Folding Furniture Market Size Worth US$ 4,754.29MN, Globally, by 2027 at 5.7% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 11, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Folding Furniture Market was valued at US$ 3,070.80 million in 2019 and is projected to reach US$ 4,754.29 million by 2027; it is expected to grow at a CAGR of 5.7% from 2020 to 2027. Folding Furniture Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (Table and Chair, Sofas, Beds, Table TV Trays, and Others), Application (Residential and Commercial), Material (Wood, Metal, Plastic, and Others), and Distribution Channel (Store-Based and Non Store-Based). The report highlights key factors driving the market growth and prominent players along with their developments in the market. With rising disposable income, shift in lifestyle, and rising trend towards the adoption of folding furniture, consumers are looking out for inspiring design for folding furniture which exudes relaxation, luxury, and comfort. It is attributable to the versatility, functionality, and style of the furniture developed, which has led to increased adoption of such furniture.

Based on product type, the folding furniture market is segmented into table and chair, sofas, beds, table TV trays, and others. In 2019, the table and chair segment held the largest share of the market. A few common types of folding furniture tables are the dining table, coffee table, and others. There is a range of specialized types of tables, such as drafting tables, used for architectural drawings. A combination of a table comes with two benches, mostly picnic tables, as often seen at camping sites and other events. Solid glass tabletop on a patio is quite popular.

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Waterproof folding tables are usually made of materials such as mahogany, cast aluminum, teak, PE wicker, plastic, and PVC wicker. These materials are durable along with they can withstand the elements of wind, rain, and sun exposure. This table is used for both outdoors and indoors. Folding chairs vary in design and are primarily made of wood, metal, and synthetic materials. Folding chairs, rocking chairs, loungers, armchairs, and many others are quite popular among the customers. All these factors propel the growth of the folding furniture market globally.

Folding Furniture Market: Competitive Landscape and Key Developments

Ashley Furniture Industries, Dorel Industries Inc.., Inter IKEA Systems B.V., La-Z-Boy Inc., and Leggett & Platt, Inc. are amongst the major market players operating in the folding furniture market. These companies offer their products worldwide, which helps them in catering to a wider customer base. These major players in the market are highly focused on the development of high quality and innovative products to fulfill the customer's requirements. Over the past few years, the companies operating in the market have realized the immense potential pertaining to the folding furniture market and were highly involved in strategies such as mergers & acquisition and product launch. For instance, in 2017, La-Z-Boy opened its 350th retail location in in Rockford, Illinois. The store occupies over 13,000 square feet, and offers a great selection of excellent looking furniture for entire home.

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Rising demand for portable, multifunctional and space-saving furniture is expected to provide growth opportunities for the folding furniture industry. Folding furniture promotes portability and space saving and, thus, is considered to be essential for modern living. Besides being space-saving option, folding furniture are quite flexible and possess the capability to be folded, compact in flat or a small size. Such piece of furniture can be easily transformed, collapsed, or folded creating better space portability. In general, folding furniture are counted under lightweight and easily deployable structures which possess the ability to get transformed between various configurations in easy and effective manner.

Hence, the demand for such form of furniture is quite high amongst consumers. With the rapid advancement backed by strong research activities and rising consumer demand for aesthetic and comfortability, manufacturers are coming up with innovative concepts such as paper folding furniture, furniture involving pop up architectures and others. Such type of furniture has been designed to suit consumer aesthetic framework and comfortability. With the rising trend, consumers are looking out for inspiring design for folding furniture which exudes relaxation, luxury, and comfort. It is attributable to the versatility, functionality and style of the furniture developed which has led to increased adoption of such furniture.

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Geographically, the folding furniture market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA). In 2019, Asia Pacific contributed to the largest share in the market. Attributed to region's flourishing economic conditions, there has been a spur in the region's industrial activities. The exponential growth in the residential and commercial sector drives the demand for folding furniture. The upsurge in the middle-class population along with growth in urbanization offer lucrative opportunities for the key players operating in the folding furniture market in Asia Pacific.

In 2019, the folding furniture market was dominated by Asia- Pacific region at the global level. The largest market share of the Asia- Pacific region is primarily attributed to the region's flourishing economic conditions, there has been a spur in the region's industrial activities. The exponential growth in the residential and commercial sector, has influenced folding furniture market demand. The region encompasses an ample amount of opportunities for the growth of the market attributable to the rise in foreign direct investments along with rise in manufacturing spending towards better product offerings. The upsurge in the middle-class population along with growth in urbanization provides ample opportunities for the key market players in the folding furniture market.

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Based on application, the global folding furniture market is bifurcated into residential and commercial. The residential segment led the market in 2019. The market growth for this segment is fueled by rising government initiatives on household electrification in the residential sector, majorly in emerging economies such as China and India. In addition, rising urbanization and increasing disposable income of the populace augments the residential construction activities. Also, growing focus toward economical, space saving, and portable furniture which could suit miniaturized residential structures is expected to drive the market growth for residential segment in the forecast period.

Further, the demand for customized or contemporary furniture designs have considerably gone up owing to the growing preference towards durability, luxurious and stylish appearance. All such factors are evitable that the consumer has developed preference towards the aesthetic appeal of the furniture, which is expected to propel the overall demand for folding furniture.

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Impact of COVID-19 Pandemic on Folding Furniture Market:

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are disrupting the business collaborations and partnerships opportunities. All these factors are anticipated to hinder the consumer goods industry and thus act as restraining factor for the growth of folding furniture market.

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