LONDON--(BUSINESS WIRE)--The global folding furniture market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased demand for space saving furniture. A higher demand is registered form people living in urban and metropolitan cities, typically from tier 1 and tier 2 cities in the world. There is an inversely proportional relation between the decreasing sizes of apartments and the increasing the demand for space-saving furniture or multi-purpose furniture. The market is witnessing high demand for space saving folding furniture such as sofas that can convert to beds, wall mounted beds, wall mounted chairs and various other folding furniture.
As per Technavio, the rising emphasis on eco-friendly foldable furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global folding furniture market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global folding furniture market: Rising emphasis on eco-friendly foldable furniture
Factors such as environment preservation and global warming encourage the use and manufacture of eco-friendly furniture. The rising number of environmental regulations in regions such as the Americas and Europe will increase the adoption of eco-friendly furniture. The demand for such furniture is increasing, even though it is priced at a premium level.
“Additionally, in developing regions of APAC and South and Central America, the demand for eco-friendly folding furniture is increasing owing to the radical shift in preferences of customers. Consumers prefer eco-friendly furniture such as furniture made from bamboo, which is harder and more durable as compared to oak furniture,” says a senior analyst at Technavio for research on home furnishings.
Global folding furniture market: Segmentation analysis
This market research report segments the global folding furniture market by distribution channel (online distribution and offline distribution) and geographical regions (APAC, EMEA, and the Americas).
The offline distribution segment held the largest market share in 2018, accounting for 69% of the market. This distribution channel segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018, and the region is expected to dominate the market through 2023, with over 1% increase in its market share.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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