The global foldable furniture market accounted for US$ 8.0 Bn in 2018 and is expected to grow at a CAGR of 6.8% over the forecast period 2019–2027, to account for US$ 14.4 Bn by 2027.
The global foldable furniture market is anticipated to exhibit high growth in the near future. Rising prices of traditional wooden furniture along with environmental concerns, have paved the way for the growth of foldable furniture. However, the increasing cost of raw materials such as resin, aluminum, and plastic might lead to the rise in the cost of foldable furniture, thereby hampering its adoption. Based on product, foldable sofas is expected to grow at the highest CAGR during the forecast period, followed by others, beds and tables, and chairs segments. As, now-a-days, manufactures are coming up with multi-functional sofa sets, which can be converted into beds and can be altered easily. Based on application, residential application held a larger share of the foldable furniture market in 2018, and this share is mainly attributed to increased demand for space-saving furniture due to a large number of people shifting in small apartments and buildings. On the basis of distribution channel, online segment is expected to grow at the highest CAGR, due to high penetration of internet services and the increasing number of websites offering wide range of foldable furniture is also expected to drive the online sales of foldable furniture during the forecast period. Asia- Pacific held the largest share of the foldable furniture market in 2018, and it is expected to continue its dominance during the forecast period of 2019–2027. Whereas, North America is anticipated to be the fastest growing region across the globe.
The overall foldable furniture market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the foldable furniture market. It also provides the overview and forecast for the global foldable furniture market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the foldable furniture market.