Market Size of Global Folding Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Folding Furniture Market Analysis
The folding furniture market is expected to grow at a CAGR of 5% in the forecasted period.
The sudden outbreak of the COVID-19 pandemic, which hit the world during the initial days of 2020, changed the face of the furniture industry on a large scale. The disruptions in the supply chain and the temporary ban on global trade have highly affected countries with high dependencies on imports for their furniture needs. The pandemic forced around 58% of the world's population to switch to the stay-at-home protocol for a longer time, which motivated customers to optimize their homes and furniture with the increase in the time they spend at home. COVID-19 also heightened the importance of reducing the reliance on imports, along with improving automation and digitalization in the industry.
Folding furniture is a suitable option for people living in smaller places or studio apartments. It is an effective alternative to traditional furniture. Additionally, the multi-functionality 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, hospitals, and hotels. The adoption of folding furniture is rising in the most populous cities of the world, owing to an increase in the number of smaller homes.
Considering the economy of space, their demand is projected to increase, and they are expected to gain popularity among customers during the forecast period. Rapid urbanization and growth in the real estate market influence the folding furniture industry. Millennials opting for rented apartments is a rising trend that has been observed. They are more interested in affordable, multi-functional, and smaller furniture that suits their urban and dynamic lifestyles.
Manufacturers of folding furniture are trying to cater to the metropolitan ways of life of the consumers and are trying to add more appealing features to their products. In order to cater to the needs of consumers seeking furniture that can enable easy transformation from work mode to living mode, market players are widening their product portfolios. Their furniture offerings are now more focused on being lightweight, easy to tuck in, aesthetically appealing, and scientifically contoured, thus supplementing the growth of the folding furniture market.
