Folding Furniture Market To Reflect Tremendous Growth Potential With A CAGR Of 6.5% By 2025: Grand View Research Inc.

February 04 09:22 2021
Folding Furniture Market To Reflect Tremendous Growth Potential With A CAGR Of 6.5% By 2025: Grand View Research Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a recent report published by Grand View Research Inc., demand for flexible furniture in homes with a space-crunch and multi-purpose products by the millennials is likely to accelerate market expansion.

The global folding furniture market size is expected to reach USD 4.8 billion by 2025, registering a CAGR of 6.5%, as per a new report by Grand View Research, Inc. Shifting trend towards shrinking apartment size due to rapid urbanization and increasing population has resulted in significant acceptance of foldable furniture. 

Preference for portable and folding furniture has increased exponentially in the past few years.  According to Tokyo Kantei, in 2017, the average size of a new apartment in Tokyo was 680 sq.ft and a size of 647 sq. ft. for an existing apartment. Whereas, the average size of new apartments in U.S. is 941 sq. ft., which has reduced by 5% in ten years.

Manufacturers are keen on introducing new product variants by incorporating advanced technology and other businesses strategies like mergers & acquisitions. For instance, in February 2019, Inter IKEA Systems B.V. has launched space saving shelving units with foldable table, which can be easily used as a desk as well as a dining table.Offline retail led the market with the largest share of more than 75.0% in 2018. Dominance of brick and mortar stores has created intense competition among the key players such as in Raymour & Flanigan, Inter IKEA Systems B.V., and Ashley Home Stores, Ltd. across the globe. 

U.S. folding furniture market size, by product, 2015 - 2025 (USD Million)

Folding Furniture Market Highlights

  1.   In January 2021, IKEA joined the Bernie Sanders memewagon and rolled out the infamous ‘grumpy chic’ for its folding chair and mittens. It became 2021’s hottest meme and carved itself a spot in the pop culture

  2. Mousarris’s rippling table has gained enormous attention due to its unique design and this has spurred up the market sales as more people are purchasing folding chairs to accent the rippling table 

  3. The Covid-19 pandemic halted all motor racing sessions and turned championships into virtual gaming gatherings. This has prompted racing cockpit manufacturers to develop an intermediate solution: foldable simracing frames that can accommodate standard motorsport hardware systems and be easily folded away for storage between uses. Next Level’s GT Lite is a suitable example of a  basic wheel and pedals set-up

  4. In June 2020, MityLite, an award-winning commercial furniture manufacturer, announced the launch of two new products under its FlexOne Series Folding Chair line. The FlexOne FX comes with an upholstered seat, FlexOne CS is the standard option, and FlexOne LX has an upholstered seat and back support

  5. By product, folding sofa is projected to reach USD 2.5 billion by 2025, on account of the increasing consumer demand for homes with a space-crunch

  6. North America is anticipated to expand at the fastest CAGR of 7.2% by 2025 due to the ongoing investments made in smaller living spaces

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Folding Furniture Market Segmentation

Grand View Research has segmented the global folding furniture market by product, distribution channel, and region:

Folding Furniture Product Outlook (Revenue, USD Million, 2015 – 2025)

  • Table & Chair

  • Sofa

  • Bed

  • Others

Folding Furniture Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)

  • Offline

  • Online

Folding Furniture Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

List of Key Players in Folding Furniture Market

  1. Flexsteel Industries, Inc.

  2. Haworth Inc.

  3. Meco Corporation

  4. Dorel Industries Inc.

  5. Murphy Wall Beds Hardware Inc.

  6. Ashley Furniture Industries

  7. La-Z-Boy Inc.

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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