The folding furniture market in Asia Pacific was valued at US$ 1,005.17 million in 2019 and is projected to reach US$ 1,621.21 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027. Rapidly growing trend of urbanization and development of residential sector are propelling the folding furniture market growth. The real estate sector has witnessed high growth in the recent times with the rapid urbanization and structural economic changes, surge in population, increase in demand for better living spaces, and shift in consumer living patterns. For instance, as per IBEF, ~US$ 6.26 billion were invested in the real estate sector in India, and the value is expected to grow US$ 9.30 billion by 2040. Growth of the residential sector, supported by positive government measures, is expected to promote the demand for folding furniture in the Asia- Pacific market scenario. The prices of residential properties have risen considerably leading to reduction in sizes of homes. For such small space availability, consumers prefer compact furniture that can be efficiently fit in, along with serving the purpose. Moreover, the necessity to save and effectively utilize space while enhancing esthetics has gained prominence. In addition to this, rise in per capita and disposable income have ultimately attracted investments in better and advanced form of folding furniture in Asia Pacific. Furthermore, growing trend of traveling is also expected to boost the demand for folding furniture in the coming years.
On the basis of product type, the folding furniture market is segmented into tables and chairs, sofas, beds, table TV trays, and others. In 2019, the tables and chairs segment dominated the market. Dining tables and coffee tables are among the common types of folding furniture. A range of specialized types of tables, including drafting tables, are used for carrying out architectural drawings. Tables are also offered in combination with two benches, mostly picnic tables, which are often seen at camping sites and other events. Solid glass tabletop on a patio is quite popular. Waterproof folding tables, used in indoor and outdoor applications, are usually made of materials such as mahogany, cast aluminum, teak, PE wicker, plastic, and PVC wicker. These materials are durable, and they can withstand the wind, rain, and sun exposure. Folding chairs vary in designs and are primarily made of wood, metal, and synthetic materials. Folding chairs, rocking chairs, loungers, armchairs, etc., are popular among customers. Therefore, manufacturers such as Ashley Furniture Industries and Inter IKEA Systems are offering different types of folding tables and chairs in the national and international markets.
The COVID-19 is has been causing a significant economic loss in Asia Pacific since the last few months. The governments of various Asia Pacific countries are taking several possible steps to restrict the spread of the virus by imposing lockdowns and promoting social distancing practices, which, in turn, has put limitations on social gatherings and disturbed value chains of various consumer goods industries. These conditions have been hampering the folding furniture market growth in Asia Pacific.
The overall Asia Pacific folding furniture market size has been derived using 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. The process also serves the purpose of obtaining overview and forecast for the Asia- Pacific Folding Furniture market with respect to all the segments pertaining to the region. 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 typically associated with 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 Asia Pacific folding furniture market. Key players operating in the market in this region include Ashley Furniture Industries, Haworth, Inc., Dorel Industries INC., Inter IKEA Holding B.V., La-Z-Boy, Inc., and Leggett & Platt, Inc.