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

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

The global foldable furniture market is estimated to garner a revenue of ~USD 16 Billion by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 9 Billion in the year 2022. 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.

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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.

Global Foldable Furniture Market: 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

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.

Global Foldable Furniture Market 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.

The global foldable furniture market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

Top Featured Companies Dominating the Global Foldable Furniture Market

• 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.