Technavio expects the folding furniture market size to increase by USD 4.44 bn, at a CAGR of 6.58% from 2020 to 2025. The market is fragmented and is highly competitive due to the presence of a large number of regional and international vendors. The market is witnessing an increased emphasis on inorganic growth through the acquisition of new brands, collaboration, and partnerships among vendors. In addition, the rise in the number of startups is expected to intensify the competition during the forecast period.
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Market Dynamics
The market is driven by factors such as the increased demand for space-saving furniture. The growth in the population in urban and metropolitan cities has increased the demand for space-saving furniture. Also, the decreasing size of apartments has necessitated the need for folding furniture such as sofas that can be converted into beds, wall-mounted beds, wall-mounted chairs, and other folding furniture. This growing trend is encouraging vendors in the market to offer a wide range of products that are customizable and cater to the growing needs of customers. For instance, Resource Furniture offers the Vengio table. The product can be used as a wall-mounted mirror and as a dining table or a writing desk.
In addition, the increasing number of office spaces and rise in online sales will have an accelerating effect on the growth of the market. However, the fragmentation of the market is expected to challenge the growth.
Company Profiles
The folding furniture market report includes information on the product launches, sustainability, and prospects of leading vendors including Ashley Furniture Industries Inc., Expand Furniture Inc, Flexfurn NV, Inter IKEA Holding BV, LaZBoy Inc., Lifetime Products Inc., Meco Corp., Murphy Wall Beds Hardware Inc., Resource Furniture LLC, and Walmart Inc.
Competitive Analysis
The report includes the competitive analysis which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of the factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Market Segmentation
By Distribution Channel, the market is classified into offline and online. The offline distribution channel accounted for maximum sales of folding furniture in 2020. The proliferation of hypermarkets, supermarkets, and specialty stores that offer folding furniture is driving the growth of the segment. In addition, the introduction of innovative service solutions and experiential sales experience using modern technologies such as AR (Augmented reality), VR (Virtual reality), and other visual technologies in furniture and furnishing stores are contributing to the growth of the segment.
By Geography, the market is classified as APAC, North America, Europe, South America, and MEA. APAC will have the largest share of the market. The growth of the market in APAC can be attributed to the rising urbanization, improved cost of living, and high spending capacity by the population in countries such as China, Japan, and India. In addition, the rising number of capacity expansions by vendors will contribute to the growth of the regional market in the coming years.
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Folding Furniture Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.58% |
Market growth 2021-2025 |
USD 4.44 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.20 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 50% |
Key consumer countries |
China, US, India, Canada, Germany, and Brazil |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Ashley Furniture Industries Inc., Expand Furniture Inc, Flexfurn NV, Inter IKEA Holding BV, LaZBoy Inc., Lifetime Products Inc., Meco Corp., Murphy Wall Beds Hardware Inc., Resource Furniture LLC, and Walmart Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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