Rising Preference Foldable Furniture | Market to Account to US$ 14.4 Bn by 2027

The Foldable Furniture Market accounted to US$ 8.0 Bn in 2018 and is expected to grow at a CAGR of 6.8% during the forecast period 2019 – 2027, to account to US$ 14.4 Bn by 2027.

Geographically, the foldable furniture market is segmented into North America, APAC, Europe, MEA, and SAM. Asia Pacific led the Foldable Furniture Market in 2018 with a significant market share. In addition to rising population, several government measures for attracting investments in construction and infrastructural development is a major factor that is contributing to the growth of the market. The growing trend of urbanization is also anticipated to drive the market growth in the coming years. According to the National Bureau of Statistics, the urbanization rate in China reached 59.6% in 2018, up by 1.1% points over that by the end of 2017. Asia Pacifc is followed by North America, Europe, MEA, and SAM.

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The US is the hub of innovations in North America with the presence of a large number of market players such as Kestell, Lifetime Products, Meco Corporation, Leggett & Platt, and La-Z-Boy. Large number of vendors are coming forward for offering technologically advanced foldable furniture; by Expand Furniture offers NYC space saving furniture that can be converted from sofa to bed, as well as table. Europe is the third-largest market for the global foldable furniture market.

Major factors contributing to the growth of the market in this region include constant increase in population, availability of smaller living areas, and growing activities of repair and rehabilitation of infrastructure and interiors. In MEA, Rapid construction of hospitals, schools, luxury hotels, premium guest houses, office buildings, residential apartments and societies, shopping malls, and theatres in African cities is propelling the demand for foldable furniture in the market. The South American region also witnessed significant infrastructural development such as commercial complexes, educational institutions & universities, shopping malls, hospitals, and government offices.

Global Foldable Furniture Market - Company Profiles

• Dorel Industries Inc.
• Expand Furniture Inc
• INTER IKEA SYSTEMS B.V.
• Kestell Furniture LLC
• La-Z-Boy
• Lifetime Products
• Meco Corporation
• Murphy Wall-Beds Hardware Inc.
• Resource Furniture
• LEGGETT & PLATT, INC.

Foldable Furniture Market

Market Insights

Low-cost and diversified foldable space-saving furniture offered by the market players

There is a high demand for wall-mounted beds and chairs, and sofa beds (sofas that can be converted to beds), among others. Such flexibility offered by convertible furniture helps the people living in small apartments manage the space available at their houses; sofa beds can be converted into beds at nights and can be rearranged back to sofa in the daytime.

Rising preference for eco-friendly foldable furniture

The growing emphasis on eco-friendly foldable furniture is one of the leading trends in the market. Deforestation and the burning of forests contribute to ~20% of greenhouse gas emissions; on the same lines, factors such as global warming and environmental preservation concerns encourage the use and manufacture of eco-friendly plant-based products, including furniture.

Product Insights

Based on product, the market is segmented into: Tables and Chairs, Sofa, Beds, and Others. Tables and chairs segment led the foldable furniture market due to the increasing demand for tables and chairs in libraries, schools, colleges, and offices, as well as in sporting events. In February 2019, Inter IKEA Systems B.V., launched space-saving shelving units with foldable tables; these are multifunctional units that can be used as dining tables as well as desks.

Application Insights

Based on application, the Foldable Furniture market has been segmented into residential and commercial. In 2018, demand for foldable furniture in residential applications was higher than that in commercial ones, and the same trend is expected to continue during the forecast period. The residential applications include the use of foldable furniture in kitchens and dining rooms, living rooms, bedrooms, and outdoor areas, among others.

Distribution Channel Insights

Based on distribution channel, the foldable furniture market has been segmented into offline and online. Offline distribution channel led the foldable furniture market due to the presence of popular offline retail stores, having self-operated outlets. They also offer customization features to the users for building a strong brand image and attracting the larger user base.

Rest of Asia Pacific Foldable Furniture Market by Product

Strategic Insights

Some of the market Initiatives were observed to be most adopted strategy in the global Foldable Furniture Market. Few of the recent market initiatives are listed below:

• In 2019, Leggett & Platt acquired ECS for extension of its product line in bedding and furniture industries. ECS operates as a new business unit titled Specialty Foam within the residential products segment of the Leggett & Platt.
• In 2018, Expand Furniture released New Alzare transforming coffee table, the table can transform from simple coffee table to small dining table or desk.
• In 2018, Dorel Home announced the acquisition of assets and operations of Alphason and would integrate them into Dorel Home’s existing Dorel Home Furnishings European division.

GLOBAL FOLDABLE FURNITURE MARKET SEGMENTATION

Global Foldable Furniture Market - By Product

• Tables and Chairs
• Sofa
• Beds
• Others

Global Foldable Furniture Market - By Application

• Residential
• Commercial

Global Foldable Furniture Market - By Distribution Channel

• Offline
• Online

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