According to the report published by Allied Market Research, the global folding furniture industry generated $8.92 billion in 2016, and is estimated to reach $13.0 billion by 2022, registering a CAGR of 6.8% from 2016 to 2022.The research offers a detailed analysis of changing market dynamics, key winning strategies, major segments, top investment pockets, players’ positioning, and competitive scenario.
Rise in demand for space and urbanization and increase in population fuel the growth of the global folding furniture market. On the other hand, increase in raw material prices impedes the market growth to certain extent. Nevertheless, innovative furniture designs are anticipated to usher a plethora of opportunities in the near future.
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The key players operating in the global folding furniture market analysis include Meco Corporation, Dorel Industries Inc., Inter Ikea Systems B.V, Bush Industries, Inc., Sauder Woodworking Company, La-Z-Boy Inc., Leggett & Platt Inc., Haworth Inc.., Lifetime Products Inc., Resource Furniture, Expand Furniture, Murphy Wall Beds Hardware Inc., Ashley Furniture Industries, and Flexsteel Industries, Inc.
Covid-19 Scenario-
- The folding furniture market growth hampered during the initial phase of lockdowns.
- The lockdowns, on the other hand, have disrupted the manufacturing and supply chain management, which further impacted the market growth..
- The government bodies have eased off the restrictions in order to maintain economic benefits, thereby allowing the manufacturers to restart the firms.
The global folding furniture market is segmented into product type, application, and distribution channel and region. Based on product type, the sofas segment held the highest market share in 2016, contributing to more than three-fifths of the global folding furniture market. On the other hand, the beds segment is expected to register the fastest CAGR of 7.4% from 2016 to 2022. The report also includes segment such as tables, chairs, and other furniture.
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Based on application, the market is bifurcated into residential and commercial segments. The residential segment contributed to the highest market share in 2016, contributing nearly two-thirds of the global folding furniture market, and is estimated to maintain its highest share in terms of revenue by 2022. At the same time, the commercial segment is expected to grow at the fastest CAGR of 7.7% during the forecast period.
Based on region, Asia-Pacific held the major market share, contributing to nearly two-fifths of the total share of the global folding furniture market in 2016, and is expected to maintain its dominant position during the forecast period. On the other hand, the Europe region is estimated to grow at a CAGR of 7.4% from 2016 to 2022.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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