As per the Renub Research latest report titled “Global Folding Furniture Market Report by Type (Tables, Chairs, Sofas, Beds, Others) Application (Residential, Commercial) Distribution Channel (Supermarkets & Hypermarket, Specialty Stores, E-commerce, Others) Material (Metal, Wood, Plastic, Glass, Others) Countries and Company Analysis, 2024-2032″ The Global Folding Furniture Market size will surpass US$ 16.33 billion by 2032 from US$ 7.80 billion in 2023, with a CAGR of 8.56% from 2024 to 2032. The adoption of folding furniture is on the rise in most populated cities worldwide. It is usually a perfect option for small spaces, non-permanent accommodations like rented apartments and dorms with lifestyle shifts, expanding disposable income, and a growing trend towards adopting folding furniture. Consumers are looking for stimulating folding furniture designs that emit relaxation, convenience, and indulgence. It is attributable to the functionality, versatility, and style of the furniture developed, which has led to the raised adoption of such furniture.
Nevertheless, the folding furniture is compact and DIY furniture that is comfortable to use and can be put in storage and could be used on the drive as pleased and is to assemble by anyone. Foldable furniture provides high portability because of its compact size; it can be kept anywhere, allowing maximum space utilization. These products are available in steel, iron, wood, and aluminum. The most commonly used folding furniture is Chairs, Tables, Sofas, Beds, and Other Furniture. Folding tables and chairs are used for seating in areas where permanent seating is impossible.
Furthermore, with a shift in lifestyle, rising disposable income, and a growing trend towards the adoption of folding furniture, consumers are looking for an inspiring design for folding furniture that luxury exudes, relaxation, and comfort. It is attributable to the functionality, versatility, and style of the furniture developed, which has led to the increased adoption of such furniture.
The residential segment has appeared as the leading segment:
In terms of application, folding furniture is used for commercial and residential purposes. There is a considerable demand for folding furniture in the residential sector due to residential dwellings’ increasing construction. Further, the adoption of folding furniture in houses is more increased as it is an affordable alternative to conventional furniture and consumes less space it is getting trendy. It includes living rooms, kitchens and dining rooms, bedrooms, outdoor areas, etc.
Besides, the folding furniture is also used in the commercial sector, mainly in the event management sector. They use foldable tables and chairs for functions because they take smaller space to store and can be efficiently transported. It also has numerous sub-applications in the commercial construction sector, particularly healthcare institutes, corporate offices, and educational institutions. It is also utilized in cafeterias and hotels.
By Distribution Channel, the offline segment is the significant market. Retail dominance has shown fierce competition in the folding furniture market, with major manufacturers such as Raymour & Flanigan, Inter IKEA., etc., being run globally. These stores help consumers utilize the ability to customize home furniture as per their needs.
Folding Furniture Industry Regional Insights:
Geographically, North America holds the most extensive market share. Increasing preference towards one-person or two-person households in American countries such as the Canada, U.S., and Mexico has urged consumers to invest in folding furniture due to less usage and smaller living space. Benefits such as space flexibility, reduction, and ease of relocation have developed the range of foldable furniture products, which are expected to drive the region’s market growth through the forecast period.
Likewise, the Asia Pacific region is the fastest-growing region for foldable furniture due to the region’s large population pool of residents. The increasing trend of downsizing apartment space in countries such as Japan, Tokyo, Shanghai, and India has urged consumers to invest in such furniture products. In addition, countries with the tiniest living space apartments ideally drive the market for folding furniture in the region.
COVID-19 impact on folding furniture industry:
Worldwide, the folding furniture industry is one of the significant industries suffering severe disruptions such as technology events cancellations, supply chain breaks, and office shutdowns. The shutdown of various factories and plants in leading regions such as North America, Europe, Asia Pacific, and the Middle East, South America has restricted the global supply chain. It hampers manufacturing activities, delivery schedules, and various folding furniture sales.
Folding Furniture Market Share Insights:
Key companies like Dorel Industries Inc, Inter Ikea Systerms B.V, La-Z-Boy Inc., Leggett & Platt Inc., Haworth, Bassett Furniture Industries inc., Flaxseed Industries Inc. and Home Depot are introducing folding tables and chairs made of wood and metal to replicate the aesthetic attraction of traditional furniture. Growing demand for thick furniture has allowed the companies to introduce more products such as racks, storage boxes, and study tables with foldable features.
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Market Summary
Product – We have covered by product in the Global Folding Furniture Market from 5 Viewpoints (Chairs, Tables, Sofas, Beds and Other Furniture)
Application – This Report Covered by Application in the Global Folding Furniture Market from 2 Viewpoints (Residential and Commercial)
Distribution Channel – Renub Research Report covered by distribution channel in the Global Folding Furniture Market from 2 viewpoints. (Offline and Online)
Regions – Our Report Covered by region in the Global Folding Furniture Market from 5 Viewpoints (North America, Europe, Asia Pacific, Middle East & Africa and South America)
All the key players have been covered 3 Viewpoints ( Overview, Recent Development, Revenue Analysis) Dorel Industries Inc, Inter Ikea Systerms B.V, La-Z-Boy Inc., Leggett & Platt Inc., Haworth, Bassett Furniture Industries inc., Flaxseed Industries Inc. and Home Depo.
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