Report : Asia Pacific Folding Furniture Market Forecast to 2030 – Regional Analysis – By Product Type (Tables, Chairs, Sofas and Beds, and Others), Material (Wood, Metal, and Plastic), Application (Residential, Commercial, and Others), and Distribution Channel (Online and Offline)
At 8.1% CAGR, the Asia Pacific Folding Furniture Market is Speculated to be Worth US$ 2,098.35 Million by 2030, says Business Market Insights
According to Business Market Insights research, the Asia Pacific folding furniture market was valued at US$ 1,215.52 million in 2023 and is expected to reach US$ 2,098.35 million by 2030, registering a CAGR of 8.1% from 2023 to 2030. Rapid urbanization along with growing residential sector and rapid advancements in folding furniture are among the critical factors attributed to the Asia Pacific folding furniture market expansion.
Advanced folding furniture has gained traction among consumers owing to the rise in investments in research and development activities and an increase in the adoption of customized design patterns of folding furniture. In open-source furniture, one can suggest the design and patterns of a piece of furniture, which can then be sent to a CNC machine. A desired form of folding furniture pieces can then be obtained. Opendesk is considered to be one of the open-source furniture platforms that provide such type of dynamic and advanced pieces of furniture. Apart from this, the integration of multimedia technologies along with the utilization of advanced materials have generated numerous growth possibilities for the development of folding furniture. The demand for folding furniture with aesthetic features and modification abilities is rising. Additionally, consumers are shifting their preference toward modular furniture, which are quite flexible and have better potential to adjust to growing demand. Also, new research and development activities have facilitated technological modifications in such types of furniture, including incorporating heat-forming material and the capability to mold or bend, the 3D form of printed folding furniture without using traditional hinges or joints, and other such advancements. Such advancements in folding furniture have aided their adoption across the region. Also, they are equally space-saving, economical, and convenient for residential and commercial facilities.
Further, with the rapidly expanding household sector in developed countries and the growing preference for vertical apartments and luxurious housing facilities, consumers are focused on decorating their houses and balconies with advanced and space-saving folding furniture. Further, miniaturization in residential facilities has also promoted the use of folding furniture with multipurpose functionalities. Thus, increasing advancements in folding furniture is expected to provide lucrative opportunities to the players operating in the Asia Pacific folding furniture market.
On the contrary, high cost of raw material hampers the Asia Pacific folding furniture market.
Based on product type, the Asia Pacific folding furniture market is segmented into tables, chairs, sofas and beds, and others. The sofas and beds segment held 32.3% share of Asia Pacific folding furniture market in 2023, amassing US$ 392.63 million. It is projected to garner US$ 722.01 million by 2030 to expand at 9.1% CAGR during 2023–2030.
Based on material, the Asia Pacific folding furniture market is segmented into wood, metal, and plastic. The wood segment held 59.3% share of Asia Pacific folding furniture market in 2023, amassing US$ 720.83 million. It is projected to garner US$ 1,197.07 million by 2030 to expand at 7.5% CAGR during 2023–2030.
Based on application, the Asia Pacific folding furniture market is segmented into residential, commercial, and others. The residential segment held 60.2% share of Asia Pacific folding furniture market in 2023, amassing US$ 731.63 million. It is projected to garner US$ 1,277.55 million by 2030 to expand 8.3% CAGR during 2023–2030.
Based on distribution channel, the Asia Pacific folding furniture market is segmented into online and offline. The offline segment held 75.1% share of Asia Pacific folding furniture market in 2023, amassing US$ 913.09 million. It is projected to garner US$ 1,545.06 million by 2030 to expand at 7.8% CAGR during 2023–2030.
Based on country, the Asia Pacific folding furniture market has been categorized into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.3% share of Asia Pacific folding furniture market in 2023. It was assessed at US$ 405.27 million in 2023 and is likely to hit US$ 765.42 million by 2030, exhibiting a CAGR of 9.5% during the forecast period.
Key players operating in the Asia Pacific folding furniture market are Godrej & Boyce Manufacturing Co Ltd, Ashley's Furniture Industries LLC, Leggett & Platt Inc, Maxchief Europe SL, Inter IKEA Holding BV, Hussey Seating Co, and Dorel Industries Inc, among others.
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