Folding Furniture Market Overview:
Folding Furniture Market is projected to grow at a CAGR of 6.8% from 2016 to 2022, to reach $13 billion by 2022. Adoption of folding furniture is on a rise in most populous cities of the world, namely, Tokyo, Beijing, New York, and Delhi owing to increase in the number of smaller homes. This category of furniture takes into account economy of space and its demand is expected to gain popularity among customers throughout the forecast period.
Rapid pace of urbanization, adoption of co-living trend in the U.S., and growth in real estate market influence the folding furniture industry. In the U.S., a growing trend of millennials opting for rented apartment has been observed, who are more inclined towards affordable, multifunctional, and smaller furniture that suits their urban and dynamic lifestyles.
The folding furniture manufacturers are trying to cater to the metropolitan ways of life of consumers and are looking forward to add more appealing features to furniture. To cater to the needs of consumers seeking furniture that easily get transformed from work to living mode, the market players are widening their product portfolio. Their furniture offerings are now more focused towards being light-weight, easy to tuck in, aesthetically appealing, and ergonomically contoured, thus supplementing the growth of folding furniture market.
The folding furniture market is analyzed based on product type, application, and distribution channel. Based on product type, it is classified into chairs, tables, sofas, beds, and other furniture. The application segment comprises foldable furniture used for residential as well as for commercial purpose. Based on distribution channel, foldable furniture is sold through offline and online sales channels. Moreover, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA).
Asia-Pacific: Dominant market for foldable furniture
It is observed that increased number of youngsters tend to move to large cities for better opportunities. This phenomenon gradually decreases the average living area as well as increases the cost of houses. For instance, in Beijing, the average living area available per person is only 21 square meters. Therefore, transforming furniture is the best suitable option to solve such a problem. Cities like Beijing possess high growth potential for this market. Urbanization is other factor that drives the folding furniture market growth as it decreases the average living space and increases the value of available limited space, where space saving furniture is the most suited option. Mumbai, Kolkata, Karachi, and Shenzhen are other cities that possess high growth potential.
Furniture manufacturers are taking efforts to innovate their furniture products pertaining to the needs of consumers. For instance, wall bed that is designed to offer space saving solution for tiny houses and studio apartments is very easy to pull down and push back to the wall. Another example of such type of furniture includes bookshelves that transform into beds and coffee tables that convert into dining tables.
To gain market share, manufacturers such as IKEA have planned to open their first store in India and increase their distribution in China. In addition, growth of online retailing also supports market growth.
Asia-Pacific folding furniture market revenue, 2014-2022 ($million)
Increase in raw material prices is expected to hamper folding furniture market growth
Manufacturers of furniture have seen an increase in raw material (steel, wood, foam, leather) prices in the recent years. In addition, cost of coatings and finishing has also increased, which has resulted in price hike for steel furniture in the U.S. and China. Moreover, prices are high for fibers and foams as well, which may also hamper the market growth.
To mitigate such a situation, manufacturers have cut their costs and added new equipment and techniques to obtain efficient output. This factor is expected to have a long-term effect on the market as it is not predictable the duration for which the raw material prices would remain high.
The study provides an in-depth analysis of the global folding furniture market, with current trends and future estimations to elucidate the imminent investment pockets.
It presents a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
Actual historical figures for 2014 and 2015 and provides forecasts for 2016 to 2022, considering 2015 as base, are listed.
Competitive intelligence highlights the business practices followed by leading players across various regions.
FOLDING FURNITURE MARKET KEY SEGMENTS
BY PRODUCT TYPE
BY DISTRIBUTION CHANNEL
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
MARKET PLAYERS IN THE VALUE CHAIN
Dorel Industries Inc.
Inter Ikea Systems B.V.
Bush Industries, Inc.
Sauder Woodworking Company
Leggett & Platt Inc.
Lifetime Products Inc.
Murphy Wall Beds Hardware Inc.
Ashley Furniture Industries
Flexsteel Industries, Inc.