Foldable furniture includes the furniture that can be folded into a shape or position and utilizes less space. The history of the folding furniture can be dated back to the 19th century. The 19th century saw the emergence of the tremendous growth of the cities with immigrants flooding the United States (U.S.). Many immigrants started moving to the cities to get jobs in the new, developing industries. The shift was rapid with people leaving the rural areas to live in the crowded and the busy city. The population of major cities doubled and even tripled during the 1900s. With the fast paced urbanization, the industrial revolution, many people flocked to the cities and couldn’t afford proper housing. This resulted in the growth of apartment or small-space living. Even today, the majority of the apartments do not contain much space for the average person of family. The foldable furniture includes beds, tables and most importantly, the chair. Folding chairs only take up the space when they are needed and can be stored in a closet when they are not in use. A combination of the portable, lightweight and easily storable qualities has created an appeal among the general population. Today, folding chairs are the required for picnic, outdoor event, or family gathering. The folding furniture can be a great saver for an apartment or cramped house. For example, typically, a bed is only used during the short time of the night but, it takes up a large amount of space during the day. The bed that can be fold up in the wall that turns and reveals a bookshelf, can save much space. More open space will be available, which is essential helpful in the tiny space of an apartment. Many people living in the apartments can save space with the foldable furniture and at the same time can have better living conditions and improve effective usage of space.
Market Size and Forecast
The folding furniture market is expected to grow at a CAGR of 7.5% to reach USD 13.2 billion over the forecast period i.e. 2017-2024. The primary factor responsible for the growth of the market will be the increased number of smaller homes in the populous cities of the world, thus leading to the need for saving space. Foldable furniture provides for effective space saving options without downscaling but rather collapsing the furniture as per the available space. Moreover, these furniture also offers aesthetic appeal and at the same time reduction in space, thus leading to the growth of the market. From ceiling beds to coffee-tables, foldable furniture provides numerous innovations. The most recent trend being that of Bookniture, compact furniture hidden in a book. It looks as a small notebook, but it can be unfolded into a footrest, standing desk and a portable side table.
Market Segmentation
Our in-depth analysis of the global foldable furniture market includes the following segments:
By Product Type
• Chairs
• Tables
• Sofas
• Beds
• Essentials
By Application
• Commercial
• Residential
By Distribution Channel
• Online
• Offline
The Global foldable furniture market is further classified on the basis of Region as follows:
By Region
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
• Middle East and Africa (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Growth Drivers and Challenges
The growth of the market is primarily driven by the adoption of the furniture in the populated cities of the world namely, Beijing, Tokyo, New York and Delhi due to the increasing ownership of smaller homes. Further, the rapid pace of urbanization and growth in the real estate industry influence the folding furniture industry. In U.S. the growing trend towards the rented apartments has been observed among the population who are inclined towards affordable, multifunctional and smaller furniture that suits their changing lifestyles.
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Moreover, the folding furniture manufacturers are trying to cater to the metropolitan ways of life of consumers and are adding appealing features to the furniture. Therefore, the manufacturers in order to meet the rising needs of the consumers are diversifying their product portfolio. Their furniture now includes the various attributes that are aesthetically appealing and light weight, and thus supplementing the growth of the global foldable furniture market. However, the market growth is hampered by the rising prices of the raw materials such as leather, foam and wood. In addition, the costs of coating and finishing have also increased which has increased the price of the furniture in the U.S. and China. Moreover, the rising prices of the foam and fiber may also hamper the growth of the market.
The folding furniture market is expected to grow at a higher pace in Asia Pacific and Europe. The folding-furniture industry in Asia Pacific would be driven by the growth in population and smaller living areas. As for the Europe, the space saving furniture is gaining popularity, which has led to the expansion across the region. For instance, Italian designed small coffee table can be expanded into dinner table and a beautiful wall that spins 180º and then unfolds into a queen-sized bed with the help of hydraulic mechanism. These innovations within the folding furniture market are expected to drive the Europe folding furniture market during the forecast period.
The folding furniture is sold through the offline and the online channels. However, the offline channels will dominate the market, while the online channel will grow at a significant CAGR during the forecast period.
Key Players
• Lifetime Products, Inc.
o Company Overview
o Key Product Offerings
o Business Strategy
o SWOT Analysis
o Financials
• Expand Furniture
• Resource Furniture
• IKEA
• Cosco
• Murphy Wall Beds
• Meco
• Nova
• Kestell
• Mogo
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The Global Foldable Furniture Market is segmented as follows:
• By Product Type Market Size & Y-O-Y Growth Analysis
• By Application Market Size & Y-O-Y Growth Analysis
• By Distribution Channel Size & Y-O-Y Growth Analysis
• By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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