The Foldable Furniture Market size is projected to reach US$ 15.54 billion by 2031 from US$ 9.25 billion in 2023. The market is expected to register a CAGR of XX% in 2023–2031. The demand for multifunctional furniture is growing notably. As the residential spaces are getting smaller, the need for multifunctional furniture is rising. In addition, as the consumers are becoming aware about the environment, the demand and adoption of foldable furniture is increasing.
The demand for the furniture has increased in the past few years. As per the data published by the Marketplace the home furnishing sales in January 2022 by approximately 7.2% compared to December 2021. As per the data published by Forbes in 2022, furniture retailers witnessed an increase in sales from US$ 64 billion to US$ 79.9 billion in 2022, a 24% growth. Such growth in the furniture market is directly affecting the demand for the foldable furniture market ultimately driving the market. Apart from increased demand for the furniture, the presence of online sales channels such as Amazon, and Alibaba are further driving the sales owing to increased availability across the globe.
The demand of the product is growing rapidly in APAC hold the highest market share during the forecast period. One of the factors that are driving the market share is the increased population in the region. As per the data published by the United Nations Population Fund, Asia Pacific is home to approximately 60% of the world's total population which is approximately 4.3 billion population. Such an increased population increases the demand of furniture in the region ultimately driving the market. The furniture industry is very fragmented thus, there are many manufacturers in the industry that are offering quality services to the customer. Hence owing to the presence of the large number of companies in the industry, the market share of the industry has been divided into large number of companies. This increases the bargaining power of the consumer as they have a wide range of options to choose from.
As the awareness of decarbonization has increased across the globe, there has been a shift in consumer preferences. Consumers are now preferring sustainable products. As per the data available in the public domain, sustainability is one of the important factors when it comes to buying products, and approximately three-quarters of consumers across the globe prefer to buy sustainable products. Such changes in consumer preferences have been driving the demand for sustainable furniture in the past few years.
As the population across the globe is growing significantly, the demand for construction is increasing. However, the availability of suitable land is decreasing rapidly. For instance, the number of newly built homes especially in Europe and the US has decreased in the past few years. As per the data published by the US Census Bureau in 2023, the median footage of single families in 2017 was 2385, however, the number reached 2179 in 2023. This shows the decreasing number of spaces in residential construction. Such a decrease in the residential space is projected to generate lucrative opportunities for the folding furniture market in the coming years.
Key segments that contributed to the derivation of the Foldable Furniture Market analysis are product type, material, application, and distribution channel.
The geographic scope of the Foldable Furniture Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific dominated the market in 2023 owing to high demand for the furniture market. The demand for the market is mainly driven by increased residential construction across the globe. In countries such as China, construction has grown multi-fold in the past few years. Increased demand for residential construction has directly affected the demand of the foldable furniture market positively. Apart from the Asia Pacific, North America and Europe region are projected to acquire notable market share.
The regional trends and factors influencing the Foldable Furniture Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Foldable Furniture Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9.25 Billion |
| Market Size by 2031 | US$ 15.54 Billion |
| Global CAGR (2023 - 2031) | XX% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Foldable Furniture Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Foldable Furniture Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Foldable Furniture Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for foldable furniture and strategies:
The “Foldable Furniture Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: