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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 9 Billion |
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Forecast Year Market Size (2033) |
~ USD 16 Billion |
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:
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By Product Type |
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By Application |
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By Distribution Channel |
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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.
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
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