Folding chairs hold a significant position in the folding furniture industry owing to their flexibility and need. These are largely assembled of plastic materials, but consumers’ taste for wooden furniture to add the appearance value has raised the production of wooden folding chairs. For instance, Flash Furniture in the USA offers folding chairs made of bamboo wood, which can be used outdoor and indoor. According to Renub Research report Global Folding Furniture Industry is expected to grow with a CAGR of 6.5% from 2021 to 2027.
Residential Application holds the Prevalent Market Share
By application, the folding furniture market has been segmented into commercial and residential. The residential sector overlooks the application segment of the folding furniture market. The increasing residential construction activities worldwide increase the demand in the market. Furthermore, the commercial segment is expected to contribute significantly to the market during the forecast period. Folding furniture is installed in numerous sub-applications within the commercial construction sector, such as healthcare centers, corporate offices, and educational institutions. They are also inaugurated in cafeterias and hotels.
Asia Pacific is the Fastest Growing Region for Foldable Furniture Industry
Geographically, the Asia Pacific region is the fastest-growing region for foldable furniture due to the region's large population pool of residents. Also, ongoing urbanization and upliftment of the population's living standard in Asian countries have driven the demand for space-efficient and affordable furniture. The booming building sector in Asia due to the rise in disposable income, growing middle-class population, and rising construction of residential infrastructure are to spur the market growth in the years to follow.
Besides, the North American region is also expected to register a higher growth rate due to the demand for low preservation interior products. Further, the European region furniture space is provided by the region's finest interior designers attaining prominence, also referring to space savors.
Impact of COVID-19 Pandemic on Folding Furniture Market
The outbreak of the COVID-19 pandemic had led to the enactment of stringent lockdown regulations across several nations resulting in disruptions in export and import activities of folding furniture. The COVID-19 pandemic adversely affects economies and industries in various countries due to lockdowns, business shutdowns, and travel bans. These factors have hindered the consumer goods industry and thus act as a restraining factor for the folding furniture market's growth.
The folding furniture market is highly fragmented with major players such as Dorel Industries Inc, Inter Ikea Systerms B.V, La-Z-Boy Inc., Leggett & Platt Inc., Haworth, Bassett Furniture Industries inc., Flaxseed Industries Inc. and Home Depot.
Renub Research report titled “Folding Furniture Market, GlobalForecast By Product (Chairs, Tables, Sofas, Beds and Other Furniture), Application (Residential and Commercial), Distribution Channel (Offline and Online), Regions (North America, Europe, Asia Pacific, Middle East & Africa and South America), Company (Dorel Industries Inc, Inter Ikea Systerms B.V, La-Z-Boy Inc., Leggett & Platt Inc., Haworth, Bassett Furniture Industries inc., Flaxseed Industries Inc. and Home Depot) provides complete analysis on Global Folding Furniture Market
Product Type - Market has been covered from 5 viewpoints
5. Other Furniture
Application - Markethas been covered from 2 viewpoints
Distribution Channel - Markethas been covered from 2 viewpoints
Regions – Market has been covered from 5 viewpoints
1. North America
3. Asia Pacific
4. Middle East & Africa
5. South America
All the key players have been covered 3 Viewpoints
1. Dorel Industries Inc
2. Inter Ikea Systerms B.V
3. La-Z-Boy Inc.
4. Leggett & Platt Inc.
6. Bassett Furniture Industries inc.
7. Flaxseed Industries Inc.
8. Home Depot
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