New York, USA, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Folding Furniture Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Folding Furniture Market Information by Product, By Application and By Region - Forecast till 2030”, the market is estimated to grow at a 7.5% CAGR to reach USD 15.97 Billion by 2030.
Market Scope:
Furniture that folds into a smaller shape or position is called "folding furniture." It's a clever strategy for adding functionality to a home without sacrificing visual comfort. In light of the growing population's preference for smaller dwellings, the concept of foldable furniture is gaining traction. The market for foldable furniture is booming because of the increasing popularity of smaller living quarters like apartments.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 15.97 Billion |
| CAGR | 7.5% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, By Application and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The adoption of folding furniture in many countries have increased. |
| The usage of folding furniture has been increased in commercial spaces like offices, hospitals, hotels and even also in industries. |
Competitive Dynamics:
Manufacturers of furniture are trying to introduce new designs and features to meet the demands of their customers. For example, a wall bed can be quickly and easily pulled down from the wall and pushed back up against it when not in use. Bookshelves that lower to become beds and coffee tables that extend to become dining tables are two more examples of multifunctional furniture. Market participants are diversifying their offerings to satisfy shoppers' demand for multipurpose furniture. The furniture industry with a focus on being lightweight, easy to store, visually beautiful, etc. is growing the demand for the product among people.
- IKEA
- Ashley furniture industries inc
- Leggett and Platt Inc
- Dorel Industries Inc
- Haworth Inc
- Expand furniture
- Murphy wall beds hardware Inc
- Flexsteel industries Inc
- Maxchief Europe
- Hussy seating company
Market USP:
Market Drivers
The rise in the number of small rooms and buildings caused by the increased demand for sleeping and storing goods is the key factor affecting the expansion of folding furniture. Items such as desks, seats, mattresses, and tables are all foldable. The foldable furniture market share has been expanding due of distinctive properties including affordability, lightweight, and user-friendly. The need for compact, easily stored furnishings is also growing in the hospitality, office, and manufacturing sectors.
Recent years have seen a rise in the Folding Furniture Market as more and more nations embrace the convenience and portability of folding furniture. As folding furniture can be employed even in a limited space. The fact that folding furniture is small, inexpensive, simple to set up, and convenient for frequent relocations has greatly contributed to the expansion of the global folding furniture market. These factors are crucial to the expansion of the Market.
Additionally, commercial venues such as offices, hospitals, hotels, and even businesses have increased their use of foldable furniture. These are some of the primary drivers which are focused on the growth of the Market.
The shift in consumer preferences and the growing interest in modular housing have created a favorable environment for the expansion of the global folding furniture market. Moreover, the Market is expanding due to the growing interest in minimalist furniture. The opportunity in the Folding Furniture Market is growing as a result of the increasing urbanization in several nations.
Market Restraints
Raw material price volatility is the primary restraint on the expansion of the folding furniture industry, as it causes consumers to second-guess themselves when making purchases. Steel furniture in the United States and China has seen a price increase due to the rising cost of coatings and polishing. Moreover, costs are expensive for fibers and foams as well, which may also restrict the market growth. Manufacturers have responded by reducing expenses and investing in state-of-the-art machinery and methods in order to increase output while decreasing costs.
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COVID-19 Analysis:
The market for foldable furniture was hit hard by the COVID-19 epidemic. Market value for folding furniture fell as a result of the pandemic, as governments clamped down on travel to prevent the spread of the disease. Companies that made folding furniture had trouble meeting demand because of the lockdown, which occurred because factories were closed because of coronavirus outbreaks and because supply chains were strained because of the lack of workers, materials, and resources. This situation persisted for almost two years.
Market Segmentation:
By Product
Chairs segment is expected to record substantial growth over the review period.
By Application
Residential segment is poised to rise at a notable CAGR over the review period.
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Regional Analysis:
The North American market is the most dominant. This is due to the fact that countries like the United States and Canada are increasingly using small rooms, which drives Market expansion.
As a result of rising demand in the region, the Folding Furniture Market is anticipated to expand in Asia Pacific over the forecast period. Due to rapid urbanization, folding furniture has become increasingly popular in nations such as China and India. More and more young people are moving to big cities in search of improved job prospects. As a result of this trend, the typical size of a home is shrinking and housing costs are rising. As a result, multi-purpose furnishings are the most practical solution. This market has significant room for expansion in major cities such as Beijing. Since urbanization reduces average living space and raises the value of available limited space, space-saving furniture is the best suited solution, driving the growth of the folding furniture industry. Other cities with significant room for expansion include Mumbai, Kolkata, Karachi, and Shenzhen. IKEA, among other manufacturers, has plans to extend distribution in China and construct a store in India. The expansion of e-commerce also contributes to the expansion of the market.
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