SAN FRANCISCO, Nov. 14, 2019 /PRNewswire/ -- The global folding furniture market size is anticipated to reach USD 4.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% over the forecast period. Increasing demand for space saving and flexible furniture and growing inclination towards compact and multi-purpose products by the millennials are some of the factors driving the demand for the global market.
Shifting trend towards shrinking apartment size as a result of increasing population and rapid urbanization has resulted in significant acceptance of these furniture. Therefore, increasing preference for portable and folding furniture has increased the demand for such products in the market. According to Tokyo Kantei, in 2017, the average size of a new apartment in Tokyo was 680 sq.ft and a size of 647 sq. ft. for an existing apartment. Whereas, the average size of new apartments in U.S. is 941 sq. ft., which has reduced by 5% in ten years.
Key suggestions from the report:
By product, table and chair is expected to reach USD 2.5 billion by 2025. Folding sofa was valued at USD 788.2 million in 2018
North America is expected to expand at the fastest CAGR of 7.2% from 2019 to 2025
Top players operating in the folding furniture market include Flexsteel Industries, Inc.; Haworth Inc.; Meco Corporation; Dorel Industries Inc.; Murphy Wall Beds Hardware Inc.; Ashley Furniture Industries; and La-Z-Boy Inc.
Moreover, manufacturers put constant efforts in introducing new products incorporating advanced technology with the help of mergers and acquisitions pertaining to folding furniture catering to the growing demand. For instance, in February 2019, Inter IKEA Systems B.V. has launched space saving shelving units with foldable table, which can be easily used as a desk as well as a dining table.
In terms of product, table and chair held a dominant market share in 2018. These products are largely made of plastic, however consumers' preference for wooden furniture to enhance the appearance has increased the production of wooden folding chairs. For instance, Flash Furniture in USA sells folding chairs made of bamboo wood, which can be used indoor as well as in outdoor environment.
Offline retail stores held the largest share of more than 75.0% in 2018. Dominance of retail stores has created intense competition in the market with major producers such as Inter IKEA Systems B.V., Raymour & Flanigan, and Ashley Home Stores, Ltd. across the globe. These stores help consumers to avail the features of customization for home furniture as per the demands of consumer. Space availability of different houses is also acting as a key factor driving the segment.
Asia Pacific dominated the folding furniture market with a share of about 40.0% in 2018. This region comprises countries with the smallest living space apartments, which ideally drives the market for foldable furniture in the region. For instance, in 2-17, Hong Kong had the smallest flat size across the globe with an average living space of 470 sq. ft. and China constituted an average living space of 646 sq. ft. Therefore, increasing demand for space saving furniture in the region acts as a key factor driving the market in Asia Pacific.
Grand View Research has segmented the global folding furniture market by product, distribution channel, and region:
Folding Furniture Product Outlook (Revenue, USD Million, 2015 - 2025)
Table & Chair
Folding Furniture Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Folding Furniture Regional Outlook (Revenue, USD Million, 2015 - 2025)
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About Grand View Research:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.