menu
Folding Furniture Market to Hit US$ 4,754.29 Million, Globally, By 2027 at 5.7% CAGR
the global folding furniture market is segmented into table and chair, sofas, beds, table TV trays, and others. The table and chair segment led the market with the highest share in 2019.

According to "The Insight Partners" latest market study on “The global Folding Furniture Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (Table and Chair, Sofas, Beds, Table TV Trays, and Others), Application (Residential and Commercial ), Material (Wood, Metal, Plastic, and Others), and Distribution Channel (Store-Based and Non Store-Based),” the market was valued at US$ 3,070.80 million in 2019 and is projected to reach US$ 4,754.29 million by 2027; it is expected to grow at a CAGR of 5.7% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

The demand for folding furniture is rising with rapid urbanization coupled with significant growth in residential sector and rapid advancement related to folding furniture. Folding furniture such as chairs, tables, sofas, beds, table trays, and others are quite popular among both residential and commercial customers.

Ashley Furniture Industries; Bush Industries, Inc.; Kestell Furniture LLC; Haworth, Inc.; Inter IKEA Holding B.V.; La-Z-Boy, Inc.; Meco Corporation; Sauder Woodworking Company; Atlas Industries; Table-Mate USA, LLC; Plastic Development Group; Leggett & Platt, Inc.; and Murphy Wall-Beds Hardware Inc. are among the well-established players operating in the global folding furniture market.
 
Folding furniture promotes portability and space saving and, thus, is essential for modern living. Besides being space-saving option, folding furniture are quite flexible and possess the capability to be folded, compact in flat or a small size. In general, folding furniture are counted under lightweight and easily deployable structures that possess an ability to get transformed between various configurations in easy and effective manner.

Hence, the demand for such form of furniture is quite high amongst consumers. With the rapid advancement backed by strong research activities and rising consumer demand for aesthetic and comfortability, manufacturers are coming up with innovative concepts such as paper folding furniture, furniture involving pop up architectures, and others. Such type of furniture has been designed to suit consumer aesthetic framework and comfortability.

The real estate sector has witnessed high growth in the recent times with the rapid urbanization, structural economic changes, and shift in consumer living patterns. For instance, as per IBEF, almost US$ 6.26 billion were invested in the real estate sector in India and it is expected to grow by US$ 9.30 billion in 2040. Growing residential sector with the support of positive government measures drives the demand for folding furniture in global market scenario. With the surge in population along with rise in demand for better living spaces, a significant growth in real estate and residential sector have been witnessed.

The prices of residential properties have risen considerably leading to reduction in sizes of home. As available space is smaller, consumers are preferring furniture which is compact and can be efficiently suit the available space and requirements. Hence, the adoption of multi-functional folding furniture has gained traction in the recent past. The preference toward economical, portable, and appealing furnishing coupled with a willingness to spend on aesthetic properties of furniture, are strongly supporting the growth of the folding furniture market through the residential segment.

Hence, it has ultimately pushed the investment in better and advanced form of folding furniture across the globe. In addition, the shift in consumer spending toward better living backed by rise in per capita and disposable income and growing trend towards traveling bolster the growth of folding furniture market.
 
The COVID-19 outbreak was first reported in Wuhan (China) in December 2019. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are around 104,370,550 confirmed cases and 2,271,180 total deaths globally.

The outbreak has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The consumer goods industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa is restricting the global supply chain and hindering manufacturing activities, delivery schedules, and various goods sales.

Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaborations and partnerships opportunities. All these factors are restraining the growth of various markets related to the consumer goods industry.

Read More: https://www.theinsightpartners.com/reports/folding-furniture-market