Global Folding Furniture Market
Urbanization put together with rising population, single-family dwellings, and booming real estate industry has resulted in people migrating towards urban in search of various employment opportunities. An outcome of this era of modernization and industrialization has led to building of micro-apartments to lodge the growing population. This has paved an opportunity for development of foldable space-saving furniture. In the past, what was once considered as cheap furniture, is now regarded as one of the most trendy and value for money commodity.
Folding furniture provides the consumer with effective space-saving options without downscaling but rather collapsing the furniture as per the available area. With the added advantage of its aesthetic appeal, it provides for utilitarian options such as a dining chair, sofa, ceiling beds, and other furniture. The most trending innovative solution is that of Bookniture, a compact furniture hidden in a book. Designed to look as small notebook, a Bookniture can be unfolded into a footrest, portable side table, and a standing desk.
Apart from being a very multifunctional commodity, foldable furniture enhances any ordinary home décor. Although, the increased demand for foldable furniture with rising cost of raw material that includes resin, aluminum, and plastic might hamper wide-spread adoption of these products.
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Folding furniture market can further be segmented by type, manufacturers, region, and market drivers. By type they are segmented on the basis of living room furniture (sofa sets, tables, chairs, entertainment centers, and side tables), bedroom furniture (beds, sofa sets, wardrobes, and study tables), home office furniture (office tables and chairs), and others (furniture used in kitchens, dining rooms, and bathrooms). By market drivers, they are segmented based on market trends and challenges.
Detailed Regional Analysis
The high adoption rate of folding furniture in populated cities of the world is the foremost reason for the rise in market growth. Beijing, Tokyo, New York, and Delhi are such prime cities that have been contributing to the rising demand of the market. Ownership of smaller homes and limited space availability are the key reasons for populated cities' rising demand. A growing trend in the US market towards the rented apartments who are inclined towards affordable, multifunctional and smaller furniture has been observed to suit their changing lifestyles.
Furthermore, the folding furniture frontiers are trying to provide to the modern ways of the urban city life of consumers and are adding engaging features to the furniture industry. Therefore, all the manufacturers worldwide to satisfy the various requirements of the consumers are diversifying their product portfolios. Their furniture now consists of various attributes that are rigid, lightweight and aesthetically appealing, and thus augmenting the growth of the global folding furniture market.
The folding furniture market is predicted to witness higher growth in Asia Pacific and Europe as well. The industry in Asia Pacific would be driven by the high population growth and smaller living areas. On the other hand Europe's space-saving furniture is gaining popularity exponentially, which has led to expansion across the region. For instance,with the help of hydraulic mechanism present in the Italian designed small coffee table, it can be expanded into dinner table and a beautiful wall that spins 180º and then unfolds into a queen-sized bed. Such innovations within the folding furniture market are expected to propel Europe’s folding furniture market over the forecast period.
The folding furniture is distributed through various offline and online channels. However, offline channels will dominate the market, while the online channel will grow at an impactful CAGR during the forecast period.
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