According to the new research report published by The Insight Partners, titled “Foldable Furniture Market - Global Analysis and Forecast to 2027”, the global foldable furniture market is expected to reach US$ 14.4 Bn in 2027, registering a CAGR of 6.8% during the forecast period 2019-2027.
Foldable furniture is a multifunctional furniture, which is ideal to install in smaller area or studio apartments as contemporary furniture. Rising prices of traditional wooden furniture along with environmental concerns, have paved the way for the growth of foldable furniture. Foldable furniture is made from mild steel and plastic, which are lightweight, cost effective and durable. For instance, Lucid Mattress offers a foldable metal bed frame with heavy duty wired grid, which provides efficient adjustment of the mattress.
Based on product, the global foldable furniture market has been segmented into tables and chairs, sofas, beds, and others. On the basis of application, the global foldable furniture market has been bifurcated into residential and commercial; the residential segment held a larger market share in 2018, followed by the commercial application segment. Based on distribution channel, the market has been segmented into offline and online. Asia-Pacific held the largest share of the global foldable furniture market in 2018, followed by North America and Europe. The foldable furniture market has been segmented into the 5 major regions: North America, Europe, APAC, the Middle East and Africa (MEA), and South America (SAM). Governments of India, China, and many other developing Southeast Asian are looking forward to bring new infrastructural/commercial projects in their countries. Such developments are likely to lead to a greater demand for the deployment of foldable furniture in railway gates, shopping malls, airports, and public places, among others. Adding to this, a large number immigrants who couldn’t afford proper housing contributed to the demand for small apartments or small space-living. This trend has continued over the years; as result of which, a large number of people still live flats and places that can’t accommodate the average number of family members, thus, leading to increased demand for space saving furniture. For example, in Beijing, the average living area per person is only 21 m2. The foldable furniture, including sofas, recliners, beds, tables, and chair, is a preferred option in such small houses.
Major players in the foldable furniture market are 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, and LEGGETT & PLATT, INC. The foldable furniture industry players provide innovative products ranging from ceiling beds to pop-up coffee table. The latest trend is Bookniture, which is a lightweight furniture concealed in a book. It is designed to look like a small notebook and can be unfolded into a footrest, compact side table, and standing desk.
The report segments the global foldable furniture market as follows:
Global Foldable Furniture Market - By Product
Global Foldable Furniture Market - By Application
Global Foldable Furniture Market - By Distribution Channel
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