Folding Furniture Market Report, published by Allied Market Research, forecast that the global market is expected to generate $13 billion by 2022, growing at a CAGR of 6.8% from 2016 to 2022. Asia-Pacific constituted largest market share in terms ofrevenue in the overall foldable furniture market in 2015, followed by Europe. Growth in Asia-Pacific is supplemented by rapid urbanization and need for efficient use of the available space. The demand for folding furniture is expected to remain high during the forecast period as it is an effective alternative for traditional furniture.These furniture apart from being multifunctional and space saving also enhance the decor of available space. For residential or commercial complexes, lacking space or requiring space for multitude of different uses, folding furniture offer the much needed solution.
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Market Drivers:
The folding furniture market is segmented based on product type, application, and distribution channel. Among its key product types such as chairs, tables, sofas, beds, and other furniture,sofa is the most popular product type as it enhances the decor of the living room and accounts for around 3/5th of the total folding furniture revenue.
Key findings of the study
- Asia-Pacific was the highest revenue-generating region in 2015
- In 2015, the sofas segment observed highest demand and is expected to continue to be the major revenue-generating segment throughout the forecast period.
- By application, residential segment is expected to continue to lead, in terms of revenue.
- Offline sales channels segment is projected to continue to be the major revenue-generating distribution channel throughout the forecast period.
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Prominent Market Players
Key players profiled in this report 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.
Regional Outlook:
The folding furniture market is expected to grow at a higher pace in Asia-Pacific and Europe, pertaining to smaller home sizes and rising rents. The folding furniture industry in Asia-Pacific would be driven by the growth in population and smaller living areas. As for the European region, space saving furniture designed by Europes finest interior designers is gaining popularity across the world which is also referred as Space Savors.
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