The global folding furniture market size is predicted to grow at a 5.8% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Foldable furniture comprises furniture which can be folded into a position or a shape and needs minimal space. Beds, sofas, tables, chairs, and other furniture are the different types of folding furniture that have wide applications in various non-residential and residential sectors.
Various factors are propelling the global folding furniture market. According to the recent MRFR report, such factors include rapid pace of urbanization, booming real estate market, adoption of co-living trend in the United States, increasing trend of millenials choosing rented apartment, rapid industrialization in Mexico, Brazil, Thailand, Indonesia, India, and China, and shift to urban areas from rural areas. Additional factors adding market growth include rising population, lack of housing structures, an effective alternative to traditional furniture, multi-functional and space saving, improve décor of space available, and demand for low maintenance building products decorative interior.
On the contrary, fluctuating raw material cost and the impact of the COVID-19 pandemic are factors that may impede the global folding furniture market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global folding furniture market based on applications and products.
By products, the global folding furniture market is segmented into beds, sofas, tables, chairs, and other furniture. Of these, the sofa segment will lead the market over the forecast period.
By applications, the global folding furniture market is segmented into non-residential and residential. Of these, the residential segment will dominate the market over the forecast period due to growing residential construction worldwide.
Based on the region, the global folding furniture market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period and at the highest CAGR. Increase in urbanization and industrialization, growing non-residential and residential construction activities, and being an ideal choice to solve space problems are adding to the global folding furniture market growth in the region. China, India, and Japan hold the utmost share in the market.
The global folding furniture market in Europe is predicted to hold the second-largest share over the forecast period. Smaller living areas, growing population, and increasing rehabilitation repair activities of existing interiors and infrastructure are adding to the global folding furniture market growth in the region.
The global folding furniture market in North America is predicted to have healthy growth over the forecast period. Growing demand for interior products that need low maintenance, coupled with strong development of residential and commercial structures in the US are adding to the global folding furniture market growth in the region. The US holds the utmost share in the market.
The global folding furniture market in the RoW is predicted to have sound growth over the forecast period. Development of hotels, changing lifestyle, and lack of space are adding to the global folding furniture market growth in the region.
Leading players profiled in the folding furniture market report include Dorel Industries Inc. (Canada), Leggett Platt, Inc. (U.S.), Nilkamal Limited (India)., Gopak Ltd (U.K.), Flexfurn Ltd (Belgium), La-Z-Boy Incorporated (U.S.), Murphy Bed (U.S.), IKEA Systems B.V. (Sweden), Ashley Furniture Industries Inc. (U.S.), Meco Corporation (U.S), Expand Furniture (Canada), and Resource Furniture (U.S.). Industry players have encompassed several strategies to stay at the forefront such as partnerships, joint ventures, collaborations, geographic expansions, strategic alliances, mergers and acquisitions, contracts, new product launches, and more.
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