Global Folding Furniture Market Size, Share, Growth Analysis, By Product(Table & Chair, Sofa), By Distribution Channel(Offline and Online) - Industry Forecast 2024-2031

Global Folding Furniture Market size was valued at USD 8.60 billion in 2021 and is poised to grow from USD 9.27 billion in 2022 to USD 16.90 billion by 2030, growing at a CAGR of 7.80% in the forecast period (2023-2030).

The demand for space-saving and versatile furniture has increased as a result of the prevalence of small-space residences in many different countries. Compact and versatile furniture is also preferred by millennials who opt to rent their homes, which is expected to drive the global market.

In order to mimic the aesthetically pleasing qualities of classic furniture, businesses are creating foldable tables and chairs made of metal and wood. Growing consumer demand for small-space furniture has enabled businesses to release additional items, like study tables, racks, & storage boxes with folding features. For instance, Inter IKEA Systems B.V. introduced space-saving shelving units with folding tables in 2021. These tables are easily usable as both a workplace and a dining table.

These modern goods have been made possible by the rising costs of traditional wood furniture as a result of growing environmental concerns. Lightweight materials like plastic & mild steel are used in the production of this furniture. Because they are more affordable and more durable, metal and plastic folding furniture is becoming more and more popular. For example, Lucid Mattress offers a folding aluminum bed frame with sturdy wired grid supports to properly modify the mattress.

Additionally, the idea of folding furniture has gained popularity due to the shifting tendency towards small-sized dwellings as a result of the growing population and urbanization. The average size of a new flat in Tokyo is 680 square feet, and the average size of an existing flat is 647 square feet, according to Tokyo Kantei. The typical area of a new flat in the United States is 941 square feet, a decrease of 5% over the past ten years. As a result, there is a greater market need for foldable furniture due to the reduction of living space in flats.

In addition, the inclination for one- and two-person families has changed, making room for furniture that takes up less room. For instance, in the European Union-28, single-person homes accounted for around 33.9% of all families, whereas private houses made up 25.1% of two-person households. The introduction of new products is another area of emphasis for manufacturers via mergers and acquisitions. For instance, COS and HAY worked together with Spanish designer Tomas Alonso to create two foldable oak tables.