Folding Furniture Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Folding Furniture Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The sudden outbreak of COVID-19 pandemic, which hit the world during the initial days of 2020, has changed the face of the furniture industry on a large scale. The disruptions in the supply chain and the temporary ban on global trade have highly affected countries with high dependencies on imports for their furniture needs. The pandemic forced around 58% of the world's population to switch to the stay-at-home protocol for a longer time, which motivated customers to optimize their homes and furniture with the increase in the time they spend at home. COVID-19 also heightened the importance of reducing the reliance on imports, along with improving automation and digitalization in the industry.

Folding furniture is a suitable option for people living in smaller places or studio apartments. It is an effective alternative to 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. 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 customers during the forecast period. Rapid urbanization and growth in the real estate market influence the folding furniture industry. Millennials opting for rented apartments 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 on being lightweight, easy to tuck in, aesthetically appealing, and scientifically contoured, thus supplementing the growth of the folding furniture market.

By application, the folding furniture market has been segmented into residential and commercial. The residential segment dominated the market with a 62% share in 2021. It includes the use of kitchens and dining rooms, living rooms, bedrooms, outdoor areas, etc. These factors are driving the demand in the market. The increasing residential construction activities across the world are driving the market growth of the segment. 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.

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.

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 advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.

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