About Folding Furniture
Folding furniture is reffer as a furniture which can be be folded, that means it is a suitable option for people living in smaller places or studio apartments as contemporary furniture of this category offers benefits of transforming furniture with multifunctional ability.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 7.8% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Folding Furniture market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Resource Furniture (United States), Expand Furniture (Canada), Meco Corporation (United States), Ashley Furniture Industries Inc (United States), IKEA Systems B.V. (Sweden), Murphy Bed (United States), La-Z-Boy Incorporated (United States) and Flexfurn Ltd (Belgium) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Gopak Ltd (United Kingdom), Nilkamal Limited (India), Leggett & Platt, Inc (United States) and Dorel Industries Inc. (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Folding Furniture market by Type (Chairs, Tables, Sofas, Beds and Other furniture), Application (Residential and Commercial) and Region.
On the basis of Type, Sofa are dominating the market in the year 2023On the basis of application, Residential segment is dominating the market in the year 2023On the basis of geography, the market of Folding Furniture has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. If we see Market by Distribution Channel, the sub-segment i.e. Offline will boost the Folding Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Millennials opting for rented apartment, who are more inclined towards affordable, multifunctional, and smaller furniture and Owing to adoption of coliving trend
Market Growth Drivers:
Rapid pace of urbanization, adoption of co-living trend in the U.S., and growth in real estate market
Challenges:
Foldable furniture lacks longevity and Not as comfortable as the normal furniture
Restraints:
Prices are high for fibers and foams and other raw material and Costs of coating and finishing have also increased
Opportunities:
Innovative bed designs such as Murphy beds, wall beds is fetching the demand in near future
Market Leaders and their expansionary development strategies
In September 2023, Emeco collaborated with Coca-Cola to create the "111 Navy Chair": This chair is made from recycled plastic bottles, promoting sustainability and upcycling.The collaboration between Emeco, a heritage furniture brand, and Coca-Cola, a global beverage giant, highlights the potential for cross-industry partnerships to promote sustainability.
In June 2023, IKEA launched the "Ängsby" collection: Featuring foldable chairs, tables, and benches, this collection targets small apartments and multi-functional spaces. The collection's success reflects the growing demand for adaptable and multi-functional furniture in today's homes.
Key Target Audience
Potential investors, Market Research & Consultancy Firm, Manufacturers, Government & Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.