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    Folding Furniture Market Report

    Folding Furniture Market Report
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    Global Folding Furniture Market, Trends, and Market analysis
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    Impact of COVID-19 on Folding Furniture Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Folding Furniture Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    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

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The folding furniture market is expected to grow at an impressive growth of 5.5% CAGR in the foreseeable future.

    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.) are among the key players in the folding furniture market.

    The folding furniture market is expected to reach an estimated value of USD 4.4 billion in the coming years.

    Asia-pacific held the largest share of folding furniture market in 2020.

    Residential segment is expected to grow at a significant CAGR in the folding furniture market over the next five years.

    Folding furniture distributors, Folding furniture suppliers, Logistics organizations, Government Bodies are the target audience in the folding furniture market.

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