One kind of do-it-yourself furniture that is compact and simple to store is folding furniture. It is easy to assemble and suitable for a wide range of applications. Because of its compact size and exceptional portability, foldable furniture may be stored practically anywhere, making the most use of available space. Wood, steel, iron, and aluminium are just a few of the materials used to make these products. The market players are expanding their product portfolios to meet the demands of consumers who are looking for furniture that can be effortlessly converted from work to living mode. These days, they mostly offer folding furniture that is lightweight, aesthetically pleasing, quick to tuck in, and ergonomically shaped.
According to SPER market research, Folding Furniture Market Size- By Type, By Distribution Channels, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Folding Furniture Market is estimated to reach USD 6.54 billion by 2033 with a CAGR of 4.68%.
The market for folding furniture is anticipated to be driven by the rise in demand for compact and multipurpose furniture. Some of the elements propelling the foldable furniture market are people's changing lifestyles and increased levels of disposable money. The market growth rate would be accelerated by other important variables like the global increase in urbanization and people's awareness of e-commerce platforms. Moreover, a rise in the robust demand across many end-use sectors, including residential and commercial, will have a favourable effect on the market's growth rate. The market for folding furniture will continue to grow because of the rising desire for low-maintenance interior furnishings. Throughout the projected period, several industries will have more potential for profitable market expansion due to the rising acceptance of new technologies.
But the market's rate of growth will be hampered by the high cost of raw materials. One of the main things that is expected to prevent the market from growing further is the number of stringent regulations regarding the manufacturing of furniture, especially foldable furniture. To comply with many environmental rules about design, production, and other environmental concerns, manufacturers are currently required to produce folding furniture in labour-intensive settings. Manufacturers who disregard these environmental laws risk paying hefty fines. Vendors confront significant obstacles since local laws require them to change their production procedures, and these rules vary between nations.
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Impact of COVID-19 on Folding Furniture Market
The global COVID-19 pandemic that struck in the first few days of 2020 brought about a dramatic transformation of the furniture business. Countries that rely heavily on imports for furniture have been severely impacted by the supply chain problems and the temporary trade embargo. Due to the pandemic, many people had to stay at home for extended periods. This encouraged people to make the most of their houses and furniture for the extra time they spent at home. The pandemic also made it more crucial than ever to improve automation and digitization in the sector and lessen the industry's dependency on imports.
Folding Furniture Market Key Player
The folding furniture market's greatest market share was attained by the Asia-Pacific region, which is expected to continue to lead the market over the forecast period. Meco Corporation, Expand Furniture, Haworth Inc., Inter Ikea Systems B.V., Bush Industries, Inc., Dorel Industries Inc., and Lifetime Products Inc. are major players in the market.
Folding Furniture Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Folding Furniture Market is segmented as; Beds, Chairs, Sofas, Tables and Other Furniture.
By Distribution Channel: Based on the Distribution Channel, Global Folding Furniture Market is segmented as; Offline and Online.
By Application: Based on the Application, Global Folding Furniture Market is segmented as; Commercial and Residential.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Folding Furniture Market Revenue
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The global folding furniture market size is anticipated to reach USD 4.8 billion by 2025, according to a new report by Radiant Insights, Inc., expanding at a CAGR of 6.5% over the forecast period.
Increasing demand for space saving and flexible furniture and growing inclination towards compact and multi-purpose products by the millennials are some of the factors driving the demand for the global market.
Shifting trend towards shrinking apartment size as a result of increasing population and rapid urbanization has resulted in significant acceptance of these furniture.
According to Tokyo Kantei, in 2017, the average size of a new apartment in Tokyo was 680 sq.ft and a size of 647 sq.
ft. for an existing apartment.
In terms of product, table and chair held a dominant market share in 2018.
This has caused a significant space crunch as more people are now moving to cities for a better lifestyle.
Folding furniture sector understands better the idea of space economization and is driven by cost-effective measures which are gaining popularity.
These folding furniture are luring in more clients such as taking less space than the conventional ones and often are multi-purpose.
The global folding furniture market is eyeing for a 5.8% CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR) in a detailed report.The report in its discussion has covered major factors such as customer-centric outlook of the manufacturers and eco-friendly approaches.
In sync, the demand for eco-friendly methods is growing that is why multi-functional furniture has emerged as a new interior decoration rage.
Residential segment is generating the maximum market share and is expected to dominate the market during the forecast period as well.Regional Analysis:Geographically, the global folding furniture market can be segmented namely by four major regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).The APAC region dominated the market in 2016, with Europe and North America coming second and third respectively.
