Increasing number of smaller dwellings is driving the global folding furniture market.
The value of the Folding Furniture market is projected to grow to $15.97 Billion with an estimated CAGR of 7.5% by 2030
Covid-19 Impact & Market Status
The emergence of the global pandemic, COVID-19, has triggered global folding furniture market worldwide supply chain, as well as the whole furniture value chain, from raw material acquisition through processing, packaging, and distribution. Due to COVID-19, there has been a ripple effect on the furniture business, resulting in lower demand for furniture. To reduce the expense of middlemen and boost profit margins, most firms have embraced a direct distribution route for folding furniture. Due to the pandemic purchasing behaviour among customers, retail sales of folding furniture increased in the early days of the pandemic. However, pandemic impact is decreased and countries are returning to pre-pandemic level. Thus the global folding furniture market has progressed and commercial and residential sales of folding furniture have increased.
Sofa Type Folding Furniture Segment Experienced More Demand In 2021
The global folding furniture market is classified into chair, kitchen cabinet, desk, balcony table, and others on the basis of furniture type. Among these, the sofa type folding furniture segment experienced more demand across the globe for both residential and commercial purpose. Sofas account roughly 42 percent of overall market revenue in 2020, since they complement the decor of the living room, save space, give a refreshing and modern look to space, easy to move and handle and are affordable.
Residential Segment Held Dominant Market Share
The global folding furniture market is classified into residential, commercial on the basis of application. Among these, the residential segment held the largest market share of global folding furniture market. The growing number of residential development projects throughout the world is driving up market demand. Folding furniture is used in a variety of commercial building applications, including corporate offices, healthcare facilities, and educational institutions. They're also found at hotels and cafeterias.
Online Segment Is Poised For Rapid Market Progress
The global folding furniture market is classified into online and offline retail stores on the basis of distribution channel. Among these, the online segment is poised for rapid market progress. The key factors such a growing e-commerce giant like pepperfry offering modern, refreshing, good quality, affordable, and customizable designs is inclining customers shop from e-commerce websites. This is the majorly influencing the growth of online segment in global folding furniture market.
APAC Held the Dominant Market Share
Among all the regions APAC contributed majorly to growth of global folding furniture market. The key factors such as growing population and increasing smaller dwellings is boosting the regions’ share.s It has been noted that a growing number of young people are relocating to major cities in search of better possibilities. This effect causes the average living area to shrink, as well as the cost of housing to rise. In Beijing, for example, the average accessible housing space per individual is only 21 square metres. As a result, changing furniture is the most appropriate solution to such a situation. This sector has a lot of room for expansion in cities like Beijing. Another factor driving the growth of the folding furniture market is urbanisation, which reduces average living space and enhances the value of available limited space, making space-saving furniture the best alternative. Other cities with great development potential include Mumbai, Kolkata, Karachi, and Shenzhen.
The foldable furniture market is also dominated by North America and Europe. The market in these regions is expanding due to rising demand for low-maintenance interior goods.
The growing population and increasing smaller dwellings has increased the need of furniture that save space and fit comfortably even in smaller space. This is improving the reliance on foldable furniture boosting the global foldable furniture market growth.
Owing to benefits such as ability to transform rooms into convertible ones, multi-functional features, modular design, ability to fit in smaller space, available in variety of designs, easy mobility, economical, luxurious look to rooms, comfortable seating option, right size and design matching overall needs and requirements of home, the folding furniture is experiencing rapid adoption as opposed to traditional furniture like the non-foldable ones thus fostering remarkable progress in global folding furniture market.
The advantages such as lightweight, easy to handle and move around house, refreshing and modern look, perfect fit for small homes, enhanced overall interior, availability in variety of designs, encourage further adoption of foldable furniture.
These factors collectively influence thumping growth of global foldable furniture market estimated to reach close to reach close to 15.67 Bn by 2029 with an annualized growth rate of 6.8% through the forecast period 2022-2029.
The factors such as limited space availability, trendy foldable furniture coming in the marketplace, foldable furniture gaining wider popularity, home-owners preferring foldable furniture due to limited space availability is driving the global foldable furniture market.
Foldable furniture is designed to maximise space efficiency, and its popularity is predicted to grow among buyers throughout the projection period.
Folding furniture is a good choice for those who live in small flats or studios. It's a good substitute for conventional furniture. Folding furniture's multi-functionality and space-saving characteristics can add to the aesthetic of the available area. Commercial locations, such as businesses, hospitals, and hotels, commonly employ folding furniture. Due to a rise in the number of smaller residences, foldable furniture is becoming more popular in the world's most populous cities.
Folding furniture manufacturers are attempting to respond to the metropolitan lifestyles of their customers by adding more enticing elements to their goods. Market competitors are expanding their product portfolios to meet the demands of consumers looking for furniture that can easily transition from work mode to living mode. Their furniture is now more focused on being lightweight, easy to tuck in, visually pleasing, and scientifically shaped, which is helping to complement the expansion of the folding furniture business.
In recent years, raw material prices (steel, wood, foam, leather) have risen for furniture manufacturers. Additionally, the expensive finishing and coating costs are directly increasing the costs of furniture. Furthermore, pricing for fibres and foams are expensive, which may stifle global folding furniture market expansion.
Furthermore, global foldable furniture market is influenced by rapid urbanisation and real estate market expansion. Also, the factors such as improving living standards, growing population leading to lesser availability of space, trend of living in rented rooms, millennials inclined towards customizable, multi-functional, and smaller furniture is anticipated to be growth opportunity to the global folding furniture market.
The major players in global folding furniture market are Murphy Wall Beds Hardware, Expand Furniture, Resource Furniture, Lifetime Products, Haworth, Bush Industries, Sauder Woodworking Company, Inter Ikea Systems B.V., Dorel Industries, and Meco Corporation among others. Manufacturers have slashed costs and implement new equipment and processes to achieve efficient output in order to alleviate such a predicament. This issue is predicted to have a long-term impact on the market since the length of time that raw material costs will remain high is unpredictable.
Latest Innovations in the Global Folding Furniture Market: A Snapshot
- In November 2021 Ashley HomStore opened its store in The Outlet Collection, Washington. The development has catapulted tremendous end-user interests aligning with consumer needs for sleek and affordable foldable furniture in the area. The Outlet Collection is the first and the largest of its kind that offers a wide variety of home products in the Pacific Northwest region. Owing to its geographic advantage and the legacy Ashley Furniture bears of providing need-specific home goods and furniture, the development is a significant milestone for the global foldable furniture space.
- In February 2022, Spec Seats purchased the portable/ foldable chairs business from the veteran Hussey Seating Company. Spec Seats is known for its high-end product line and already has licensing agreements with NAIA, NBA, and the like. The purchase of the Clarin brand from Hussey is expected to solidify the company's grip on folding seating space and ensure more client engagement.
Folding Furniture Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 15.67 Bn|
|Growth Rate||CAGR of 6.8 % during 2021-2028|
|Segment Covered||Type, Distribution Channel, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Murphy Wall Beds Hardware, Expand Furniture, Resource Furniture, Lifetime Products, Haworth, Bush Industries, Sauder Woodworking Company, Inter Ikea Systems B.V., Dorel Industries, and Meco Corporation among others.|
Key Segments of the Global Folding Furniture Market
Type Overview, 2019-2029 (USD Billion)
- Kitchen Cabinet
- Balcony Table
Application Overview, 2019-2029 (USD Billion)
Distribution Channel Overview, 2019-2029 (USD Billion)
- Offline Retail Stores
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa