Folding Furniture Global Market Report 2023: Sector Set to Pass $13.8 Billion by 2030 at an 8.5% CAGR

DUBLIN, May 9, 2023 /PRNewswire/ -- The "Folding Furniture Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to  ResearchAndMarkets.com's offering.

The publisher predicts that the Folding Furniture Market will exceed US$ 13.88 Billion by 2030.

Space-saving furniture designs are becoming increasingly popular in both households and workplaces, and innovations in this area are continuing to advance. In many major cities around the world, living spaces are shrinking due to high population density, which has led to other problems such as high energy costs and housing prices.

Transformable and space-saving furniture is one solution to these issues. The market for folding furniture is expected to grow in the coming years due to the rising demand for compact furniture, increasing per capita income, and higher standards of living.

Additionally, the growth of online shopping and e-commerce platforms has made it easier for consumers to access a wider range of folding furniture options. The market is also expected to be fueled by the increasing demand for compact furniture in office spaces and educational institutions, as well as the rapid pace of urbanization. In 2022, the folding furniture market was valued at US$ 7.20 Billion.

The Folding Furniture Market is expected to experience a robust Compound Annual Growth Rate (CAGR) of 8.55% from 2022 to 2030.

While the folding furniture industry is indeed growing, it faces several challenges that could hinder its growth in the future. These challenges include:

Shipping and Handling: Folding furniture can be bulky and difficult to transport, which can lead to higher shipping and handling costs for both companies and consumers.

Sustainability: With the increasing focus on sustainability and environmental responsibility, consumers are looking for furniture products that are eco-friendly and responsibly sourced.

Durability: Folding furniture needs to be able to withstand frequent use and folding without breaking or becoming damaged.

Perception: Folding furniture has traditionally been associated with lower quality and less durability compared to traditional furniture, which can impact consumer perceptions and willingness to invest in these products.

Regulations: The folding furniture industry may be subject to regulations and safety standards that can impact manufacturing and production costs.

Companies in the folding furniture industry can adopt several strategies to overcome the challenges they face. One approach is to invest in design and innovation to create unique and stylish folding furniture products that appeal to consumers. Another strategy is to prioritize quality control, which can help companies build customer trust and ensure that their products are safe and long-lasting. Improving shipping and handling and offering competitive pricing can also help companies make it easier for consumers to purchase and use their products.

Finally, companies can differentiate themselves from competitors by offering unique features, services, or experiences that set them apart in the market. Despite the challenges faced by the folding furniture industry, these strategies can help companies stay competitive, grow, and continue to innovate in this dynamic market.

Sofas have highest Market Share in Folding Furniture Market

By Product Type, Folding Furniture Market is divided into Chairs, Tables, Sofas, Beds and Others. Sofas are among the most favored and extensively-used categories of folding furniture, holding a significant portion of the folding furniture market. Their lightweight and foldable designs make them practical for consumers seeking comfortable seating options that save space and are easy to store.

Over time, sofa beds have gained popularity as they provide an easy solution for those needing a guest bed without having a spare room. These sofa beds can be conveniently folded out into comfortable beds for guests, then folded back up into sofas during the day. Although sofas dominate the folding furniture market, a wide range of other products is available, including foldable tables, chairs, beds, and storage units. These products are designed to be practical and space-efficient and are typically made from lightweight materials like plastic or metal.

Residential sector will have the Highest Market Share in the upcoming year in the Folding Furniture Industry

By Application, Folding Furniture Market is Sub-segmented into Residential and Commercial. As urbanization and smaller living spaces become more prevalent, there is an increasing demand for furniture that is versatile, space-saving, and easy to store. Folding furniture is becoming more popular in the residential sector due to its lightweight and foldable design, which satisfies these requirements. As a result, there has been a surge in demand for folding furniture in the residential sector, as people look to optimize their living space for work, relaxation, and storage. Although the residential sector may have the highest market share in the coming year, the folding furniture industry is expected to grow in both the residential and commercial sectors, as consumers and businesses seek practical and space-saving solutions for their furniture needs.

