Foldable Furniture Market Size & Share, by Product Type (Tables, Chairs, Sofas, Beds); Application (Commercial, Residential); Distribution Channel (Online, Offline) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 276
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Foldable Furniture Market size is poised to reach USD 16 Billion by the end of 2033, growing at a CAGR of 10% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of foldable furniture was over USD 9 Billion.The growth of the market is primarily ascribed to the rising trend of tiny homes, and studio apartments in densely populated metropolitan cities around the world. As studio apartments, and tiny homes are small spaced and are very suitable for youngster who have been residing in other cities for their work or study purposes. For instance, nearly 65% of youngsters prefer to purchase a tiny home in 2022.

Foldable furniture includes the furniture that can be folded into a shape or position and utilizes less space. The history of the folding furniture can be dated back to the 19th century. The 19th century saw the emergence of the tremendous growth of the cities with immigrants flooding the United States (U.S.). Many immigrants started moving to the cities to get jobs in the new, developing industries. The shift was rapid with people leaving the rural areas to live in the crowded and the busy city. The population of major cities doubled and even tripled during the 1900s. The fast paced immigration resulted in the growth of the apartments or small-space living trend. For instance, nearly 30% of individuals in New York inhabited apartments in 2019.

Presently, the majority of the apartments do not contain much space for the average person of family. The foldable furniture includes beds, tables and most importantly, the chair. Folding chairs only take up the space when they are needed and can be stored in a closet when they are not in use. A combination of the portable, lightweight and easily storable qualities has created an appeal among the general population. Today, folding chairs are the required for picnic, outdoor event, or family gathering. The folding furniture can be a great saver for an apartment.


Foldable Furniture Market
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Foldable Furniture Sector: Growth Drivers and Challenges

Growth Drivers

  • Worldwide Rapid Increase in Urbanization – Rapidly increasing urbanization is leading towards in gathering all type of possible mean of comfort to live a an easy and comfortable life. People are drawn to cities for a variety of reasons, including the potential of affluence and jobs. Currently, half of the world's population resides in urban areas. Therefore, the urban population tend towards gathering the essential things for the ease of life and comfort, which is leading the growth of the foldable furniture market in the forecast period. As per the World Bank data, presently, more than 50% of the world's population lives in cities. The population of metropolitan regions is expected to more than double to 6 billion by 2045.
  • Growing Landscape of Rental Housing – For instance, in India, almost 35% of residents have been living in rental homes by April 2022.
  • Significant Growth in Furniture Industry – For instance, in 2018, China become one of the major exporter of furniture products with a notable share of approximately 38%, followed by the Germany with nearly 20%.
  • Significant Surge in Sustainable Furnishing – Currently, most of the European countries have been adopting the sustainable or eco-friendly furniture, and people are inclined to buy such furnishing products. For instance, in 2019, approximately 75% United States home furnishing purchasers were inclined to pay more for environmentally friendly home furniture.
  • Rising Trend of Co-Living in Cosmopolitans – For instance, as per a report based on consumer behavior, co-living spaces are expected to increase to around 4,55,000 beds by 2024, up from nearly 2,20,000 beds at the end of 2021.

Challenges

  • Increasing Prices of Raw Materials Such as Wood
  • Rising Prices of Coating and Finishing
  • Rising Prices of Foam and Fibers

Foldable Furniture Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~10%

Base Year Market Size (2022)

 ~ USD 9 Billion

Forecast Year Market Size (2033)

~ USD 16 Billion

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Foldable Furniture Segmentation

Distribution Channel (Online, Offline)

The global foldable furniture market is segmented and analyzed for demand and supply by distribution channel into online, and offline, out of which the offline segment is estimated to mint the largest share of market over forecast period on the back of the people’s firm preference to purchase the furniture for their living space, and kitchen by visiting some furnishing store, so that they be able to analyze the every aspect of that product such as, color, dimension, convertibility features and so on. For instance, more than 45% people worldwide purchased the furniture, and home décor items from offline stores in 2022.

Our in-depth analysis of the global market includes the following segments:

        By Product Type

  • Tables
  • Chairs
  • Sofas
  • Beds
  • Others

        By Application

  • Commercial
  • Residential

       By Distribution Channel

  • Online
  • Offline

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Foldable Furniture Industry - Regional Synopsis

Regionally, the global foldable furniture market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 backed by the massively increasing urban population, and availability of small living area per person. According to World Bank figures, the urban population in East Asia and the Pacific was increased 61% of total population in the region. Additionally, for instance, in 2020, the per capita living space of urban families in China's Beijing municipality was approximately 32 square meters only.

Research Nester
Foldable Furniture Market Size
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Companies Dominating the Foldable Furniture Landscape

top-features-companies
    • Inter IKEA Systems B.V.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Lifetime Products, Inc.
    • Expand Furniture Inc.
    • Murphy Wall Beds Hardware Inc.
    • Resource Furniture, LLC
    • Dorel Industries Inc.
    • Kestell Furniture LLC
    • La-Z-Boy Incorporated
    • Bush Industries, Inc.
    • Haworth, Inc.

In the News

  • Lifetime Products, Inc. announced the agreement with Plastic Development Group, LLC (PDG). Under this agreement, the company is estimated to buy PDG’s folding furniture business till December 2023. PDG and Lifetime Products Inc., are anticipated to be able to leverage each other's expertise and knowledge of the folding furniture market through this agreement.

  •  Haworth, Inc.’s Sakuru obtained the esteemed Good Design Award Winner Accolade in the Product Design Furniture and Lighting classification for outstanding design and innovation. A height-adjustable workstation or table from Sakuru provides a solution to the ever-evolving needs of pivoting workplace plans with its "kit of parts" concept.

Author Credits:  Anil Kumar, Ipsheeta Dash


  • Report ID: 276
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Worldwide rapid increase in urbanization, growing landscape of rental housing, significant growth in furniture industry are some major factors driving the growth of the market.

The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023-2033.

Increasing prices of raw materials such as wood, rising prices of coating and finishing, and rising prices of foam and fibers are estimated to hamper the market growth.

`o hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Inter IKEA Systems B.V., Lifetime Products, Inc., Expand Furniture Inc., Murphy Wall Beds Hardware Inc., Resource Furniture, LLC, Dorel Industries Inc., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, application, distribution channel, and by region.

The offline segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Foldable Furniture Market Report Scope
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