The global furniture market is estimated to grow from $9.79 billion in 2021 to $14.32 billion in 2027, growing at a compound annual growth rate (CAGR) of 6.5%.
Today, the use of compact, folding furniture is increasing in populated cities around the world, driven by the emergence of compact homes. In big cities around the world, the living area of people is getting smaller and smaller.
More and more young people want to move to big cities for more options and active lifestyle. Therefore, compact folding furniture will be a useful and necessary solution to save living space, while keeping the user's essentials and improving their lifestyle in one small place.
All in all, compact foldable furniture is appreciated for its light construction and ease of use, which can be efficiently converted between different configurations. This type of furniture is gradually becoming more popular and efficient than traditional furniture, with a relatively bulky size.
The speed of urbanization and the rapid growth of the real estate market have affected the furniture industry. Moreover, millennials are now choosing living spaces for rent in the direction of multi-functional and easy-to-transport furniture. Therefore, experts predict that the folding furniture market will grow even faster in the coming time.
Based on product type, folding furniture is classified into table, sofa, bed, chair and other furniture. Folding chairs hold an important place in the folding furniture industry due to their versatility and necessity. Most of these products are assembled with plastic, but consumer tastes in furniture to add visual value have raised the bar for wooden decks, chairs.
Home furniture accounts for a large market share
Based on usage demand, folding furniture market has been segmented into commercial products and household products. The growing global residential and urban construction activities have spurred increased demand for folding furniture products for the home.
Meanwhile, the commercial products segment is expected to make a significant contribution to the market's development in the period 2021-2027. Compact furniture is used in many commercial properties, such as healthcare centers, corporate offices, and educational facilities. They are also available in restaurants and hotels.
Asia-Pacific (APAC) is the fastest growing region
Geographically, APAC is the fastest growing region for foldable furniture due to dense population density in major city centers.
In addition, the ongoing urbanization process and the increasing living standards of people in Asian countries have boosted the demand for affordable and space-saving furniture.
The booming construction industry in Asia due to rising middle incomes, growing middle class and accelerating residential infrastructure construction will drive the market growth in the coming years. .
Meanwhile, North America is also forecast to have a higher growth rate due to low demand for preserved furniture products. For the European region, interior spaces provided by the region's best interior designers are coming to the fore.
Impact of the Covid-19 pandemic
The outbreak of the Covid-19 pandemic has caused some countries to issue strict management regulations, resulting in disruption of furniture import and export.
The Covid-19 pandemic has adversely affected economies and industries in most countries around the world due to closures, business shutdowns and travel bans. These factors have hindered the consumer goods industry and thus become the limiting factor for the growth of the furniture market.
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