Foldable Furniture Market Trends

Growth Drivers

• Worldwide Rapid Increase in Urbanization – Rapidly increasing urbanization is leading towards in gathering all type of possible mean of comfort to live a an easy and comfortable life. People are drawn to cities for a variety of reasons, including the potential of affluence and jobs. Currently, half of the world's population resides in urban areas. Therefore, the urban population tend towards gathering the essential things for the ease of life and comfort, which is leading the growth of the foldable furniture market in the forecast period. As per the World Bank data, presently, more than 50% of the world's population lives in cities. The population of metropolitan regions is expected to more than double to 6 billion by 2045.
• Growing Landscape of Rental Housing – For instance, in India, almost 35% of residents have been living in rental homes by April 2022.
• Significant Growth in Furniture Industry – For instance, in 2018, China become one of the major exporter of furniture products with a notable share of approximately 38%, followed by the Germany with nearly 20%.
• Significant Surge in Sustainable Furnishing – Currently, most of the European countries have been adopting the sustainable or eco-friendly furniture, and people are inclined to buy such furnishing products. For instance, in 2019, approximately 75% United States home furnishing purchasers were inclined to pay more for environmentally friendly home furniture.
• Rising Trend of Co-Living in Cosmopolitans – For instance, as per a report based on consumer behavior, co-living spaces are expected to increase to around 4,55,000 beds by 2024, up from nearly 2,20,000 beds at the end of 2021.

Challenges

• Increasing Prices of Raw Materials Such as Wood
• Rising Prices of Coating and Finishing
• Rising Prices of Foam and Fibers