According to the latest report by IMARC Group, titled "Folding Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global folding furniture market reached a value of US$ 3.84 Billion in 2021. Folding furniture represents a range of multi-purpose components that can be assembled into various configurations and installed in small rooms or buildings for diverse purposes, including storage and sleeping. It encompasses chairs, kitchen interiors, tables, beds, cupboards, sofas, and desks manufactured from wood, steel, plastic, and aluminum to offer a high-end finish to products. As compared to conventional furniture, folding furniture is transformable, easy to use, offers high portability, and comes in compact sizes. Apart from this, folding furniture enhances the aesthetic appeal of interiors and ensures maximum space utilization; therefore, it is extensively used across the residential and commercial sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Folding Furniture Market Trends:
With the ongoing construction activities, there has been increasing demand for easily deployable, lightweight, multifunctional, and serviceable furniture for enhancing the living space appeal and meeting diverse consumer needs, which represents a prime factor currently driving the market growth. This can be further influenced by rapid urbanization and the growing investments being made in several infrastructural projects to establish residential and commercial complexes. Additionally, the sudden outbreak of COVID-19 and the consequent implementation of the work-from-home (WFH) model have facilitated the widespread adoption of folding furniture to create personalized working spaces in homes. This is acting as another growth-inducing factor. In line with this, the rising health concerns have prompted governments to promote the uptake of foldable furniture manufactured from multiple sustainable resources, such as plywood, which in turn, is contributing to the market growth. Moreover, the shifting consumer inclination toward integrated modular homes with minimalist furniture, on account of the escalating number of nuclear families in metropolitan cities, is impelling the market growth. Furthermore, the advent of augmented reality (AR) based applications to enable customers to assess virtual three-dimensional (3D) folding furniture designs is propelling the market growth. Apart from this, the substantial expansion in the real estate sector and strategic collaborations amongst key players to enhance product efficacy are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5.18 Billion by 2027, growing at a CAGR of 4.60% during 2022-2027.
- Based on the product type, the market has been segregated into tables and chairs, sofas, beds and others.
- On the basis of the distribution channel, the market has been into offline and online.
- Based on the application, the market has been bifurcated into residential and commercial.
- On a regional basis, the market has been segmented into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players. Some of these players include Ashley Furniture Industries Inc., Dorel Industries Inc., Flexfurn limited, Haworth Inc. (Haworth International Ltd.), Hussey Seating Company, Inter IKEA Systems B.V. (Inter IKEA Holding B.V), Kestell Furniture LLC, La-Z-Boy Incorporated, Lifetime Products Inc., Meco Corporation, Murphy Wall Beds Hardware Inc, Nilkamal Furniture and Sauder Woodworking Company.
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