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Folding Furniture Market Trends

ID: MRFR//3395-HCR | 100 Pages | Author: Snehal Singh| July 2024

Global Folding Furniture Market Overview

The Folding Furniture Market Size was valued at USD 11,182.4 million in 2023. The Folding Furniture industry is projected to grow from USD 11,713.5 million in 2024 to USD 17,273.2 million by 2032, exhibiting a compound annual growth rate (CAGR) of 4.97% during the forecast period (2024 - 2032). Folding furniture can be folded into a position or shape, occupying less space. It is an intelligent way to make a home more functional without interfering with the spacious feel. The primary factor influencing the growth of folding furniture is the increasing number of small rooms and buildings due to the rise in the usage of sleeping and storage. The folding furniture includes tables, chairs, beds, and desks. The market share has been growing because of unique features like affordability, lightweight, and user-friendly. Furthermore, the demand for folding furniture is increasing in commercial spaces such as hospitals, offices, hotels, and even industrial sectors. The main factor hampering the market growth is fluctuation in raw material prices, due to which people are confused while purchasing the items.

Folding Furniture Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Folding Furniture Market Trends

  • Rising demand for low-maintenance interior items

Folding furniture is an ideal choice for consumers looking for space-saving, low-maintenance, and affordable furniture solutions. Consumers are increasingly looking for furniture that is easy to set up, clean, and maintain. Folding furniture is designed to meet these needs, as it can be quickly assembled and disassembled, is lightweight and portable, and requires minimal maintenance. Additionally, the growing trend of small homes and apartments is driving the demand for folding furniture, as it can be easily stored away when not in use, freeing up space for other activities. The increasing adoption of flexible working arrangements and work-from-home policies is also driving the demand for folding furniture, as it provides an easy solution for setting up a workspace at home. Moreover, folding furniture is an affordable option for consumers who are looking for furniture solutions that do not break the bank. As a result, the demand for folding furniture is expected to continue to rise in the coming years, with manufacturers innovating to offer a broader range of designs and materials to meet the needs of the different consumer segments.September 2023- Logitech's gaming division, Logitech G, has grouped up with gaming chair company Playseat to make a fancy foldable dashing sim cockpit chair that can be stored in the closet when not in use. At USD299, the budget option to get your race on at home is still pretty steep, but it's more affordable than the companies' last collab, and it is foldable. The Playseat Challenge X – Logitech G Edition seems almost similar to the non-collab Playseat Challenge Black Actifit, which is nearly USD70 cheaper. The Logitech variety does come with a gear shift mount, which is an free extra on the non-collab version, and a tilting pedal mount that doesn't seem to be on the regular Challenge. The Logitech version also has an additional handle to adjust the position easily, as well as, obviously, the cool Logitech G logo and blue-on-black color scheme. Logitech's marketing states it backs the Logitech G racing wheel and Logitech G Driving Force Shifter. It should also run with any other wheels, shifters, and pedals on the market. There are poles on the bottom that hold the pedals in place and can change back and forth to fit the leg length. And the seat itself has six positions that can assist in getting the user to feel like they're in the car. By the time they're believing a devoted racing chair, the user is probably pretty invested in racing sims. The Challenge X could be a proper choice for people who were put off by the mass or price of other cockpits. The complete thing weighs only 26 pounds and folds up for storage when you're not using it.

Folding Furniture Market Segment Insights

Folding Furniture Product Type Insights

The market segmentation, based on Product Type, includes Chairs, Tables, Sofas, Beds, Other. The Sofas segment may dominate the market. The market for folding sofa sets is anticipated to increase as a result of sofas serving as the primary furniture in living rooms and rising customer desire for items that take up less space. Also, a movement in consumer preference for foldable couches that can be converted into beds is anticipated to accelerate the rise of folding sofas throughout the anticipated period.

Folding Furniture Application Insights

Based on Application, the market segmentation includes Residential and Non-Residential. The Residential application is holding the largest market share. In terms of residential applications, folding furniture can be used to maximize space in smaller homes or apartments. It is also a popular choice for people who frequently move or have limited storage space.

Figure 2: Folding Furniture Market, by Application, 2022 & 2030 (USD Billion)Folding Furniture Market, by ApplicationSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Folding Furniture Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The market was led by Asia Pacific. The growing tendency of reducing residential space in Japan, Tokyo, China, and India has prompted customers to invest in such furniture goods. Also, the existence of nations with the lowest living space apartments supports the region's foldable furniture business. Furthermore, a high concentration of manufacturers, such as Space Furniture Pte Ltd., The PAN Emirates, and Cost Plus Market, has supported the regional market expansion.

Figure 3: FOLDING FURNITURE MARKET SHARE BY REGION 2022 (%)FOLDING FURNITURE MARKET SHARE BY REGIONSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Folding Furniture Key Market Players & Competitive Insights

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Folding Furniture industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Folding Furniture industry to benefit customers and expand the market sector. Major market players, including IKEA, Ashley furniture industries inc, Leggett and Platt Inc, Dorel Industries Inc, Haworth Inc, and others are attempting to increase market demand by funding R&D initiatives.

IKEA is a Swedish multinational company that designs and sells ready-to-assemble furniture, home accessories, and kitchen appliances. The company's business model is based on offering well-designed, functional products at affordable prices. It achieves this by keeping costs low through efficient production methods, such as flat-packaging and self-assembly, and by sourcing materials directly from suppliers. IKEA's product range includes furniture for every room in the home, as well as home accessories, lighting, textiles, and kitchen appliances. The company is also known for its restaurant and food market offerings, which feature Swedish specialties and international cuisine.

Ashley Furniture Industries, Inc. is a privately held American furniture company based in Arcadia, Wisconsin. The company offers a wide range of furniture and home decor products, including bedroom, living room, dining room, and home office furniture, as well as lighting, rugs, and bedding. The company's products are sold under many different brands, including Ashley Signature Design, Ashley Millennium, and Ashley Benchcraft. Ashley Furniture also offers a custom design program that allows customers to create their unique furniture pieces. In addition to its retail operations, Ashley Furniture also operates several manufacturing facilities in the U.S., including in Wisconsin, Mississippi, and North Carolina. The company is committed to sustainability and has implemented many initiatives to reduce its environmental impact, such as using renewable energy sources and recycling waste materials.

Key Companies in the Folding Furniture market include

Folding Furniture Industry Developments

Apr 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.

Feb 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 the expansion of the Ashley brand in Mexico.

Folding Furniture Market Segmentation

Folding Furniture Product Type Outlook

  • Chairs

  • Tables

  • Sofas

  • Beds

  • Other

Folding Furniture Application Outlook

  • Residential

  • Non-Residential

Folding Furniture Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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