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.
Foldable Furniture Market Analysis
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.
Foldable Furniture Market Overview
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.
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Foldable Furniture Market: Strategic Insights
Market Size Value in US$ 8.0 Billion in 2018 Market Size Value by US$ 14.4 Billion by 2027 Growth rate CAGR of 6.8% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Foldable Furniture Market: Strategic Insights
| Market Size Value in | US$ 8.0 Billion in 2018 |
| Market Size Value by | US$ 14.4 Billion by 2027 |
| Growth rate | CAGR of 6.8% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Foldable Furniture Market Drivers and Opportunities
Increased demand for sustainable furniture
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.
Decreasing residential spaces
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.
Foldable Furniture Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Foldable Furniture Market analysis are product type, material, application, and distribution channel.
- Based on type, the Foldable Furniture Market is divided into tables and chairs, sofas and beds, others. The tables and chairs segment held a larger market share in 2023.
- By application, the market is segmented into residential, commercial, and others. The residential segment held the largest share of the market in 2023.
- In terms of distribution channels, the market is bifurcated into online, offline. The market is further divided on the basis of providers into online, and offline. The online segment dominated the market in 2023.
Foldable Furniture Market Share Analysis by Geography
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.
Foldable Furniture Market Report Scope
Foldable Furniture Market News and Recent Developments
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:
- Cover Home launched its innovative foldable mattress and smart home furniture in the Morrocco. The new line is specifically focused on meeting evolving requirement the modern households. (Source: Cover Home, Press Release/Company Website/Newsletter, 2024)
- Livinbox launched its new folding stool, CH-40. The livinbox folding stool is a multifunctional necessity for adults and kids. It features lightweight , high load and space-saving. The load bearing is up to 120kg for heavy-duty application. (Source: Foldable Furniture Company Name, Press Release/Company Website/Newsletter, 2023)
Foldable Furniture Market Report Coverage and Deliverables
The “Foldable Furniture Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application ; Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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