The India folding furniture market
is anticipated to be driven by growing demand for space-saving furniture
products designed specifically for small spaces. The size of the houses is
shrinking as the country's population grows. People have started living in
small houses or flats as a result of industrialization and other factors. According
to the study, the average apartment size in the top seven cities - Mumbai
Metropolitan Region (MMR), Delhi-National Capital Region (NCR), Pune, Chennai,
Bengaluru, Hyderabad, and Kolkata - has decreased by 27% in the last five
years, falling from 1,400 sq ft in 2014 to nearly 1,020 sq ft in 2019. The main
reason for the growth of folding furniture is its compact structure and
multiple usability, such as sofa bed, folding ladder, folding chair bed,
folding recliner chair, and so on. Another reason for their popularity is their
low cost online availability, which has increased the market growth.
The real estate industry's
rapid expansion is helping to drive up demand for folding furniture in both
residential and business settings. In addition, the market is growing as a
result of the rising trend of small and integrated modular homes brought on by
the rise in nuclear families. This is also addressed by the rise in popularity
of minimalist furniture types brought on by shifting lifestyles and quick
urbanization. Furthermore, major players are selling customized furniture
through online retail channels.
Increasing Demand for
Space-Saving Products Boost the Market Demand
The increase in the number of
small rooms and the shifting trend towards smaller flats has increased the
market demand for folding furniture. When not in use, these products take up
the least amount of space and are just as functional and useful as any other
type of furniture. While this feature is especially useful for small spaces, it
allows to easily organize the favorite decorative objects. Rather than
disorganizing the home and making it appear gloomy, investing in folding
furniture to solve the space problem quickly and effectively is the better
option. The space-saving furnishings address a variety of issues and are
designed to fit easily into the space. The folding chair, table, and bed are
among the most popular home furnishings designs in India these days. As people
become more concerned about saving space, the market for folding furniture is
expected to grow in the coming years.
Easy Portable Furniture Fueled
the Market Growth
Moving heavy items from one
location to another is one of the most difficult tasks that arise while
shifting to a new house. Also, when
moving things to a new place, furniture is frequently harmed by starches, etc.,
which is the main growth opportunity that drives the folding furniture market
growth. These issues will not arise because folding furniture is simple to
transport from one location to another. For example, Nilkamal foldable
furniture is very well built and automated, so that it can be easily moved from
one spot to another. Furthermore, foldable furniture is lighter than
traditional furniture, making it the most popular type of furniture. Furthermore,
the rise in demand for minimalist furniture designs is driving the growth in
the market.
Rising Residential Sector
Boost the Industry
The need for folding
furniture is rising due to factors such as growing urbanization, increasing
residential construction activities, and rapid advancements in the field of
folding furniture.. According to a PropTiger.com report, (which is an online
real estate advisor portal) home sales in India's eight prime housing markets
increased by 13% in 2021 compared to overall sales in 2020. In terms of new
supply, 2021 saw a much sharper increase than 2020, with 2.14 lakh units
launched in 2021 compared to 1.22 lakh units in 2020, representing a 75%
increase. Residential customers are particularly fond of folding chairs,
tables, sofas, mattresses, table trays, and other items of furniture. This type
of multi-functionality and space saving features improve the interior design of
the room. However, the sudden COVID-19 pandemic and the ensuing acceptance of the
work-from-home (WFH) model have also aided in the widespread use of folding
furniture to design unique working areas in houses. In such a scenario, people
have begun to decorate and repurpose their living spaces in order to make them
worthwhile. In the process, consumers have realized that space-saving furniture
that doubles as two or three things or can be folded and stored in compact
forms are currently the go-to products, which has led to an increase in the
market demand during the forecast period.