The folding furniture market was valued at US$ 3,070. 80 million in 2019 and is projected to reach US$ 4,754. 29 Million by 2027; it is expected to grow at a CAGR of 5. 7% from 2020 to 2027. The demand for folding furniture is rising with rapid urbanization coupled with significant growth in residential sector and rapid advancement related to folding furniture.
New York, March 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Folding Furniture Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type, Application, Material, and Distribution Channel" - https://www.reportlinker.com/p06038324/?utm_source=GNW
Folding furniture such as chairs, tables, sofas, beds, table trays, and others are quite popular among both the residential and commercial customers.
Based on application, the global folding furniture market is bifurcated into residential and commercial.The residential segment led the market in 2019.
The market growth for this segment is fueled by rising government initiatives on household electrification in the residential sector, majorly in emerging economies such as China and India.In addition, rising urbanization and increasing disposable income of the populace augments the residential construction activities.
Also, growing focus toward economical, space saving, and portable furniture which could suit miniaturized residential structures is expected to drive the market growth for residential segment in the forecast period.
Geographically, the folding furniture market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).In 2019, Asia Pacific contributed to the largest share in the market.
Attributed to region’s flourishing economic conditions, there has been a spur in the region’s industrial activities.The exponential growth in the residential and commercial sector drives the demand for folding furniture.
The upsurge in the middle-class population along with growth in urbanization offer lucrative opportunities for the key players operating in the folding furniture market in Asia Pacific.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019.As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst affected countries in terms of confirmed cases and reported deaths.
The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.In addition, the global travel bans imposed by countries in Europe, Asia, and North America are disrupting the business collaborations and partnerships opportunities.
All these factors are anticipated to hinder the consumer goods industry and thus act as restraining factor for the growth of folding furniture market.
Ashley Furniture Industries; Bush Industries, Inc.; Dorel Industries Inc.; Haworth, Inc.; Inter IKEA Holding B.V.; La-Z-Boy, Inc.; Meco Corporation; Sauder Woodworking Company; Atlas Industries; Table-Mate USA, LLC; Plastic Development Group; Leggett & Platt, Inc.; Murphy Wall-Beds Hardware Inc.; among others are among the major players operating in the global folding furniture market.
The overall global folding furniture market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global folding furniture market.
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