Dublin, March 25, 2024 (GLOBE NEWSWIRE) -- The "North America Folding Furniture Market Forecast to 2030 - Regional Analysis - By Product Type (Tables, Chairs, Sofas and Beds, and Others), Material (Wood, Metal, and Plastic), Application (Residential, Commercial, and Others), and Distribution Channel (Online and Offline)" report has been added to ResearchAndMarkets.com's offering.
Market Growth Driven by Residential Sector Developments
The North American folding furniture market is experiencing significant growth, propelled by the increasing demand for space-saving and multi-functional furniture. The real estate sector's expansion, coupled with rapid urbanization and the resulting reduction in home sizes, is encouraging consumers to opt for folding furniture solutions that offer convenience and aesthetic appeal. High investment levels in real estate and a shift towards more dynamic, multi-purpose residential spaces are also contributing to the market's expansion.
Regional Market Overview
The market spans across the US, Canada, and Mexico, with strong growth particularly evident in the US due to prevalent hosting of family gatherings and a burgeoning real estate segment. These factors, alongside rising disposable incomes, urban lifestyles, and increased construction activities, are pivotal to the market's positive trajectory. Substantial investments in R&D by key manufacturers in the region further bolster this growth, as innovations in design and functionality of folding furniture resonate with evolving consumer preferences.
Market Segmentation and Revenue Forecast
Segmentation analysis highlights that sofas and beds as product types, wood materials, and residential applications lead their respective categories within the market. The projected growth trajectory estimates that by 2030, the North American market valuation for folding furniture will reach approximately US$ 1.46 billion, representing a CAGR of 8.2% from 2023. Offline distribution channels continue to dominate the market, although online channels are likely to experience significant growth in the forecast period.
Contributing Market Dynamics
Construction activities play a vital role in the regional economy, with a reported annual creation of structures worth US$ 1.4 trillion in the US alone. The construction sector's prosperity further elevates the demand for folding furniture due to the growth in residential and commercial spaces being developed. Manufacturers across North America are responding by offering innovative, stylish products that not only save space but also enhance living environments. These endeavors are indicative of the escalating consumer willingness to invest in high-quality folding furniture that combines practicality with aesthetic value.
Outlook and Strategic Recommendations
The North America Folding Furniture Market presents numerous opportunities for players within the value chain to develop and adapt long-term strategies that align with current trends. Emphasis on product innovation, consumer trends, and distribution channels are crucial for stakeholders aiming to capitalize on the market's growth potential. The market outlook remains optimistic, with predictions of continued expansion and development driven by consumer demand and the overarching trend of urbanization. Businesses in the industry are encouraged to focus on understanding the intricacies of market forces to better serve their customer base and to ensure they stay ahead in this competitive market. Enhanced decision-making and strategy formulation, informed by comprehensive market insights, will be key to success in the thriving North American folding furniture market.
A selection of companies mentioned in this report includes
- Leggett & Platt Inc
- Ashley Furniture Industries LLC
- Inter IKEA Holding BV
- Hussey Seating Co
- Sauder Manufacturing Co
- Meco Corp
- Dorel Industries Inc
For more information about this report visit https://www.researchandmarkets.com/r/fejwfw
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