Multifunctional Furniture Market Overview
Multifunctional furniture is the furniture that can be folded into a shape or position and utilizes less space. With the fast paced urbanization, the industrial revolution, many people flocked to the cities and couldn’t afford proper housing. This resulted in the growth of apartment or small-space living. The Multifunctional furniture includes beds, tables and most importantly, the chair. Combinations of the portable, lightweight and easily storable qualities have created an appeal among the general population. Today, furniture such as folding chairs are the required for picnic, outdoor event, or family gathering. The folding furniture can be a great saver for an apartment or cramped house. For example, typically, a bed is only used during the short time of the night but, it takes up a large amount of space during the day. The bed that can be fold up in the wall that turns and reveals a bookshelf, can save much space. More open space will be available, which is essential helpful in the tiny space of an apartment. Many people living in the apartments can save space with the Multifunctional furniture and at the same time can have better living conditions and improve effective usage of space.
Market Size and Forecast
The multifunctional furniture market is expected to grow at a CAGR of 7.5% to reach USD 13.2 billion over the forecast period i.e. 2017-2027. The primary factor responsible for the growth of the market is the increasing number of smaller homes in the populous cities of the world, generating a need for saving space. Multifunctional furniture provides for effective space saving options without downscaling but rather collapsing the furniture as per the available space.
Moreover, these furniture also offers aesthetic appeal and at the same time reduction in space, thus leading to the growth of the market. From ceiling beds to coffee-tables, Multifunctional furniture provides numerous innovations. One of the most recent trends in this industry is the usage of bookniture, which is a compact furniture hidden that appears as a book that can be unfolded into a footrest, standing desk and a portable side table.
Market Segmentation
Our in-depth analysis of the global Multifunctional furniture market includes the following segments:
By Product Type
- Chairs
- Tables
- Sofas
- Beds
- Essentials
By Application
- Commercial
- Residential
By Distribution Channel
- Online
- Offline
The Global Multifunctional furniture market is further classified on the basis of Region as follows:
By Region
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges
The growth of the market is primarily driven by the adoption of the furniture in the populated cities of the world namely, Beijing, Tokyo, New York, London and Delhi due to the increasing ownership of smaller homes. Further, the rapid pace of urbanization and growth in the real estate industry influence the folding furniture industry. In U.S. the growing trend towards the rented apartments has been observed among the population who are inclined towards affordable, multifunctional and smaller furniture that suits their changing lifestyles. Moreover, the folding furniture manufacturers are trying to cater to the metropolitan ways of life of consumers and are adding appealing features to the furniture. Therefore, the manufacturers in order to meet the rising needs of the consumers are diversifying their product portfolio. Their furniture now includes the various attributes that are aesthetically appealing and light weight, and thus supplementing the growth of the global Multifunctional furniture market. However, the market growth is hampered by the rising prices of the raw materials such as leather, foam and wood. In addition, the costs of coating and finishing have also increased which has increased the price of the furniture in the U.S. and China. Moreover, the rising prices of the foam and fiber may also hamper the growth of the market.
The folding furniture market is expected to grow at a higher pace in Asia Pacific and Europe. The folding-furniture industry in Asia Pacific would be driven by the growth in population and smaller living areas. As for the Europe, the space saving furniture is gaining popularity, which has led to the expansion across the region. For instance, an Italian design for small coffee table can be expanded into dinner table and a beautiful wall that spins 180º and then unfolds into a queen-sized bed with the help of hydraulic mechanism. These innovations within the folding furniture market are expected to drive the Europe folding furniture market during the forecast period.
The folding furniture is sold through offline and online channels. However, the offline channels will dominate the market, while the online channel will grow at a significant CAGR during the forecast period.
Top Featured Companies Dominating The Market
- Lifetime Products, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Expand Furniture
- Resource Furniture
- IKEA
- Cosco
- Murphy Wall Beds
- Meco
- Nova
- Kestell
- Mogo
