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According to the new research report published by The Insight Partners, titled “Foldable Furniture Market — Global Analysis and Forecast to 2027”, the global foldable furniture market is expected to reach US$ 14.4 Bn in 2027, registering a CAGR of 6.8% during the forecast period 2019-2027.
In 2018, Asia Pacific held the largest market share and North America is expected to be fastest region with a CAGR of 8.2%. Transformable or foldable space-saving furniture is a revolution in furniture design. There is a high demand for wall-mounted beds and chairs, and sofa beds (sofas that can be converted to beds), among others. Such flexibility offered by convertible furniture helps the people living in small apartments manage the space available at their houses; sofa beds can be converted into beds at nights and can be rearranged back to sofa in the daytime. A large number of companies are offering low-cost foldable pieces of furniture by directly delivering to the customer from the warehouse.
The Asia Pacific dominated the global foldable furniture market in 2018, accounting for a share of about 39.3%. A few significant factors contributing to the growth of the market are rising population, several measures taken by the government for attracting investments in construction and infrastructural development. North America is anticipated register the highest CAGR of 8.2% in the global foldable furniture market from 2019 to 2027. Increasing preference toward small households, which can accommodate only one or two persons, in the North American countries such as US, Canada, and Mexico has urged consumers to invest in foldable furniture as it is economical to use these variants for less time and it can occupy less space when not in use. Most of the leading foldable furniture manufacturers in North America, such as Kestell, Lifetime Products, Meco Corporation, Leggett & Platt, and La-Z-Boy, are based in the US.
Key findings of the study:
• In June 2018, INTER IKEA SYSTEMS B.V., launched of a robotic furniture “Rognan”, developed in collaboration with American furniture startup Ori Living, for the people living in small spaces.
• In January 2019, Leggett & Platt acquired ECS for extension of its product line in bedding and furniture industries. ECS operates as a new business unit titled Specialty Foam within the residential products segment of the Leggett & Platt.
The global foldable furniture market is anticipated to witness impressive growth during the forecast period. The massive growth of the foldable furniture industry in the recent years is mainly attributed to rapid urbanization, evolving demographics, growing technological advancements, and changing aesthetic taste, as well as to increasing trend for renting, rise of social media, expanding purchasing power of people. One such example of increasing purchasing capacity and demand for furniture can be cited through Ikea's massive sales figure recorded on its first day in India. ~40,000 people flocked to the first Indian Ikea store in Hyderabad on the opening day, which allowed the Swedish furniture retailer to record a revenue of US$ 350,000.
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