Dublin, July 31, 2023 (GLOBE NEWSWIRE) -- The "Folding Furniture Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018 - 2028F Segmented By Product Type, By End User, By Distribution Channel, By Region" report has been added to ResearchAndMarkets.com's offering.
The global folding furniture market is experiencing robust growth, driven by several key factors such as an increasing number of millennials residing in rental spaces and seeking versatile and compact furniture solutions, the demand for folding furniture has surged.
Co-living trends, which have become popular due to shrinking house sizes, have also contributed to the market's growth. Furthermore, the convenience of purchasing folding furniture from online platforms has added to its popularity. Folding furniture, including tables, chairs, and stools, provides a practical solution for compact living spaces where optimizing room space is crucial.
As the global population continues to grow, housing sizes are decreasing to accommodate more citizens, creating a need for space-saving furniture.
Increasing Residential Construction is Propelling the Market Expansion
The global folding furniture market is witnessing high demand owing to the rising number of residential constructions across different countries. As per the data provided by Oxford Economics, the global construction market was valued at USD 10.7 trillion in 2020 and is expected to reach USD 15.2 trillion by 2030.
Moreover, the rising government initiatives to provide houses to their citizens are contributing to the expansion of the global folding furniture market.
The Rising Trend of Tiny Homes is Driving the Market Growth
Owing to the rising prices of residential buildings, individuals have started preferring tiny homes, which are not only compact in size but also reduce the expenditure of consumers on house maintenance. Tiny homes are usually under 400 square feet, providing an effective solution to the housing affordability crisis, the harmful environmental effects of development, and the emissions from operating large homes.
For instance, it is estimated that more than 10,000 tiny homes and 700 new houses are built every year in the United States. Thus, owing to the smaller size of these houses, consumers prefer to use folding furniture instead of traditional furniture as it not only efficiently fits in the house but also saves space for other household essential products.
Increasing Trend of Eco-Friendly Furniture in Fueling the Market Growth
One of the most prominent trends in the market is the increasing emphasis on environmentally friendly foldable furniture. Global environmental issues, such as global warming and environmental preservation concerns, etc., are driving the production as well as sales of eco-friendly plant-based items, including furniture.
Deforestation and the burning of trees account for around 20% of greenhouse gas emissions. During the forecast period, it is projected that the proliferation of environmental restrictions in regions such as North America and Europe will promote the usage of eco-friendly furniture.
Moreover, most luxury outdoor furniture firms use raw materials that are biodegradable, recyclable, or approved by environmental organizations such as the Forest Stewardship Council in their manufacturing processes (FSC). Thus, one of the primary trends that are projected to significantly impact the market during the forecast period is the increased emphasis on environmentally friendly foldable furniture.
Market Dynamics
Drivers
- Shifting Trend Towards Small Sized Apartments
- Growing Demand for Compact and Multi-Functional Furniture
- Rising Construction in Residential Sector
Market Trends & Developments
- Rising Demand for Eco-Friendly Products
- Increasing Trend of Tiny Homes
- High Demand from Online Channels
- Increasing Trend of Co-living Among Millennials
- Growing Demand for Foldable Beds
Challenges
- High Cost of Raw Material
- Supply Chain Constrains
Voice of Customer Analysis (B2C Model Analysis)
- Sample Size Determination
- Respondent Demographics
- By Gender
- By Age
- By Occupation
- Brand Awareness
- Factors Influencing Purchase Decision
- Customer Satisfaction
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global folding furniture market.
- Bush Industries, Inc.
- Inter IKEA Systems B.V.
- Murphy Wall Beds Hardware Inc.
- Ashley Furniture Industries Inc.
- Kestell Furniture LLC
- Murphy Wall Beds Hardware Inc.
- Lifetime Products Inc.
- Flexsteel Industries, Inc.
- Dorel Industries Inc.
- Haworth Inc.
Report Scope:
Global Folding Furniture Market, By Product Type:
- Chairs
- Tables
- Sofas
- Beds
Global Folding Furniture Market, By End User:
- Residential
- Commercial
Global Folding Furniture Market, By Distribution Channel:
- Direct Sales
- Furniture Retail Outlets
- Supermarket & Hypermarket
- Home Decor Shops
- Others
Global Folding Furniture Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- Spain
- Netherlands
- United Kingdom
- Asia-Pacific
- China
- India
- Japan
- Vietnam
- South Korea
- Indonesia
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
For more information about this report visit https://www.researchandmarkets.com/r/rcwg8e
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