Manufacturers are increasingly seeking to introduce solutions to address the problem of small spaces with convertible furniture
A growing number of millennials are choosing to live in rental apartments, and they tend to favour more compact, multipurpose, and economical furnishings to fit their urban and active lifestyles. The manufacturers of folding furniture are working to meet the needs of urban consumers and are planning to provide their products with more alluring features. The manufacturers in the market are diversifying their product offerings to meet the demands of customers looking for furniture that can effortlessly transition from work to living mode.
Their furniture offerings are now more focused towards being lightweight, easy to tuck in, aesthetically appealing, and ergonomically contoured, thus supplementing the growth of folding furniture market.
Manufacturers upgrade their product lines to satisfy evolving consumer demands.
Manufacturers like IKEA have plans to increase its distribution in China and India, where there is a higher need for convertible furniture due to the population density of those countries, as well as to open physical stores there. The market is also growing as a result of the rise of online retailing.
Manufacturers of furniture are making an attempt to reinvent their products in order to meet consumer needs. For instance, a wall bed that is intended to provide a space-saving solution for studio apartments and compact houses is very simple to pull down and push back to the wall. Other examples of this kind of furniture include coffee tables that can be converted into dining tables and bookcases that can be made into beds.
High development potential exists for this convertible furniture in cities like Mumbai and Bengaluru.
Youngsters are increasingly moving to big cities in search of better possibilities. This process increasingly reduces the average living space and raises the price of homes. The most effective solution to this issue is to convert furnishings. Urbanization is another reason that fuels the growth of the market for folding furniture since it reduces average living space and raises the value of scarce space, where space-saving furniture is the best choice.
Other cities with significant growth potential include Bengaluru, Mumbai, Kolkata, Delhi, and Kolkata. The market in these areas is expanding as a result of the rising demand for low-maintenance interior materials. Today, it’s reached a point where people invest in such furniture regardless of space.