The folding furniture market in Europe was valued at US$ 730.75 million in 2019 and is projected to reach US$ 1,093.49 million by 2027; it is expected to grow at a CAGR of 5.2% from 2020 to 2027.
Folding furniture is portable, multifunctional, and space-saving type of furniture that is considered as an essential part of modern living. The space-saving nature is mainly attributed to flexibility or foldability and compact sizes. In general, folding furniture are categorized as lightweight and easily deployable structures capable of switching between various configurations with ease. In addition to rapid advancements, backed by strong research activities, rising consumer demand for esthetic and comfortable products is encouraging manufacturers to come up with innovative concepts such as paper folding furniture and furniture involving pop up architecture. With the growing trend of , consumers are looking for inspiring designs in folding furniture, promoting relaxation, luxury, and comfort. Further, the demand for customized or contemporary furniture designs has surged with the growing preference for durability and esthetics. Further, rapid growth of urbanization and the residential sector are other factors supporting the growth of the folding furniture market in Europe.
On the basis of application, the folding furniture market is segmented into residential and commercial. In 2019, residential segment dominated the market. There has been significant growth in the real estate and residential sector in the recent years with the surge in population and rise in demand for better living spaces. The increasing number of construction projects for flats and independent houses, coupled with favorable government initiatives, are supporting the growth of the market for this segment. Due to the availability of small residential spaces, consumers preference is shifting toward foldable furniture that can efficiently fit in the available spaces.
In Europe, currently the UK and Russia are the hardest-hit countries by the COVID-19 pandemic, followed by other countries such as France, Spain, Italy, and Germany. The region has suffered an economic hit due to the lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, including partial closing of their borders, to contain the infection spread. These conditions are impacting the folding furniture market growth in Europe due to disrupted value chains.
The overall Europe folding furniture market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe folding furniture market with respect to all the segments considered for the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants, such as valuation experts, research analysts, and key opinion leaders—specializing in the Europe folding furniture market. Key players operating in the market in this region include Ashley Furniture Industries, Haworth, Inc., DOREL INDUSTRIES INC., Inter IKEA Holding B.V., La-Z-Boy, Inc., and Leggett & Platt, Inc.