The increasing influence of urbanization is expected to play a significant role in the growth of the market. Reports that judge the construction industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. The wooden folding furniture market shows the potential to acquire a CAGR of 5.8 % in the upcoming period.
The prevalence of smaller living spaces is a key factor that is increasing the shift towards the folding furniture market. The convenience offered by folding furniture has improved the market growth over a broader consumer base globally. Also, the increased commercialization of folding furniture is anticipated to encourage market growth favorably in the approaching forecast period.
Segmental Analysis
The segmentation of folding furniture market has been conducted on the basis of products, regions, and applications. Based on the product, the folding furniture market has been segmented into tables, chairs, sofas, beds, and other furniture. Based on the applications, the folding furniture market has been segmented into residential and non-residential. By region, the folding furniture market is segmented into regions such as Europe, North America, Asia Pacific and Rest of the World.
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Detailed Regional Analysis
The regional assessment of the folding furniture market covers regions such as Europe, North America, Asia Pacific, and other regions in the World. As per the study, the Asia Pacific region has accounted for the leading market share in 2016, followed by the European and North American regions. It is anticipated to increase at the highest CAGR throughout the forecast period. Rising residential and non-residential construction in the region, are encouraging the growth of the market. Intensifying population and smaller living areas in region, are leading the development of the market. Furthermore, the mounting repair and rehabilitation activities of open infrastructure and interiors are expected to hold enormous potential for the market in coming years. The North America region is also a major market for folding furniture. Escalating demand for minimal maintenance interior products is inspiring the expansion of the market in North America region. Strong development of commercial and housing structures in the U.S. is anticipated to stimulate the demand in the region. The Middle Eastern region is projected to add drastically in the forecast period, largely due to dearth of space, altering lifestyle, and expansion of the hotels in the regions.
Competitive Analysis
The fastest-growing companies are initiating a dramatic growth phase in the market in recent times. The extensive set of capabilities developed by market players is aiding in accelerating and delivering sustainable growth. The high-growth aspirations currently in place are inspiring a profound level of development in the market. As the companies are making their customers an important focal point for strategy formulation, they are creating a strong competitive advantage in today’s turbulent market. Moreover, the companies are also well equipped to effectively implement their growth strategy over the long term. The market competitors are making decisions that are improving business performance and supervise risk. The change in the ways consumers interrelate with market companies is also opening up new business models. The strategic intent in the market of players is enhancing the operations in the market overall. Furthermore, the market leaders are considering streamlining all aspects of operations at a macro and micro level in the global market.
The outstanding players in the folding furniture market are Expand Furniture (Canada), Meco Corporation (U.S), Resource Furniture (U.S.),Ashley Furniture Industries Inc. (U.S.), Gopak Ltd (U.K.), IKEA Systems B.V. (Sweden), La-Z-Boy Incorporated (U.S.), Flexfurn Ltd (Belgium), Nilkamal Limited (India)., Murphy Bed (U.S.), Leggett & Platt, Inc. (U.S.), and Dorel Industries Inc. (Canada).
This has caused a significant space crunch as more people are now moving to cities for a better lifestyle.
Folding furniture sector understands better the idea of space economization and is driven by cost-effective measures which are gaining popularity.
These folding furniture are luring in more clients such as taking less space than the conventional ones and often are multi-purpose.
The global folding furniture market is eyeing for a 5.8% CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR) in a detailed report.The report in its discussion has covered major factors such as customer-centric outlook of the manufacturers and eco-friendly approaches.
In sync, the demand for eco-friendly methods is growing that is why multi-functional furniture has emerged as a new interior decoration rage.
Residential segment is generating the maximum market share and is expected to dominate the market during the forecast period as well.Regional Analysis:Geographically, the global folding furniture market can be segmented namely by four major regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).The APAC region dominated the market in 2016, with Europe and North America coming second and third respectively.
