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Folding Furniture Market Forecast to 2030 - COVID-19 Impact and Global Analysis By Product Type (Tables, Chairs, Sofas and Beds, Others), Material (Wood, Metal, Plastic), Application (Residential, Commercial, Others), and Distribution Channel (Online, Offline)
Market Report I 2023-07-12 I 167 Pages I The Insight Partners
The folding furniture market size is projected to grow from US$ 3.44 billion in 2023 to US$ 5.76 billion by 2030; the market is expected to grow at a CAGR of 7.6% from 2022 to 2030.
Folding furniture can save space as it is quite flexible and can be easily folded or compacted in a small-sized room or apartment. In addition, folding furniture is considered under lightweight and easily deployable structures that can be transformed into various configurations easily and effectively. Hence, the demand for folding furniture is quite high among consumers. With rapid advancements backed by strong research activities and rising consumer demand for aesthetics and comfort, manufacturers are developing innovative concepts such as paper folding furniture and furniture involving pop-up architectures. Folding furniture often incorporates multi-functional designs, combining multiple uses in a single piece. For instance, a folding table can be used as a dining table, work desk, or even storage unit when not in use. This versatility appeals to consumers seeking furniture that can adapt to various needs and spaces, reducing the need for multiple pieces of furniture.
Folding furniture is considered as a space saving and portable form of furniture ideal for people miniaturized home structures. Such form of furniture is known for multifunctional ability and possess the capability to be folded, compact in flat or a small size. Such piece of furniture can be easily transformed, collapsed, or folded creating better space portability. The demand for folding furniture is rising with rapid urbanization coupled with significant growth in residential sector and rapid advancement related to folding furniture. Folding furniture such as chairs, tables, sofas, beds, table trays, and others are quite popular among both the residential and commercial customers. Moreover, rising disposable income of consumers along with shift in consumer lifestyle has motivated the consumers to look for folding furniture which could enhance aesthetic appeal as well as provide convenience and comfortability.
In 2022, Asia Pacific held the largest revenue share of the global folding furniture market. Asia Pacific is the largest continent in the world and is known for its various cultures. China, India, Japan, South Korea, and Australia are among the major economies in Asia Pacific. These emerging nations are recording an upsurge in the middle-class population, coupled with growth in urbanization, which generates massive opportunities for the players in the folding furniture market. China dominates the regional market, followed by countries such as Japan, India, Vietnam, and South Korea. Commercial places and residential units are the major end users of folding furniture in these countries. These factors are anticipated to boost the demand for folding furniture across the region and further aids to the market growth.
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 are a few of the major players operating in the global folding furniture market. Market players continuously focus on strategic development initiatives such as research and development, merger and acquisition, expansion, and new product launch for offering high-quality and innovative products.
The overall folding furniture market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include VPs; business development managers; market intelligence managers; national sales managers; and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the folding furniture market.
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