LONDON--(BUSINESS WIRE)--The global folding furniture market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Factors such as the rise in urban population and decreasing size of apartments have increased the demand for multi-purpose space-saving furniture. Moreover, the rising demand for studio apartments in developed countries such as the US and the UK has also increased the adoption of space-saving furniture. These factors are encouraging market vendors to increasingly offer a wide range of folding furniture for apartments and studio apartments. Therefore, the rising demand for space-saving furniture is expected to fuel the growth of the global folding furniture market.
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As per Technavio, the advent of visual technologies in distribution channels will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Folding Furniture Market: Advent of Visual Technologies in Distribution Channels
Furniture retailers, manufacturers, and distributors operating in the market are increasingly adopting visual technologies such as AR and VR to improve customer experience. These technologies enable customers to visualize furniture on their smartphones before purchase. For example, IKEA’s AR and VR applications allow customers to scan a room and create a digital version and try new furniture. The adoption of such advanced visual technologies is expected to boost sales and fuel the growth of the global folding furniture market during the forecast period.
“Increasing inorganic growth and the rising emphasis on eco-friendly foldable furniture are other factors that will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Folding Furniture Market: Segmentation Analysis
This market report segments the global folding furniture market by distribution channel (offline distribution and online distribution) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to an increase in the number of office spaces in China and India.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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