Folding Furniture Market Size, Analysis Report 2030

[Research Report] The folding furniture market size is projected to grow from US$ 3,276.05 million in 2022 to US$ 5,761.03 million by 2030; the market is expected to grow at a CAGR of 7.6% from 2023 to 2030.

Market Insights and Analyst View:

Folding furniture is considered as a space-saving and portable form of furniture ideal for people with miniaturized home structures. Such furniture is known for its features supporting multifunctionality. Such pieces of furniture can be easily transformed, collapsed, or folded, creating better space portability. The rapid pace of urbanization, adoption of co-living trends in various developed and developing economies, and the ongoing growth of the real estate market favor the folding furniture market growth.

Growth Drivers and Challenges:

Folding furniture is suitable for people living in smaller places or studio apartments. It is an adequate substitute for traditional furniture. The multifunctionality 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, hotels, and hospitals. The adoption of this type of furniture is rising in most populous cities owing to an increase in the trend of smaller homes. Furthermore, the rising prices of traditional wood furniture due to increasing environmental concerns have paved the way for these modern products. This furniture is manufactured using lightweight materials such as plastic and mild steel. Therefore, plastic and metal folding furniture products are gaining popularity due to their lower cost and better durability. Further, single and two-person households have paved the way for less occupying space furniture. These factors are expected to grow the folding furniture market in the forecast period. Lucid Mattress provides a folding metal bed frame with heavy-duty wired grid supports to adjust the mattress effectively. However, factors such as a longer replacement cycle, volatility in raw material prices, and increased competition among manufacturers hamper the market growth.

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Folding Furniture Market: Strategic Insights

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Report Segmentation and Scope:

The “Global Folding Furniture Market” is segmented on the basis of product type, material, application, distribution channel, and geography. Based on product type, the folding furniture market is segmented into tables, chairs, sofas, and beds. In terms of material, the market is classified into wood, metal, and plastic. The folding furniture market, by application, is segmented into residential, commercial, and others. Based on distribution channel, the folding furniture market is bifurcated into online and offline. The folding furniture market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

Segmental Analysis:

Based on application, the folding furniture market is segmented into residential, commercial, and others. The residential segment holds a significant share of the market and is expected to register a significant CAGR in the folding furniture market during the forecast period. Kitchens, dining rooms, living rooms, bedrooms, and outdoor areas are among the residential areas wherein folding furniture products are required. The increasing residential construction activities worldwide are driving the segment's market growth. The market for the commercial segment is also expected to grow significantly during the forecast period. Folding furniture is installed in numerous sub-applications within the commercial construction sector, such as corporate offices, educational institutions, and healthcare centers. They are also installed in cafeterias and hotels.

Regional Analysis: 

Based on geography, the folding furniture market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global folding furniture market was dominated by Asia Pacific; the market in this region was valued at US$ 1,150 million in 2022. Europe is the second major contributor to the market, which holds almost 20% of the global market. North America is expected to register a CAGR of 8% in the folding furniture market during the forecast period. In Asia Pacific, many 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 becomes the best suitable option in such areas. Urbanization is another factor that drives the growth of the folding furniture market share in Asia Pacific. Moreover, increasing preference for one-person or two-person households in American countries such as the US, Canada, and Mexico has urged consumers to invest in such products owing to less usage and smaller living space. In addition, increasing awareness regarding space-saving furniture in developed countries such as the UK, Germany, and Britain-owing to advantages such as flexibility and ease of shifting—has widened the scope for folding furniture product vendors in European countries.

Industry Developments and Future Opportunities:

Various initiatives taken by key players operating in the folding furniture market are listed below:

1. In April 2022, Dorel Home, a segment of Dorel Industries Inc., reopened its 9th floor C&D Building showroom at the High Point Market to showcase both new products and its growing portfolio of high-profile licensed brands.
2. In February 2022, Ashley Furniture HomeStore in Guadalajara, Mexico, opened the new 15,000 sq. ft. showroom located on Avenida Patria #120, in Guadalajara, Jalisco, Mexico. The Guadalajara store is significant for expanding the Ashley brand in Mexico.
3. In February 2019, Inter IKEA Systems B.V. launched space-saving shelving units with foldable tables, which can be easily used as a desk as well as a dining table.

COVID-19 Impact: 

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the consumer goods industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Different furniture manufacturers temporarily close their operations or limit their production capacities, negatively impacting the folding furniture market growth. Also, in the early period of the crisis, manufacturers were majorly dependent on the existing inventory. Due to the pandemic-induced economic recession, consumers became more cautious and selective in purchasing decisions. They significantly limited nonessential purchases due to lower incomes and uncertain earning prospects, especially in developing regions. However, by the end of 2021, many countries were fully vaccinated, and governments announced relaxations in certain regulations, including lockdowns and travel bans. Changing lifestyle trends post-pandemic, such as increasing emphasis on comfort, convenience, and personalization, influenced the demand for folding furniture. The growth of online retail during the pandemic also provides growth opportunities for folding furniture manufacturers. Along with this, the relaxation of trade restrictions aided in import and export operations, positively impacting the folding furniture market growth.

Folding Furniture Market Regional Insights

The regional trends and factors influencing the Folding Furniture Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Folding Furniture Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Folding Furniture Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Folding 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 Folding Furniture Market are:

1. Leggett & Platt Inc
2. Ashley Furniture Industries LLC
3. Inter IKEA Holding BV
4. Hussey Seating Co
5. Sauder Manufacturing Co

Disclaimer: The companies listed above are not ranked in any particular order.

Competitive Landscape and Key Companies:

A few of the prominent players operating in the global folding furniture market include Leggett & Platt Inc, Ashley Furniture Industries LLC, Inter IKEA Holding BV, Hussey Seating Co, Sauder Manufacturing Co, Meco Corp, Dorel Industries Inc, Maxchief Europe SL, Leisure N Pleasure SARL, Godrej & Boyce Manufacturing Co Ltd. These market players are adopting strategic development initiatives to expand, further driving the market growth.