Folding Furniture Market Report

Market Analysis

The Global Folding Furniture Market is estimated to grow from USD 3.2 billion in 2020 to USD 4.4 billion by 2026 at a healthy CAGR of 5.5% during the forecast period.

Figure: Global Folding Furniture Market Size, 2020-2026 (USD Billion)

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What is Folding furniture?

Folding furniture can be folded into a shape that results in less use of space. It is being primarily preferred in houses with less space. It can be folded when not in use and becomes functional when required just like any other type of furniture. Folding furniture that is made of wood or similar material is being widely preferred due to its durability. These products include tables, chairs, beds, and sofa among others. Folding chairs dominate the product segment owing to their flexibility.

Key Players

Key players operating in the global folding furniture market are

• Resource Furniture (The U.S.),
• Expand Furniture (Canada),
• Inter IKEA Systems B.V. (Netherlands),
• MECO CORPORATION (The U.S.),
• La-Z-Boy Inc. (The U.S.),
• Murphy Wall Beds Hardware Inc. (The U.S.),
• Nilkamal Limited (India),
• Flexfurn Ltd (UK),
• Dorel Industries Inc. (Canada),
• Leggett & Platt (The U.S.), and
• ASHLEY FURNITURE INDUSTRIES INC. (The U.S.)

Market Dynamics

Growing demand for multi-purpose and space-saving furniture is driving the growth of the global folding furniture market.

• The usage of folding furniture helps to improve the aesthetic appeal of the home or commercial space.
• Increasing emphasis on the manufacturing of compact houses is likely to boost the product demand.
• Growing preference for folding sofas that can be used as the bed is driving the product demand.
• The shift in trend towards small size apartments due to the rising populace and growing urbanization is expected to propel the market growth.
• Additionally, an increase in the number of one-person or two-person households is likely to fuel the demand for multifunctional furniture products and thus, folding furniture.

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Market Segmentation

End-User Trends

Based on end-user, the market has been divided into residential and non-residential.

• Residential segment accounted for the largest share in 2020 and is projected to grow at a significant CAGR during the review period.
• Increasing residential construction across geographies is driving the segment growth. 
• Increasing usage of folding furniture such as chairs and sofa at commercial spaces such as offices, educational institutes, and healthcare facilities is likely propelling the market growth.

Regional Trends

Asia-Pacific held the largest market share in 2020.

This can be attributed to growing demand for space saving furnishing products.

• The market growth in Asia-Pacific region is primarily driven by high product demand in countries such as India, Japan, and Hong Kong.
• Increasing preference for one or two person household in the US is likely to drive market growth in North America region.

COVID-19 Impact on Global Folding Furniture Market

The market growth was affected when the governments across geographies imposed lockdown as it resulted in trade restrictions and supply chain disruptions. Many market players had to shut their production spaces. However, with the lift of lockdown, the demand for furniture products such as tables and chairs increased significantly particularly by the students and office employees.

Critical queries answered in this report –

• What are the key trends in the global folding furniture market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on global folding furniture market?
• What are the key strategies adopted by the major vendors to lead in the global folding furniture market?
• What is the market share of the top vendors?

Target Audience

Here is the list of the group of customers that the folding furniture market hopes to have the greatest opportunity to convert-

• Folding furniture distributors
• Folding furniture suppliers
• Logistics organizations
• Government Bodies

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