FOLDING FURNITURE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Folding Furniture Market Analysis:

The folding furniture market is anticipated to experience a compound annual growth rate (CAGR) of 5% during the projected period. The emergence of the COVID-19 pandemic in early 2020 had a significant impact on the furniture industry worldwide. Disruptions in the supply chain and temporary restrictions on global trade severely affected countries heavily reliant on furniture imports. As a result, approximately 58% of the global population was compelled to adhere to stay-at-home protocols for an extended period, leading customers to focus on optimizing their homes and furniture due to increased time spent at home. The pandemic also highlighted the importance of reducing dependence on imports and promoting automation and digitalization within the industry. Folding furniture presents a suitable option for individuals residing in smaller living spaces or studio apartments, serving as an effective alternative to traditional furniture. Moreover, the multifunctionality and space-saving features of folding furniture enhance the overall aesthetics of the available space. Commercial establishments such as offices, hospitals, and hotels commonly utilize folding furniture. The adoption of folding furniture is on the rise in densely populated cities worldwide, driven by the growing number of smaller homes. Considering the emphasis on space efficiency, the demand for folding furniture is projected to increase, gaining popularity among customers throughout the forecast period. Rapid urbanization and growth in the real estate market significantly influence the folding furniture industry. A notable trend observed is the preference of millennials for rented apartments, leading to a greater interest in affordable, multifunctional, and compact furniture that aligns with their urban and dynamic lifestyles.

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