Smart Wall Bed Market Scope
Market Research Future (MRFR) confirms that the wall bed market can attain a CAGR of 6.2% from 2020 to 2027. MRFR also adds that the market will reach a strong valuation of USD 3.1 billion by 2027-end.
Top Boosters and Key Restraints
Exploding the global population along with the expanding pool of nuclear families is presumed to work in favor of the wall bed industry. People traveling from rural areas and settling in urban areas have boosted the population density while leading to the reduced size of the rooms and simultaneous growth in the demand for wall beds. The rising popularity of studio apartments in cities across the globe has also elevated the use of wall beds. Studio apartments generally have cabinet and space constraints, which foster the need for wall beds that help transform the living room into a bedroom. The result is more space in the room. The emerging trend of aesthetic home décor among consumers has been favorable as well.
More and more manufacturers are working on developing wall beds with more advanced features. As a result, they spend considerably on rigorous R&D activities to augment product efficiency. These efforts by the players and the growing competition between them to capture a higher customer base across regions can also benefit the global market in the future. Besides, the stunning expansion of the e-commerce sector over the years has had a positive impact on the global market, with a surging number of companies trying to establish their distribution networks on online platforms to reach out to a higher number of consumers.
For a better understanding of the future smart bed industry’s growth prospects, MRFR has listed a few key segments, including bed size, category as well as end-use.
The wall beds are available in a variety of sizes, such as single as well as double. Single wall beds are far more affordable and are easily available in the market, based on which consumers are inclined towards these types.
The categories discussed in the market study of wall beds include automated and manual. Automated wall beds generally come with interactive and aesthetic features while being technically advanced compared to manual beds. As a result, these experience robust demand in the global market.
The end-users of wall beds are commercial and residential. A mounting number of homeowners, a thriving residential sector, and the emerging concept of nuclear families, especially in developing regions, have raised the demand for wall beds in the residential segment.
Wall bed industry can be geographically categorized as APAC or the Asia Pacific, North America, Europe, as well as Row or the rest of the world.
The wall bed market type has gained the highest traction in North America, where the total share came up to 48.53% in the year 2018. The region exhibits significant growth potential and will continue to lead the global market at the highest rate over the forecast period. The burgeoning ex-pat population in Canada and the US in conjunction with the heightened demand for creative furniture that has ready-to-assemble attributes have been favorable for the North American market. Also, the incredible growth of the hospitality industry and motels, inns, and hotels offering innovative services such as smart furniture that cross-promote other facilities like wall beds is bound to further push the market demand in the following years.
The Asia Pacific is a rapidly soaring market for wall beds, considering the fast-paced urbanization rate in the region and the improving economic status in line with living standards. The top brands in the region compete based on price and features, to attract a higher number of consumers. The highest demand for wall beds is witnessed among the youth, as more and more people are leaving their homes to live in rented apartments. Plus, people shifting from rural locations to cities or more urban areas has resulted in smaller rooms and higher requirements for wall beds. This trend is quite prevalent in the Indian market and as a result, the country is expected to perform extremely well in the coming years.
Europe is a highly profitable market, thanks to the rising number of studio apartments. The mounting consumer interest in home décor has raised the adoption rate of wall beds as well. Huge demand in hotels and even in hospitals would offer attractive opportunities to the major brands in Europe, over the coming years.
Murphy Wall Beds Hardware Inc. (Canada), Bonbon Trading Ltd (UK), The WallBed Company (Australia), FlyingBeds International (US), Wall Beds Manufacturing (US), The Bedder Way Co. (US), B.O.F.F. Wall Beds (Canada), Wilding Wallbeds (US), Twin Cities Closet Company (US), and BESTAR Inc. (US) are some of the top manufacturers of wall beds in the global industry.
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