Foldable
furniture
includes the furniture that can be folded into a shape or position and utilizes
less space. The history of the folding furniture can be dated back to the 19th century.
The 19th century saw the emergence of the tremendous growth of the cities
with immigrants flooding the United States (U.S.). Many immigrants started
moving to the cities to get jobs in the new, developing industries. The shift
was rapid with people leaving the rural areas to live in the crowded and the
busy city. The population of major cities doubled and even tripled during the
1900s. With the fast paced urbanization, the industrial revolution, many people
flocked to the cities and couldn’t afford proper housing. This resulted in the
growth of apartment or small-space living. Even today, the majority of
the apartments do not contain much space for the average person of family. The
foldable furniture includes beds, tables and most importantly, the chair.
Folding chairs only take up the space when they are needed and can be stored in
a closet when they are not in use. A combination of the portable, lightweight
and easily storable qualities has created an appeal among the general
population. Today, folding chairs are the required for picnic, outdoor event,
or family gathering. The folding furniture can be a great saver for an
apartment or cramped house. For example, typically, a bed is only used during
the short time of the night but, it takes up a large amount of space during the
day. The bed that can be fold up in the wall that turns and reveals a
bookshelf, can save much space. More open space will be available, which is
essential helpful in the tiny space of an apartment. Many people living in the
apartments can save space with the foldable furniture and at the same time can
have better living conditions and improve effective usage of space.
Market Size and Forecast
The folding furniture market is
expected to grow at a CAGR of 7.5% to reach USD 13.2 billion over the forecast
period i.e. 2017-2024. The primary factor responsible for the growth of the
market will be the increased number of smaller homes in the populous cities of
the world, thus leading to the need for saving space. Foldable furniture
provides for effective space saving options without downscaling but rather
collapsing the furniture as per the available space. Moreover, these furniture
also offers aesthetic appeal and at the same time reduction in space, thus
leading to the growth of the market. From ceiling beds to coffee-tables,
foldable furniture provides numerous innovations. The most recent trend being
that of Bookniture, compact furniture hidden in a book. It looks as a small
notebook, but it can be unfolded into a footrest, standing desk and a portable
side table.
Market Segmentation
Our
in-depth analysis of the global foldable furniture market includes the
following segments:
By Product Type
·
Chairs
·
Tables
·
Sofas
·
Beds
·
Essentials
By Application
·
Commercial
·
Residential
By
Distribution Channel
·
Online
·
Offline
The Global
foldable furniture market is further classified on the basis of Region as
follows:
By Region
·
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
·
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
·
Western
and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth
& Opportunity Analysis
·
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market
size, Y-O-Y growth & Opportunity Analysis
·
Middle
East and Africa (China, India, Japan, Singapore, Australia, New Zealand, Rest
of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Growth Drivers and Challenges
The growth
of the market is primarily driven by the adoption of the furniture in the
populated cities of the world namely, Beijing, Tokyo, New York and Delhi due to
the increasing ownership of smaller homes. Further, the rapid pace of
urbanization and growth in the real estate industry influence the folding
furniture industry. In U.S. the growing trend towards the rented apartments has
been observed among the population who are inclined towards affordable,
multifunctional and smaller furniture that suits their changing lifestyles.
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Moreover, the folding furniture manufacturers
are trying to cater to the metropolitan ways of life of consumers and are
adding appealing features to the furniture. Therefore, the manufacturers in
order to meet the rising needs of the consumers are diversifying their product
portfolio. Their furniture now includes the various attributes that are
aesthetically appealing and light weight, and thus supplementing the growth of
the global foldable furniture
market. However, the market growth is hampered by the rising
prices of the raw materials such as leather, foam and wood. In addition, the
costs of coating and finishing have also increased which has increased the
price of the furniture in the U.S. and China. Moreover, the rising prices of
the foam and fiber may also hamper the growth of the market.
The
folding furniture market is expected to grow at a higher pace in Asia Pacific
and Europe. The folding-furniture industry in Asia Pacific would be driven by
the growth in population and smaller living areas. As for the Europe, the space
saving furniture is gaining popularity, which has led to the expansion across
the region. For instance, Italian designed small coffee table can be
expanded into dinner table and a beautiful wall that spins 180ยบ and then
unfolds into a queen-sized bed with the help of hydraulic mechanism. These
innovations within the folding furniture market are expected to drive
the Europe folding furniture market during the forecast period.
The
folding furniture is sold through the offline and the online channels. However,
the offline channels will dominate the market, while the online channel will
grow at a significant CAGR during the forecast period.
Key Players
·
Lifetime
Products, Inc.
o Company Overview
o Key Product Offerings
o Business Strategy
o SWOT Analysis
o Financials
·
Expand
Furniture
·
Resource
Furniture
·
IKEA
·
Cosco
·
Murphy
Wall Beds
·
Meco
·
Nova
·
Kestell
·
Mogo
Scope and Context
Overview
of the Parent Market
Analyst
View
Segmentation
The Global
Foldable Furniture Market is segmented as follows:
·
By
Product Type Market Size & Y-O-Y Growth Analysis
·
By
Application Market Size & Y-O-Y Growth Analysis
·
By
Distribution Channel Size & Y-O-Y Growth Analysis
·
By
Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply
& Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
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