The folding furniture 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 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. In 2019, Asia Pacific contributed to the largest share in the global folding furniture market. Attributed to the APAC region’s flourishing economic conditions, there has been a spur in the region’s industrial activities. The exponential growth in the residential and commercial sector drives the demand for folding furniture market. The region encompasses an ample amount of opportunities for the growth of the market attributable to the rise in foreign direct investments along with rise in manufacturing spending toward better product offerings. The upsurge in the middle-class population along with growth in urbanization offer lucrative opportunities for the key market players operating in the folding furniture market in APAC
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Leading Folding Furniture market Players:
Ashley Furniture Industries; Dorel Industries Inc.; Inter IKEA Systems B.V.; La-Z-Boy Inc.; and Leggett & Platt, Inc. are among the major market players operating in the folding furniture market. These companies offer their products worldwide, which helps them in catering to a wider customer base. They are highly focused on the development of high quality and innovative products to fulfill the customer’s requirements. Over the past few years, the companies operating in the market have realized the immense potential pertaining to the folding furniture market and were highly involved in strategies such as mergers & acquisitions, and product launches. For instance, in 2017, La-Z-Boy opened its 350th retail location in Rockford, Illinois. The store occupies over 13,000 square feet, and offers a great selection of excellent looking furniture for entire home.
Impact Of COVID-19 On Folding Furniture market
The COVID-19 outbreak was first reported in Wuhan (China) during 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. The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are disrupting the business collaborations and partnerships opportunities. All these factors are anticipated to hinder the consumer goods industry and thus act as restraining factor for the growth of folding furniture market.
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MARKET SEGMENTATION
Based on product type, 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. A few common types of folding furniture tables are the dining table, coffee table, and others. There is a range of specialized types of tables, such as drafting tables, used for doing architectural drawings. Folding chairs vary in design and are primarily made of wood, metal, and synthetic materials. Folding chairs, rocking chairs, loungers, armchairs, and many others are quite popular among the customers. Therefore, manufacturers are offering different types of folding tables and chairs in the national and international market to meet the needs of the customer. This, in turn, is influencing the growth of the folding furniture market for the table and chair segment.
Based on application, the global folding furniture market is bifurcated into residential and commercial. The residential segment led the market in 2019. Developed economies in Europe and North America hold significant potential in the residential sector. Factors such as the trend of family gatherings along with dinners in residential gardens, aging population, high disposable incomes, and willingness to spend on luxury furniture are driving the growth of the folding furniture market for the residential segment.
Based on material, the global folding furniture market is segmented into wood, metal, plastic, and others. The metal segment led the market in 2019. Nowadays, the most common metals used for modern folding patio furniture are aluminum and steel. Metal patio dining chairs, metal folding sofas, chairs & sectionals, metal folding coffee & side tables, metal folding bistro sets, metal folding dining tables, metal folding benches, metal folding dining sets, metal hammocks & swings, and others are made up of mostly steel and aluminum.
Based on distribution channel, the global folding furniture market is bifurcated into store-based and non-store-based. The store-based segment led the market in 2019. The store-based distribution channel includes the sales of the folding furniture through supermarkets and hypermarkets, independent retailers, convenience stores, and others. High footfall in hypermarkets and supermarkets makes it easier for manufacturers to target their customer base. The wide availability of folding furniture from various brands at a lower price has encouraged customers to buy folding furniture from hypermarkets and supermarkets. Consumers prefer purchasing folding furniture from independent retailers as they are local and can be used as the main outlet. On the other side, some people purchase folding furniture from convenience stores as they can get it at any time of the day and are placed in locations that are convenient for local customers.
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