Folding Furniture Market Outlook 2031
The global folding furniture market size was USD 10.32 Bn in 2022 and is likely to reach USD 15.74 Bn by 2031, expanding at a CAGR of 4.8% during 2023–2031. The market growth is attributed to the rising disposable income and increasing demand for flexible furniture solutions.
Growing technological advancements is anticipated to significantly boost the folding furniture market. Rising demand for multi functionality furniture leads to innovation in furniture design that allows for easy transformation such as beds into sofas or tables.
Folding furniture is a clever solution for maximizing space efficiency in homes, which allows for an open and functional environment. This category includes a variety of items such as chairs, beds, and desks that are connected with hinges or joints to provide convenient storage and transportation.Rising adoption of folding furniture across diverse commercial settings such as hospitals, offices, hotels, and even within industrial sectors.
The market report finds that the COVID-19 pandemic hampered the folding furniture market. Lockdowns, travel restrictions, and other measures were implemented to control the spread of the virus, which disrupted global supply chains. This delayed the production and delivery of folding furniture, thus hampering the businesses of manufacturers and retailers. During and post-COVID, consumers were hesitant to visit crowded spaces thus surging online shopping. E-commerce platforms became the primary channel for purchasing folding furniture which encouraged manufacturers to strengthen their online presence.
Folding Furniture Market Dynamics
Major Drivers
Rising demand for low-maintenance interior items drives the market. Folding furniture stands out as an excellent choice for individuals who seeking space-saving, budget-friendly, and easy-to-care-for furnishing options. Consumers increasingly prioritize furniture that is hassle-free to assemble, clean, and maintain. Folding furniture perfectly aligns with these preferences by offering rapid assembly & disassembly, portability, and minimal maintenance. This trend is further fueled by the growing popularity of compact living spaces, where folding furniture can be conveniently stored away and creating room for other activities.
Existing Restraints
Fluctuations in raw material prices hamper the folding furniture market. Raw materials such as metals, wood, plastics, and textiles, are the fundamental components used in manufacturing folding furniture. When the prices of these materials fluctuate, they directly affect the production costs. A sudden increase in prices leads to the high production expenses of manufacturers.
Emerging Opportunities
Increasing construction activities creates lucrative opportunities for the folding furniture market. Space constraints become more prevalent with the rise in urbanization and population density. Folding furniture provides a practical solution for smaller living spaces, making it an attractive choice for newly constructed apartments, condos, and homes. Modern architecture and interior design often emphasize sleek, minimalist aesthetics. Folding furniture complement this trend, as it can be designed with clean lines and modern finishes, which aligns perfectly with the design principles of newly constructed spaces. For instance,
Scope of the Folding Furniture Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Folding Furniture Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Table, Sofa, Chair, Bed, and Others), Application (Commercial and Residential), and Distribution Channel (Offline and Online),
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, MarketTrends, and Revenue Forecast
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Key Players Covered in the Report
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Ashley Furniture International; Dorel Industries; Expand Furniture Inc; Flexsteel Industries Inc.; Haworth Inc.; Hussy Seating Company; Inter IKEA Systems B.V.; Maxchief Europe; and Murphy Wall Beds Hardware Inc.
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Market Segment Insights
Type Segment Analysis
Based on type, the folding furniture market is divided into table, sofa, chair, bed, and others. The sofa segment is expected to holda dominant share of the market during the projection period, due to, growing consumer demand for space-saving furnishings. Sofas are typically the center piece of any living room. They serve as a focal point for socializing, relaxation, and entertainment.
Consumers place a high importance on selecting sofas that offer comfort and complement the over all aesthetic of their living spaces. Folding sofa sets offer a creative solution for maximizing space utilization. Additionally, the rising trend toward foldable couches that can transform into beds is projected to further drive their adoption.
The chair segment is expected to expand at a significant growth rate in the coming years, as it provides versatility and increasing demand for space-efficient products. Folding chairs are incredibly versatile and serve a multitude of purposes. They can be easily transported and set up, which makes them ideal for outdoor events, travel, and additional seating in various settings. A major advantage of folding chairs is their ability to be compactly folded and stored when not in use. This space-saving feature is highly attractive, particularly for those with limited living or storage space.
Application Segment Analysis
On the basis of application, the global market is segregated into commercial and residential. The residential segment is projected to register a high CAGR during the forecast period due to changing living arrangements and a growing number of relocation activities.
The evolving dynamics of modern living, there's an increasing demand for flexible and adaptable furniture solutions. Folding furniture aligns perfectly with the needs of residential spaces. Nowadays mobility is valued, especially among youth professionals and students, folding furniture offers a practical solution. This furniture's portability and ease of assembly make it a favored choice for those who frequently relocate.
Distribution Channel Segment Analysis
On the basis of distribution channel,the folding furniture market is segmented into offline and online. The offline is anticipated to register a robust growth during the forecast period,as it provides a tangible shopping experience and a wide variety of choices.
Offline stores provide consumers with a physical, hands-on shopping experience. This allows them to assess its quality and visualize the fit of folding furniture into their living space. Such tangible experiences can greatly influence customer purchasing decisions. Offline retail stores offer a diverse range of folding furniture options. This variety allows consumers to explore different styles, materials, and designs, ensuring they find furniture that suits their specific preferences and needs.
The online segment is anticipated to gain significant revenue share in the coming years due to increasing smartphone adoption and rising customer demand for convenience.Increasing number of smartphone users and easy access to the internet, consumers have the ability to browse, compare, and shop for folding furniture products online conveniently. Customers can purchase from the comfort of their homes which eliminates the need for physical travel to stores.
Manufacturers provide online delivery services, flexible payment options, and doorstep delivery drives the demand for folding furniture products.This in turn, increase the use of online platforms for the purchasing of furniture, especially folding furniture. For instance,
Regional Outlook
In terms of region, the global folding furniture market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to the growing population and rising urbanization.
Asia Pacific is home to diverse population. This demographic factor alone creates a high demand for various types of furniture, including foldable furniture, to cater to different living situations and preferences.The ongoing trend of urbanization in emerging economies such as India, China, and countries in South Asia, which has surged the demand for space-saving furniture solutions. Cities are becoming more crowded and living spaces compact, which increases the need for furniture that maximizes space utilization. For instance,
The market in North America is projected to grow rapidly during the forecast period, owing to the due to high disposable income and growing number of technological innovations.North America, which includes the USand Canada, is known for its high standard of living and affluent population. The high disposable income translates into a strong consumer base with the purchasing power to invest in various types of furniture including innovative foldable options.The region is known for its innovation and technological advancements,which has improved foldable furniture designs and materials, which makes them appealing and a functional choice for consumers.
Segments
The folding furnituremarket has been segmented on the basis of
Type
- Table
- Sofa
- Chair
- Bed
- Others
Application
Distribution Channel
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global folding furniture market are Ashley Furniture International; Dorel Industries; Expand Furniture Inc; Flex steel Industries Inc.; Haworth Inc.; Hussy Seating Company; Inter IKEA Systems B.V.; Maxchief Europe; and Murphy Wall Beds Hardware Inc.
These companies adopt development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
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In April 2022, Dorel Home, a division of Dorel Industries Inc., unveiled its updated showroom on the 9th floor of the C & D Building at the High Point Market. The show case featured a range of new products along with an expanding collection of esteemed licensed brands.
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