Global Folding Furniture Market Size 2023: Industry Share, Growth 2028
The global folding furniture market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.
Folding furniture is a practical solution for small spaces, serving multiple purposes, such as sleeping and storage. It consists of movable items, including chairs, tables, beds, desks, cabinets, and cupboards, made of wood, steel, plastic, and aluminum. It offers durability, ergonomic design, convenience, affordability, lightweight, and ease of use. It is commonly available in various styles and finishes, making it a visually appealing option for those looking to maximize their space utilization. At present, furniture manufacturers are offering innovative multifunctional pieces with improved aesthetics, functionality, comfort, and storage capabilities.
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Folding Furniture Market Trends and Drivers:
The global folding furniture market is primarily driven by the increasing demand for easily deployable, lightweight, multifunctional, and serviceable furniture to enhance living space appeal and meet diverse consumer needs. Moreover, the rising construction activities and investments in infrastructural projects for residential and commercial complexes are positively influencing the market growth.
Additionally, the shifting consumer inclination toward minimalist, modular homes in metropolitan cities, particularly among nuclear families, has catalyzed market growth. Besides this, the surging adoption of folding furniture for creating personalized home offices due to the recent shift toward work-from-home models amid the sudden outbreak of the COVID-19 pandemic is propelling the market growth.
Furthermore, the rising use of augmented reality (AR) technology to allow customers to preview 3D designs of folding furniture is contributing to the market growth. Other factors, including the significant expansion of the real estate sector, rising collaborations among key players to improve product efficacy, and rapid urbanization, are also anticipated to create a positive market outlook.
Global Folding Furniture Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Ashley Furniture Industries Inc., Dorel Industries Inc., Flexfurn limited, Haworth Inc. (Haworth International Ltd.), Hussey Seating Company, Inter IKEA Systems B.V. (Inter IKEA Holding B.V), Kestell Furniture LLC, La-Z-Boy Incorporated, Lifetime Products Inc., Meco Corporation, Murphy Wall Beds Hardware Inc, Nilkamal Furniture and Sauder Woodworking Company.
The report has segmented the market on the basis of region, product type, distribution channel and application.
Breakup by Product Type:
- Tables and Chairs
- Sofas
- Beds
- Others
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Application:
- Residential
- Commercial
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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