Increasing demand for small-sized apartments, rising demand for compact furniture, and rising trend of co-living among consumers are the leading factors driving the global folding furniture market during the forecast period.
According to TechSci Research report, “Folding Furniture Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028,” the rise in small rooms as a result of shrinking housing sizes is the main element leading to the expansion of global folding furniture market. The foldable furniture consists of desks, beds, tables, and chairs. Due to distinctive qualities such as light weight, and user-friendliness, the market share for folding furniture has been increasing significantly. Additionally, there is a growing need for foldable furniture in commercial settings, including offices, hotels, hospitals, and even industrial sectors.
Foldable furniture includes items that can be dissolved into a size or shape that takes less space. Folding furniture is a substitute for conventional furniture. The adaptability and space-saving features of this type of furniture also improve the interior design of the available space. Given the economy of space, the demand for these products is anticipated to rise during the forecast period. Also, e rapid urbanization and real estate market expansion have positively impacted the folding furniture sector. Moreover, co-living is becoming popular among millennials who prefer to purchase versatile compact furniture suitable for urban infrastructure and requiring less space.
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The manufacturers of foldable furniture are focusing on developing products, which are more appealing to consumers. Market players are expanding their product portfolios to meet the demand of consumers looking for furniture that can easily transition from work mode to living mode. Moreover, due to the pandemic, most companies have opted for the work-from-home culture for their employees. As per the data provided by American Community Survey in 2021, the number of people primarily working from home tripled from 5.7% (roughly 9 million people) to 17.9% (27.6 million people) in the United States. Thus, increasing the demand for foldable chairs and tables. Additionally, furniture manufacturers are emphasizing on furniture items being lightweight, simple to tuck away, aesthetically pleasing, and scientifically shaped, which will further fuel the growth of the global folding furniture market.
Furthermore, due to the rise in small-size apartments, Murphy beds and sofa beds are widely utilized in metropolitan areas to make the most use of available space. In order to place seats at any lawn or venue quickly and affordably, caterers or event organizers utilize folding tables and chairs. Additionally, the folding furniture is frequently used in capsule hotels and hostels to fit as many facilities as possible into a compact space. With the help of modern augmented reality software, large manufacturers of folding furniture, such as IKEA, etc., have made it possible for anyone to visualize how the furniture will look in their home. Due to its DIY (Do-it-yourself) nature, it can be customized as per the needs of the user.
Folding furniture may be transported anywhere, including camping or adventure trips, and is simply folded into very small sizes. Also, lately, there have been a lot of prospects for this sector, such as the innovative concept of capsule hotels, which are inexpensive to stay in and have really small rooms that need a lot of folding furniture to make them more appealing to visitors.
The market for global folding furniture has been divided into commercial and residential based on end user. The demand among residential sector is rising as residential development activity expands globally. Additionally, during the forecast period, the commercial segment is anticipated to considerably impact the market. In several sub-applications of commercial buildings, including healthcare facilities, corporate offices, and educational institutions, folding furniture is installed.
Key market players in the global folding furniture market include:
- Bush Industries, Inc.
- Inter IKEA Systems B.V.
- Murphy Wall Beds Hardware Inc.
- Ashley Furniture Industries Inc.
- Kestell Furniture LLC
- Murphy Wall Beds Hardware Inc
- Lifetime Products Inc.
- Flexsteel Industries, Inc.
- Dorel Industries Inc.
- Haworth Inc.
Due to the increased competition in the market for folding furniture, several businesses are implementing various strategies to stay effective. For instance, Dorel Industries Inc. declared complete acquisition of Notio Living in 2021. The Danish business is being acquired by Dorel Home, a division of Dorel Industries, for USD19 million.
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“The rising number of small sized apartments, growing trend of compact furniture, increasing trend of co-living in various countries and the rising demand through online channels will influence the demand for global folding furniture market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Folding Furniture Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Chairs, Tables, Sofas, Beds), By End User (Residential, Commercial), By Distribution Channel (Direct Sales, Furniture Retail Outlets, Supermarket & Hypermarket, Home Décor Shops, Others (Distributors, Dealers)), By Region, Competition, Forecast & Opportunities, 2018-2028F” has evaluated the future growth potential of global folding furniture market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in folding furniture market globally.
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