Folding furniture is made of adaptable pieces with joints or hinges that make it simple to fold, collapse, or compactly transform them for easy storage and transportation. This versatile furniture is particularly well-liked in areas like tiny apartments, offices, or outdoor settings where adaptability and effective use of space are crucial. Beds, chairs, and folding tables are typical examples. It is useful for short-term requirements or situations where space optimization is essential because of its design, which enables quick setup or stowing away. Folding furniture is prized for its portability and space-saving qualities, providing an adaptable answer for varied functional needs and dynamic living environments.
Global Folding Furniture Market Driving Factors and Challenges
Drivers- The use of foldable furniture enhances the visual appeal of a residential or commercial area. Demand for the product should rise as more emphasis is placed on producing tiny homes. Additionally, the demand for the product is being driven by consumers' growing preference for folding sofas that double as beds. Moreover, the market is predicted to grow as a result of the trend toward small-size apartments brought about by growing urbanization and population growth. Furthermore, more one- or two-person homes are probably going to increase demand for folding furniture and other multipurpose furniture products.
Challenges- Price fluctuations for raw materials hurt the market for folding furniture. The basic materials used in the production of folding furniture are metals, wood, polymers, and textiles. The costs of manufacturing are directly impacted by changes in the prices of these materials. Manufacturers incur high production costs as a result of unexpected price increases.
Impact of COVID-19 on Global Folding Furniture Market
The world COVID-19 pandemic that started in the first few days of 2020 drastically changed the furniture market. The brief trade embargo and supply chain disruptions have had a significant negative influence on nations that import a lot of furniture. A considerable portion of the global population was forced to extend their stay-at-home period due to the pandemic. Because they were spending more time at home, customers felt compelled to get the most out of their furniture and homes. COVID-19 also brought attention to the need of increasing automation and digitization while reducing the industry's reliance on imports.
Folding Furniture Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bush Industries, Inc., Dorel Industries Inc., Expand Furniture, Haworth Inc., Inter Ikea Systems B.V., Lifetime Products Inc., Meco Corporation, Murphy Wall Beds Hardware Inc., Resource Furniture and Sauder Woodworking Company
Global Folding Furniture Market Segmentation:
By Type: Based on the Type, Global Folding Furniture Market is segmented as; Beds, Chairs, Sofas, Tables and Other Furniture.
By Distribution Channel: Based on the Distribution Channel, Global Folding Furniture Market is segmented as; Offline and Online.
By Application: Based on the Application, Global Folding Furniture Market is segmented as; Commercial and Residential.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.