Folding Furniture Market Valued at $15.97 Billion by 2030 at a CAGR of 7.5% – Report by Market Research Future (MRFR) – Yahoo Finance | NutSocia

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Folding Furniture market insights and industry analysis by product (chairs, tables, sofas, beds and other furniture), by application (residential and non-residential use) and by region, competitive market size, share, trends and forecast to 2030

New York, U.S., December 05, 2022 (GLOBE NEWSWIRE) — folding furniture market Overview:

According to a comprehensive research report by Market Research Future (MRFR) “folding furniture market information from product, by application and by region – Forecast until 2030‘, the market is expected to grow at a CAGR of 7.5% and reach USD 15.97 billion by 2030.

Market Scope:

Furniture that folds into a smaller shape or position is called “folding furniture”. It’s a clever strategy for adding functionality to a home without sacrificing visual comfort. With the growing population’s preference for smaller homes, the concept of foldable furniture is gaining traction. The foldable furniture market is booming as smaller living spaces such as apartments become more popular.

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Report scope:

report attribute

details

Market size in 2030

$15.97 billion

CAGR

7.5% (2022-2030)

base year

2021

forecast period

2022-2030

Historical data

2020

Forecast Units

Value (Billion USD)

report coverage

Sales Forecast, Competitive Landscape, Growth Factors and Trends

Covered Segments

By product, application and region

Regions Covered

North America, Europe, Asia Pacific and Rest of the World (RoW)

Important market drivers

The acceptance of folding furniture in many countries has increased.

The use of folding furniture has increased in commercial spaces such as offices, hospitals, hotels and even in industry.

Competitive Dynamics:

Furniture manufacturers are trying to introduce new designs and features to meet the needs of their customers. For example, a wall bed can be quickly and easily pulled down from the wall and pushed back against the wall when not in use. Bookshelves that lower to form beds and coffee tables that extend to form dining tables are two other examples of multifunctional furniture. Market players are diversifying their offerings to meet buyers’ demand for multipurpose furniture. The furniture industry with a focus on lightness, easy storage, visual beauty, etc. increases the demand for the product among people.

Market USP:

market leader

The increase in smaller rooms and buildings due to increased sleeping and storage requirements is decisive for the spread of folding furniture. Items like desks, seats, mattresses, and tables are all foldable. The market share of foldable furniture has expanded due to special features such as affordability, light weight and ease of use. The need for compact, easy-to-storage furnishings is also growing in the hospitality, office and manufacturing sectors.

In recent years, the folding furniture market has increased as more and more nations appreciate the convenience and portability of folding furniture. Can also be used as folding furniture in the tightest of spaces. The fact that folding furniture is small, inexpensive, easy to set up, and convenient for frequent relocations has greatly contributed to the expansion of the global folding furniture market. These factors are crucial for the expansion of the market.

In addition, commercial establishments such as offices, hospitals, hotels and even businesses have increased their use of foldable furniture. These are some of the major drivers focused on the growth of the market.

The shift in consumer preferences and growing interest in modular living have created a favorable environment for the expansion of the global folding furniture market. Additionally, the market is expanding due to the growing interest in minimalist furniture. Opportunities in the folding furniture market are growing due to increasing urbanization in several countries.

Market Restrictions

Commodity price volatility is the main impediment to the expansion of the folding furniture industry as it causes consumers to doubt themselves when making purchases. Steel furniture in the United States and China has seen price increases due to the rising cost of coatings and polishing. In addition, the cost of fibers and foams is also high, which may limit the market growth as well. Manufacturers have responded by cutting spending and investing in state-of-the-art machinery and processes to increase performance while reducing costs.

Browse the in-depth market research report (100 pages). Foldable furniture https://www.marketresearchfuture.com/reports/folding-furniture-market-4822

COVID-19 Analysis:

The foldable furniture market has been hit hard by the COVID-19 epidemic. The market value of folding furniture fell as a result of the pandemic as governments restricted travel to stem the spread of the disease. Companies that make folding furniture have struggled to meet demand due to the lockdown, with factories closed due to coronavirus outbreaks and supply chains strained due to shortages of labour, materials and resources. This situation lasted for almost two years.

Market segmentation:

By product

The Chairs segment is expected to register significant growth during the period.

through application

The residential segment is expected to increase at a notable CAGR over the period.

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Regional Analysis:

The North American market is the most dominant. This is because countries like the United States and Canada are increasingly using small spaces, which is driving market expansion.

Due to the increasing demand in the region, the folding furniture market is expected to expand in Asia Pacific during the forecast period. Due to rapid urbanization, folding furniture is becoming more and more popular in countries like China and India. More and more young people are moving to the big cities in search of better job prospects. As a result of this trend, typical apartment sizes are shrinking and housing costs are rising. Therefore, multipurpose furniture is the most practical solution. This market has significant potential for expansion in major cities like Beijing. As urbanization decreases the average living space and increases the value of the limited space available, space-saving furniture is the most suitable solution driving the growth of the folding furniture industry. Other cities with significant potential for expansion include Mumbai, Kolkata, Karachi and Shenzhen. Among other manufacturers, IKEA plans to expand sales in China and set up a store in India. The expansion of e-commerce also contributes to market expansion.

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