Folding furniture market worth $13.2 billion by 2022

The sector is expected to register a CAGR of 6.8 percent over the next five years.

Portable and folding furniture will be more in demand in the next years with a rising number of consumers having a one- or two-person household setting and dealing with reduced floor spaces. Allied Market Research reports that the sector will generate $13.2 billion by 2022, posting a CAGR of 6.8 percent through the forecasted period.

In terms of market share, Asia-Pacific is in the lead, followed by Europe. Both destinations are notable for rapid urbanization, high population, small living spaces and expensive rent. Europe's space-saving furniture, particularly, are gaining attention abroad, including a rotating wall that reveals a queen-sized bed using hydraulic mechanism.

The demand for folding furniture in the US and China, meanwhile, is driven primarily by smaller living spaces, urbanization and the millennials' high purchasing power, according to AMR analyst Yogiata Sharma. However, price increase in raw materials may slow further growth of the market.

As regards product type, the sofa is the most common, accounting for 3/5th of the total foldable furniture income. Murphy and wall beds will also become mainstream in the future, with several consumers adopting co-living settings.