FOLDING FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

FOLDING FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The folding furniture market is segmented by type, into chairs, tables, sofas, beds, and other furniture. The application segment covers foldable furniture, used for residential and commercial purposes. Folding furniture is a suitable option for people living in smaller places or studio apartments. It is an effective alternative for traditional furniture. Additionally, the multi-functionality and space-saving features of folding furniture enhance the decor of the available space. Folding furniture is generally used in commercial spaces, such as offices, hospitals, and hotels.

Key Highlights

• The adoption of folding furniture is rising in the most populous cities of the world, owing to an increase in the number of smaller homes. Considering the economy of space, their demand is projected to increase, and they are expected to gain popularity among the customers, during the forecast period.
• Rapid urbanization and growth in the real estate market influence the folding furniture industry. Millennials opting for rented apartment is a rising trend that has been observed. They are more interested in affordable, multi-functional, and smaller furniture that suit their urban and dynamic lifestyles.
• Manufacturers of folding furniture are trying to cater to the metropolitan ways of life of the consumers and are trying to add more appealing features to their products. In order to cater to the needs of consumers seeking furniture that can enable easy transformation from work mode to living mode, market players are widening their product portfolios. Their furniture offerings are now more focused toward being lightweight, easy to tuck in, aesthetically appealing, and scientifically contoured, thus, supplementing the growth of the folding furniture market.
• In 2018, the sofas segment accounted for around 35% of the total market revenue, as sofas enhance the decor of the living room. The increase in raw material rates is expected to limit the growth of the folding furniture market.

Key Market TrendsResidential Application Dominates the Market

By application, the folding furniture market has been segmented into residential and commercial. The residential sector dominates the application segment of the market, and it is expected to register a healthy CAGR during the forecast period. The increasing residential construction activities across the world increases the demand in the market. The commercial segment is expected to contribute significantly to the market studied, during the forecast period. Folding furniture is installed in numerous sub-applications within the commercial construction sector, such as corporate offices, healthcare centers, and educational institutions. They are also installed in cafeterias and hotels.

Asia-Pacific is Expected to Grow at a Fast Pace

A significant number of people tend to move to large cities for better opportunities. This phenomenon gradually decreases the average living area and increases the cost of houses. Therefore, folding furniture is the best suitable option. Cities, like Beijing (China), possess high growth potential for the market. Urbanization is another factor that drives the growth of the folding furniture market, as it decreases the average living space and increases the value of available limited space, thereby, making folding furniture the most suited option. Mumbai, Kolkata, Karachi, and Shenzhen are other cities that possess high growth potential. The increasing residential and non-residential construction activities in the region are driving the growth of the market.

North America and Europe are also major regions for the folding furniture market. The increasing demand for low-maintenance interior products is driving the growth of the market in these regions.

Competitive Landscape

The market is highly fragmented. The report covers major international players operating in the folding furniture market. The market is dominated by players, such as IKEA, Ashley Furniture Industries Inc., Leggett & Platt Inc., and Dorel Industries Inc., among others. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence, by securing new contracts and by tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IKEA
Ashley Furniture Industries Inc.
Leggett & Platt Inc.
Dorel Industries Inc.
Haworth Inc.
Expand Furniture
Murphy Wall Beds Hardware Inc.
Flexsteel Industries Inc.
Maxchief Europe
Hussey Seating Company*

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