The latest research report published by QY Research states that the global folding furniture market will be worth US$13,677 mn by 2025, surging at a CAGR of 5.19% between 2018 and 2025. The improving disposable incomes and growing number of commercial spaces are projected to create a mammoth demand for folding furniture in the forecast years. Some of the players leading the global folding furniture market are Ikea, Leggett & Platt, Dorel Industries, Sauder Woodworking, Hussey Seating, Lifetime Products, KI, Haworth, Quanyou, Meco Corporation, La-Z-Boy, BBMG Tiantan Furniture, RUKU Klappmöbel, Maxchief Europe, Flexsteel Industries, and Qumei. Companies are expected to expand to developing nations to tap into the growing markets. For instance, IKEA made an investment of US$1.5 bn in India in 2018 as the country has a growing consumer market. The third-largest economy in Asia promises to offer lucrative business of IKEA’s fresh design well-suited for middle and low-income groups.
Global Folding Furniture Market: Market Drivers
The global market for folding furniture will be driven by increasing number of smaller living spaces that are dictated by modern lifestyles. Urbanization and nuclear families will also fuel the uptake of folding furniture as it is multipurpose in nature and thus requires less space. Increasing disposable incomes, improving purchasing power, and changing needs of a fast-paced lifestyles are expected to increase the sales of folding furniture across the globe. Lesser floor space, low maintenance, multi functionality, and improved durability are also some of the unique selling points of modern folding furniture. Furthermore, employment of upcycled raw materials in modern furniture has also been drawing attention toward folding furniture in recent years.
Global Folding Furniture Market: Forecast by Type
In terms of type, the global folding furniture market is segmented into chairs, table, sofas, beds, and others. Out of these, the demand for sofas for the living rooms is expected to dominate the global market. Sofas that turn into beds with hydraulic mechanism and conveniently fold back to sofas when required are expected to lead the market. These are perfectly suitable for smaller living spaces such as studio apartments. Furthermore, their demand is expected to remain steady even amongst the price-conscious buyers. In addition, analysts anticipate that the foldable beds segment is also expected to grow at a steady CAGR during the forecast period.
Global Folding Furniture Market: Forecast by Region
In terms of geography, the global market for folding furniture is segmented into North America, Asia Pacific, Europe, Central and South America, and the Middle East and Africa. Analysts predict that Asia Pacific will dominate the global market for folding furniture as the region has a huge population base. Increasing investments by furniture companies such as IKEA is emerging economy of India is also projected to boost the regional market. Additionally, a strong presence of myriad local vendors in developing economies, emerging trend of nuclear families, and improving GDPs will also propel this regional market.
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