Foldable Furniture Market Size, Share, Growth to 2027

Foldable Furniture Market to 2027 - Global Analysis and Forecasts By Product (Tables and Chairs, Sofa, Beds, Others); Application (Residential, Commercial); Distribution Channel (Offline, Online)

Publication Month : Jan 2020

  • Report Code : TIPRE00002837
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 181
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[Research Report] The foldable furniture was valued at US$ 8.0 Bn in 2018; it is anticipated to grow at a CAGR of 6.8% during 2019–2027 to account for US$ 14.4 Bn by 2027.

Transformable or foldable space-saving furniture is a revolution in furniture design. There is a high demand for wall-mounted beds and chairs, and sofa beds (sofas that can be converted to beds), among others. Such flexibility offered by convertible furniture helps the people living in small apartments manage the space available at their houses; sofa beds can be converted into beds at nights and can be rearranged back to sofa in the daytime. A large number of companies are offering low-cost foldable pieces of furniture by directly delivering to the customer from the warehouse. "Expand Furniture" is an online business that engages in providing space-saving furniture. The company has a strong product portfolio of foldable furniture, which includes foldable sofas and chairs, coffee-to-dining tables, beds and murphy beds, and shelving and storage. The low-cost and diversified product offerings provide the company with a competitive advantage, further empowering it to attract a larger customer base. The increasing.

The history of the foldable furniture dates back to the 19th century during which many immigrants began moving to the cities for earning jobs. The shift was rapid, as the people living in rural areas were moving toward established and busy cities. This trend also led to the rise in population density during the 1900s. 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. 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. Thus, rapid industrialization in developing economies such as China, India, Indonesia, and Thailand, leading to swift rise in urbanization, has been driving the growth of the global foldable furniture market

Lucrative Regions for Foldable Furniture Market

Lucrative Regions for Foldable Furniture Market
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Market Insights

Rising preference for eco-friendly foldable furniture

The growing emphasis on eco-friendly foldable furniture is one of the leading trends in the market. Deforestation and the burning of forests contribute to ~20% of greenhouse gas emissions; on the same lines, factors such as global warming and environmental preservation concerns encourage the use and manufacture of eco-friendly plant-based products, including furniture. The increasing number of environmental regulations in regions such as the Americas and Europe are anticipated to encourage the adoption of eco-friendly furniture during the forecast period. Most of the luxury brands of outdoor furniture have adopted "green" manufacturing practices and utilize materials that are biodegradable, recyclable, or certified by eco-friendly organizations, such as the Forest Stewardship Council (FSC). The FSC is a multi-stakeholder organization established in 1993 that aims at promoting the responsible management of the world's forests. As per the FSC, different outdoor materials do vary in their renewability. A large number of companies offering FSC-certified foldable furniture; Williams-Sonoma, Inc., offers such dining chairs, bistro chairs, and side chairs. Thus, the growing emphasis on eco-friendly foldable furniture is one of the major trends and is anticipated to bring significant changes in the marketplace during the forecast period.

Product Market Insights

Growing population worldwide is raising the demand for dwelling; this is further boosting the need for space-saving apartments that can be too small to contain all the basic furniture. As a result, people are shifting their focus on transforming their apartments into multipurpose spaces, i.e., they have to refurnish and/or transform their apartments throughout the day. This includes foldable wall-mounting tables, moving chairs to designated smart storage areas, transforming a couch to serve as a bed, etc. Various furniture is categorized as multifunctional furniture and modular furniture. The foldable furniture is usually made up of plastic, metal, wood, resin, mesh, padded, and saucer. Based on product, the foldable furniture market has been segmented into tables and chairs, sofas, beds, and others. Sofas are the most popular product, and the segment held a 23.7% share of the market in 2018; the growth of the market is attributed to the growing popularity of sofa sets as the component enhancing the decor of living room. The market for foldable sofas is expected to grow at the highest CAGR during the forecast period, followed by others, beds and tables, and chairs segments.

