The wooden folding furniture market expansion is happening rapidly in sync with the urbanization that is unfolding across the globe at an unprecedented speed. This has caused a significant space crunch as more people are now moving to cities for a better lifestyle. In Beijing, it is only 21 square meters per person. Not just in China, but all the leading cities such as Delhi, Mumbai, Tokyo, New York are facing the same problem. Hence, saving space to enjoy better becomes important. Folding furniture sector understands better the idea of space economization and is driven by cost-effective measures which are gaining popularity. At the same time, industrial upheaval in developing countries is changing the consumption pattern of the end-users. 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. Manufacturers are aware of the problems related to space which is why they are developing multi-functional furniture that is inexpensive, durable, aesthetically pleasing, and lightweight. Their endeavor to increase their product portfolio can assist in the market expansion. In sync, the demand for eco-friendly methods is growing that is why multi-functional furniture has emerged as a new interior decoration rage. These furniture reduce the demand for raw materials and are designed for specific needs which prevent the tendency of unnecessary consumption. Hence, the growth of the folding furniture market is about to be healthy over the forecast period.
Segmentation:
For a better understanding of the overall folding furniture market, the report has been segmented by product and application.
Based on the product, the folding furniture market can be segmented into chairs, tables, sofas, beds, and other furniture.
Application-wise, the folding furniture market includes residential and non-residential. 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. The APAC market can also record the fastest CAGR during the forecast period. China, Japan, India, and Singapore are contributing substantially to the APAC region market growth. Europe is the second-largest market for folding furniture.
Europe’s future relies heavily on the increasing repair and rehabilitation activities of the already existing infrastructure and interiors. This can considerably take the regional market forward.
North American market is also substantially strong. With major market players operating from the region, this zone is experiencing robust growth at present. Among the others, South America is recording significant move forward. With Brazil and Argentina, emerging as strong economies, the region can enlist significant growth rate.
Competitive Landscape:
Notable players to impact the folding furniture market are Expand Furniture (Canada), IKEA Systems B.V. (Sweden), Meco Corporation (U.S), Resource Furniture (U.S.), La-Z-Boy Incorporated (U.S.), Murphy Bed (U.S.), Ashley Furniture Industries Inc. (U.S.), Flexfurn Ltd (Belgium), Gopak Ltd (U.K.), Nilkamal Limited (India)., Dorel Industries Inc. (Canada), Leggett & Platt, Inc. (U.S.), and others.
In 2018, Layer and Kvadrat collaborated to produce Shift. It is made from recycled pieces of Kvadrat solid textile board which can be assembled or disassembled for multiple purposes. Once done working with the piece, users can turn the piece into something else for further applications.
In 2018, Marcus Voraa launched a role out table that can be used for several purposes and mostly for dining. The table has a telescope like a stand on one end and a steel crank on the other to changes the length of the table from 1.5 meters to 4 meters.