As the market for Folding Furniture continues to grow, Specialty Stores are likely to play an Increasingly Important role in the Industry

By Distribution Channel, Folding Furniture Market is classified into Supermarkets & Hypermarket, Specialty Stores, Ecommerce and Others. Specialty stores are becoming a major source of demand for folding furniture due to their ability to offer a diverse range of space-saving options that cater to the practical and functional needs of customers. The popularity of these stores is driven by the trend of urbanization and smaller living spaces, as consumers seek innovative solutions for their furniture needs. This has resulted in the rising popularity of folding furniture in specialty stores, owing to its versatility and space-saving features. The unique shopping experience offered by these stores is tailored to the specific needs of customers, making it easier for them to find the ideal folding furniture that fits their lifestyle and space requirements. As the folding furniture market continues to grow, the role of specialty stores is expected to become even more significant.

Wood has Highest Market share in the year 2030

By Material, Folding Furniture Market is segmented into Metal, Wood, Plastic, Glass and Others. Wood is expected to be the leading material in the folding furniture market, with the highest market share. Wood has been a preferred material for furniture production for many years due to its versatility, aesthetic appeal, and durability, making it suitable for various furniture styles, ranging from traditional to modern.

Additionally, wood is a sustainable resource that can be responsibly sourced and recycled, making it an ideal option for environmentally conscious consumers. As the demand for eco-friendly products continues to rise, wood folding furniture's popularity is expected to grow even further. Despite other materials such as metal, glass, and plastics being popular choices for furniture manufacturing, wood is anticipated to maintain its dominant market share in the furniture industry in coming years and beyond.

North America Dominates Folding Furniture Market

By Region, Folding Furniture Market break up into North America, Europe, Asia-Pacific, South America and Middle East & Africa. The folding furniture industry is currently dominated by North America, mainly due to the growing trend of urbanization and smaller living spaces in the region. Consumers are increasingly seeking versatile, space-saving, and easy-to-store furniture options, which have resulted in a surge in demand for folding furniture. Moreover, North America's strong consumer culture and high disposable income have made consumers more willing to invest in high-quality and innovative furniture products, including folding furniture. Furthermore, the region's well-established retail infrastructure has made it easier for consumers to access a wide range of folding furniture products.

Although North America currently dominates the folding furniture market, other regions such as Europe and Asia-Pacific are also experiencing growth in the industry. The increasing popularity of folding furniture and the rising demand for space-saving solutions worldwide are driving the growth of the folding furniture industry globally. As a result, it is expected that other regions will also gain a significant market share in the folding furniture industry in the coming years.

Product Type - Market has been covered from 5 viewpoints

1. Chairs
2. Tables
3. Sofas
4. Beds
5. Others

Application - Market has been covered from 2 viewpoints

1. Residential
2. Commercial

Distribution Channel - Market has been covered from 4 viewpoints

1. Supermarkets & Hypermarket
2. Specialty Stores
3. Ecommerce
4. Others

Material - Market has been covered from 5 viewpoints

1. Metal
2. Wood
3. Plastic
4. Glass
5. Others

Regions - Market has been covered from 5 viewpoints

1. North America
2. Europe
3. Asia Pacific
4. Middle East & Africa
5. South America

All the key players have been covered 3 Viewpoints

• Overviews
• Recent Developments
• Revenues

Company Analysis

1. Flexsteel Industries
2. Dorel Industries
3. Lifetime Brands
4. Home Depot
5. Bassett Furniture Industries
6. La-Z-Boy
7. Leggett & Platt
8. Haverty Furniture's
9. Hooker Furnishings
10. IKEA

Key Topics Covered:

1. Introduction

2. Research & Methodology

3. Executive Summary

4. Market Dynamics

5. SWOT Analysis

6. Porter's Five Forces

7. Global Folding Furniture Market

8. Global Folding Furniture Market Analysis - Penetration Rate (%)

9. Market Share - Global Folding Furniture Analysis

10. Product Type- Global Folding Furniture Market

11. Application- Global Folding Furniture Market

12. Distribution Channel -Global Folding Furniture Market

13. Material - Global Folding Furniture Market

14. Region - Global Folding Furniture Market

15. Key Players Analysis

Companies Mentioned

• Flexsteel Industries
• Dorel Industries
• Lifetime Brands
• Home Depot
• Bassett Furniture Industries
• La-Z-Boy
• Leggett & Platt
• Haverty Furniture's
• Hooker Furnishings
• IKEA

For more information about this report visit https://www.researchandmarkets.com/r/wik42h

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