US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Folding Furniture MarketThe global folding furniture market size was valued at USD 3.1 billion in 2018. Demand for space saving and multi-purpose furniture has increased due to development of compact size flats in many countries, thus leading to the growth of the market. Moreover, millennials opting for rented living spaces are inclined towards multifunctional and compact furniture, which, in turn, is expected to drive the global market. Companies are introducing folding chairs and tables made of wood and metal to replicate the aesthetic appeal of traditional furniture. Rising demand for compact furniture has allowed the companies to introduce more products such as study table, racks, and storage boxes with foldable features. For instance, in February 2019, Inter IKEA Systems B.V. has launched space saving shelving units with foldable table, which can be easily used as a desk as well as a dining table. Rising prices of traditional wood furniture on account of increasing environmental concerns have paved way for these modern products. These furniture are manufactured using lightweight materials such as plastic and mild steel. Therefore, plastic and metal folding furniture are gaining an increasing preference due to their less cost and better durability. For instance, Lucid Mattress provides a folding metal bed frame with heavy duty wired grid supports in order to adjust the mattress effectively. Moreover, shifting trend towards small sized apartments as a result of increasing population and rising urbanization has popularized the concept of folding furniture. According to Tokyo Kantei, in 2017, average size of a new apartment in Tokyo was 680 sq.ft and a size of 647 sq. ft. for an existing apartment. Whereas, the average size of a new apartment in U.S. is 941 sq. ft., which has reduced by 5% in ten years. Thus, downsizing living space in apartments has led to a rise in demand for folding furniture in the market. Furthermore, shifting preference towards single and two person households has paved the way for less occupying space furniture. For instance, in 2018, about 33.9% of the household type composed of a single person living alone in the European Union-28, while 25.1% of private households contributed to two person households. Manufacturers also focus on introducing new products with the help of mergers and acquisitions. For instance, in 2015, COS and HAY have collaborated to produce two folding wooden tables with the help of a Spanish designer Tomas Alonso.
Product Insights of Folding Furniture MarketTable and chair dominated the folding furniture market, accounting for more than 50.0% share of the global revenue in 2018. Folding chairs hold a dominant position in furniture owing to their flexibility and necessity. These are largely made of plastic materials but consumers preference for wooden furniture to add the appearance value has increased the production of wooden folding chairs. For instance, Flash Furniture in USA offers folding chairs made of bamboo wood, which can be used indoor as well as in outdoor environment. Folding sofas are expected to expand at the fastest CAGR of 7.3% from 2019 to 2025. Sofa being a main furniture in the living areas and increasing consumer demand for less space consuming products are expected to fuel the demand for folding sofa sets. Additionally, shifting preference towards foldable sofa, which can also be altered to make bed, is expected to boost the growth of folding sofa in the forecast period. For instance, in May 2019, Elephant in a Box was introduced on Kickstarter, PBC, which is a collapsible sofa that is delivered in a compact box and ensures less than five minutes to assemble.
Distribution Channel InsightsThe offline segment led the market and accounted for more than 75.0% share of global revenue in 2018. Specialty stores dominated the segment for offline distribution channel due to a large variety of home furnishing stores available in the market. Dominance of retail stores has created intense competition in the market with major producers such as Inter IKEA Systems B.V., Urban Ladder, Pepperfry, and Raymour & Flanigan Furniture across the globe. These stores help consumers to visualize their home and setting of furniture as a result of the home environment created in the store. In addition, availability of customization features for home furniture as per the demands of consumer and space availability of different houses are the key factors driving these stores. Moreover, availability of furniture in hypermarkets or supermarkets, which enables consumers to shop for home furnishing while making purchasing for different home needs under one roof has created demand for offline stores of folding furniture in the market. Online distribution channel is expected to expand at the fastest CAGR of 7.6% from 2019 to 2025. Surge in online shopping as a result of rising awareness as well as increasing smart phone users have fueled the growth of the segment. In addition, availability of a variety of products offered by international brands at ease is expected to contribute to the popularity of this distribution channel. Furthermore, availability of online delivery services by the manufacturers to the consumers, along with flexible payment options and doorstep delivery, is expected to drive the online shopping segment of folding furniture products. For instance, online furniture giants such as Durian Private Ltd., Expand Furniture Inc., Amazon.com, and URBAN LADDER provide a large variety of home furnishings pertaining to folding furniture to consumers with post purchase assistance.
Regional Insights of Folding Furniture MarketAsia Pacific dominated the global folding furniture market, accounting for a share of about 40.0% in 2018. Increasing trend of downsizing apartment space in countries such as Japan, Tokyo, Shanghai, and India has urged consumers to invest in such furniture products. In addition, presence of countries with the smallest living space apartments ideally drives the market for folding furniture in the region. For instance, in 2017, Hong Kong had the smallest flat size across the globe with an average living space of 470 sq. ft and China constituted an average living space of 646 sq. ft. Moreover, large concentration of manufacturers such as Space Furniture Pte Ltd., The PAN Emirates, and Cost Plus World Market has fueled the market growth in the region. North America is anticipated to expand at the fastest CAGR of 7.2% from 2019 to 2025. Increasing preference towards one person or two person households in American countries such as U.S., Canada, and Mexico has urged consumers to invest in such products owing to less usage as well as smaller living space. In addition, increasing awareness regarding space saving furniture in developed countries such as U.K., Germany, and Britain has widened the scope for folding furniture products in European countries owing to advantages such as less space, flexibility, and ease of shifting. Therefore, these growing trends are expected to drive the demand for folding furniture in Europe as well as North America in the forecast period.
Market Share Insights of Folding Furniture MarketThe global market is highly competitive in nature. Key players operating in the global market include Flexsteel Industries, Inc.; Haworth Inc.; Meco Corporation; Dorel Industries Inc.; Murphy Wall Beds Hardware Inc.; Ashley Furniture Industries; La-Z-Boy Inc.; Leggett & Platt Inc.; Resource Furniture; and Sauder Woodworking Company. Companies are focusing on expanding their production capacity and are adopting innovative technologies in order to meet consumer demand for folding furniture products. For instance, companies such as Murphy Wall Beds Hardware Inc.; Twin Cities Closet Company; and The Bedder WayCo. have introduced folding wall bed and free standing wall bed mechanisms that serve the basic utility as well as help in saving up enough space.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Folding Furniture Market Research ReportThis report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global folding furniture market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 - 2030)
- Table & Chair
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1.6. Data Validation & P | read more...