Foldable Furniture Market, by Product– 2018 and 2027

Foldable Furniture Market, by Product– 2018 and 2027
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Application Market Insight

Based on application, the foldable furniture market has been segmented into residential and commercial. In 2018, demand for foldable furniture in residential applications was higher than that in commercial ones, and the same trend is expected to continue during the forecast period. The residential applications include the use of foldable furniture in kitchens and dining rooms, living rooms, bedrooms, and outdoor areas, among others. On the other hand, in commercial applications, this furniture is used in offices and hotels. The market for the commercial application segment is expected to grow at the higher CAGR than residential application during the forecast period. Nowadays a wide variety of offices have recliners and foldable chairs and tables for providing comfort to employees. Growing wood production, coupled with favorable trade policies, is expected to create a long-term positive impact on the growth of foldable furniture market. Europe accounted for more than 30% of the global sawn wood production whereas APAC produced more than 60% of the global wood-based panels in 2016. However, limited availability of skilled labor, along with increasing manufacturing cost, might hamper the market growth in the coming years.

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Foldable Furniture Market: Strategic Insights

foldable-furniture-market
Market Size Value inUS$ 8.0 Billion in 2018
Market Size Value byUS$ 14.4 Billion by 2027
Growth rateCAGR of 6.8% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

  • In October 2018, Expand Furniture released New Alzare transforming coffee table, the table can transform from simple coffee table to small dining table or desk.
  • In November 2017, La-Z-Boy opened Its 350th retail location in in Rockford, Illinois. The store occupies over 13,000 square feet, and offers a great selection of excellent looking furniture for entire home.

Global Foldable Furniture Market Segments:

Foldable Furniture Market – By Product

  • Tables and Chairs
  • Sofa
  • Beds
  • Others

Foldable Furniture Market – By Application

  • Residential
  • Commercial

Foldable Furniture Market – By Distribution Channel

  • Offline
  • Online

Foldable Furniture Market – By Geography

  • North America

    • U.S.
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • Spain
    • UK
    • Rest of Europe
  • Asia Pacific (APAC)

    • Australia
    • China
    • India
    • Japan
    • Rest of APAC
  • Middle East & Africa (MEA)

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Rest of SAM

Companies

  • Dorel Industries Inc.
  • Expand Furniture Inc.
  • Kestell Furniture LLC.
  • La-Z-Boy
  • Lifetime Products
  • Meco Corporation.
  • Resource Furniture
  • Murphy Wall-Beds Hardware Inc.
  • Inter IKEA Systems B.V.
  • Leggett & Platt, Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product ; Application ; Distribution Channel

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are reasons behind North America foldable furniture industry growth?

Increasing preference towards one person or two-person households in the North American countries such as U.S., Canada, and Mexico has urged consumers to invest in foldable furniture owing to less usage as well as smaller living space.

What are market opportunities for foldable furniture market?

The foldable furniture market players are trying to widen their reach in the market through the launch of innovative beds. Their major focus on beds is ascribed to the large share of this segment, 11.5%, in 2018 of the foldable furniture market. The foldable beds can be installed quickly and usually don’t have steel bars, which makes it comfortable and easy to use.

Which segment holds the major share in foldable furniture market based on application?

The residential application held a larger share of the foldable furniture market in 2018, and this share is mainly attributed to increased demand for space-saving furniture due to a large number of people shifting in small apartments and buildings. Additionally, multiple transformation options also lead to the growth of the market for this segment.

The List of Companies - Foldable Furniture Market

  1. Dorel Industries Inc.
  2. Expand Furniture Inc
  3. INTER IKEA SYSTEMS B.V.
  4. Kestell Furniture LLC
  5. La-Z-Boy
  6. Lifetime Products
  7. Meco Corporation
  8. Murphy Wall-Beds Hardware Inc.
  9. Resource Furniture
  10. LEGGETT & PLATT, INC.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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