Folding Furniture Market Expected to Grow at a CAGR of 8.55% by 2030: Renub Research
Renub Research has recently published a report titled “Folding Furniture Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that includes market share insights. In addition, the report covers research on competitors and regions and current advancements in the global folding furniture market. Folding Furniture Industry shall experience a CAGR of nearly 8.55% from 2023 to 2030. Folding furniture is designed to be compact, making it an ideal option for small spaces. It is also portable and easy to move, serving as an excellent option for people who frequently move or need to rearrange their living room.
Additionally, many types of folding furniture serve multiple purposes, making it multi-functional. Folding furniture is also cost-effective and often made from eco-friendly materials, which is more sustainable than traditional furniture. The future growth in the folding furniture market is mainly due to the ascending urbanization and limited living space in urban areas leading to a growing demand for space-saving furniture, with folding furniture being an ideal option.
Additionally, there is a rising trend towards sustainable and eco-friendly products, and folding furniture is often made from eco-friendly materials and requires fewer raw materials. Also, furniture design and materials advancements are making folding furniture more versatile and stylish, making it an attractive option for consumers.
Moreover, the rise of e-commerce platforms facilitates easy access to a broader range of products at competitive prices, including folding furniture. Furthermore, the increasing adoption of remote work and flexible work arrangements is creating a demand for versatile furniture that can serve multiple purposes, with folding furniture being a convenient option for people working from home. The folding furniture market faces a significant restraint due to the limited durability of some products caused by their design and materials, coupled with the perception that folding furniture is generally of lower quality than conventional furniture.
Sofas have sovereignty in the folding furniture market
Sofas are one of the dominant products in the folding furniture market because they are a common and essential piece of furniture in many households. Additionally, sofas are versatile, and folding sofas can be used as a bed or a seating area, making them an attractive option for people who live in small spaces or frequently have guests staying over. The folding sofa market has also seen innovations in design, such as the development of sofa beds with improved mattress quality and easy-to-use folding mechanisms to help increase consumer interest and demand for folding sofas.
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Folding furniture is becoming increasingly popular in residential settings due to its space-saving features and versatility
The residential application of folding furniture refers to using the folding table in homes or residential spaces. It can be used in various rooms, such as the living room, bedroom, and dining room, to serve multiple purposes. For example, a folding sofa bed can serve as a seating option during the day, and people for meals can utilize a bed at night, and a folding dining table and then be conveniently stored away when not in use to create more space in the room. Folding furniture can also be used in small apartments or homes with limited space. In addition, the rise of remote work and flexible work arrangements creates a demand for folding furniture that can serve multiple purposes in a home office or workspace.
Specialty stores have supremacy in the folding furniture market as they offer a broader selection of options
Specialty stores catering to specific furniture needs have a strong position in the folding furniture market as they offer a broader selection of options specifically designed for people with unique furniture needs or living in small spaces. Moreover, their staff is typically more knowledgeable about their products, providing customers with expert advice and recommendations. Furthermore, specialty stores may have a more robust online presence and more convenient online purchasing options, giving them a competitive advantage over traditional furniture stores.
Wood is an accessible material in the folding furniture market as it is durable, sturdy, and can combat daily use and wear and tear
Folding furniture made of wood is favored in the market due to its durability and strength that can endure daily usage and wear and tear. Its flexibility allows it to be crafted into various shapes and designs to suit different furniture needs. Wood has a natural and aesthetic appeal that complements multiple interior design styles. It is also an eco-friendly material that can be sustainably sourced and recycled. Lastly, wood has been used in furniture making for a long time, making it a conventional and reliable option for consumers.
North America’s dominance in the folding furniture market is the high level of urbanization in the region, leading to a greater demand for space-saving furniture
The North American region has a large and affluent consumer base, with consumers willing to pay a premium for functional and stylish furniture. Moreover, the availability of advanced manufacturing technologies and processes has enabled manufacturers in North America to produce a high-quality folding table with innovative designs and materials, further driving the growth of the folding furniture market. Furthermore, established and reputable furniture manufacturers and retailers in the region have also contributed to its dominance in the folding furniture market.
Folding furniture market consists of several major players, includingDorel Industries Inc, Inter Ikea Systems B.V, La-Z-Boy Inc., Leggett & Platt Inc., Haworth, Bassett Furniture Industries Inc., Flaxseed Industries Inc., and Home Depot.
Type – Report covers the Folding Furniture Market by types from 5 viewpoints Chairs,
- Other Furniture
Application – Folding Furniture Market by application breaks up into 2 viewpoints
Distribution channel–By distribution channel, the Global Folding FurnitureMarket is broken upinto 2 viewpoints
Material – Folding Furniture Market, by material, breaks up into viewpoints
Regions – By regions, the Folding Furniture Market breaks up into 4 viewpoints
- North America
- Asia Pacific
- Middle East & Africa
- South America
Key Players– All the major players of the Folding Furniture Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Sales Analysis)
- Dorel Industries Inc
- Inter Ikea Systems B.V
- La-Z-Boy Inc.
- Leggett & Platt Inc.
- Bassett Furniture Industries Inc.
- Flaxseed Industries Inc.
- Home Depot
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