Folding furniture are furniture which are of elite quality and designs. It is crafted from fine quality of woods, glass, or other materials and have unique and elegant designs. Demand for folding furniture has been increasing due to increase in disposable income, urbanization and also globalization around the world.
The market segmentation of global folding furniture market can be broadly categorized into product type, distribution channel, application, and region.
Based on product, the market is further segmented into chairs, tables, beds, and other furniture. Among products, the sofa segment observed highest demand and is expected to continue to be the major revenue-generating segment throughout the forecast period. A sofa is the most popular product type as it enhances the decor of the living room. Furthermore, the beds segment is expected to grow at the highest CAGR during the forecast period. Growing adoption of co-living trend in the US, and various bed designs such as murphy beds, wall beds, would raise demand in the future.
On the basis of distribution channel, the folding furniture market is classified into online and offline. The online retail stores segment is expected to grow at a faster rate during the forecast period owing to its convenience. Consumers are a click away from buying folding furniture and can choose from a wider variety of products.
Based on application, the target market is segmented into residential and commercial. The residential segment accounts for major revenue share. With the increase in disposable income, people are inclined to invest in home decors.
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On the basis of regional segmentation, the global market is divided into North America, Asia Pacific, Europe, Latin America, Middle East & Africa. Asia Pacific market captures maximum revenue share due to increase in the real estate sector and high disposable income.
In August 2018, manufacturers such as IKEA has opened its first store in India and increase their distribution in China. In addition, growth of online retailing also supports market growth.
Key players operating in the global folding furniture market are Lifetime Products Inc., Meco Corporation, Dorel Industries, Expand Furniture, Ashley Furniture Industries Inc., La-Z-Boy, Inc., Leggett & Platt, Resource Furniture, IKEA, Haworth International, Ltd., and Murphy Bed Direct.