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The wall beds market size is estimated to increase by USD 1,048.7 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 6.5%. The growth of the market depends on several factors such as the increased demand for space-saving home furniture, innovation and portfolio extension leading to premiumization, and the growing adoption of tiny homes.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased demand for space-saving home furniture is the key factor driving the growth of the market. This demand is more pronounced among people living in cities and metropolises around the world, usually in Tier-1 and Tier-2 cities. As housing units and apartments around the world continue to shrink, the need for space-saving wall-mounted beds and other furniture increases as one of the space-saving home furnishings, the wall bed, is multi-functional, compact, and easily fits into small rooms with little space.
In addition, major changes in the lifestyles of apartment renters are one of the main factors expected to increase the demand for small studio apartments in developed countries. That is why various suppliers such as Clei and Murphy Wall-Beds Hardware are increasingly offering these beds for flats and studio apartments. Hence, these factors are expected to boost the growth of the market during the forecast period.
An increase in demand for eco-friendly variants is the primary trend in the market. Many sellers in the market offer eco-friendly beds. For example, Flybed Home offers the Eco series wall Bed with lightweight and durable features. The growing awareness of environmental protection has led to an increasing demand for eco-friendly home furniture. Factors such as rising awareness of the impact of widespread deforestation on climate change have encouraged many home furniture manufacturers to adopt an eco-friendly approach.
Moreover, eco-friendly variants are made from plant-based or recycled fibers and raw materials. Customers gain knowledge of eco-labels and test them on furniture products before purchasing. Hence, the growing awareness of the benefits of using eco-friendly furniture products will propel the growth of the global wall bed market during the forecast period.
Volatility in raw material prices is a challenge that affects the growth of the market. Rising prices of premium raw materials used to make these beds, such as wood and steel, among others, have resulted in high production costs. Therefore, the market players sell the wall bed at a higher price than the market to cover the cost of production. In addition, due to fluctuating raw material prices, sellers can use cheap, low-quality materials to manufacture beds.
Another reason for commodity price volatility is increased globalization and uncertainties caused by wars or pandemics. These conditions impede the supply of raw materials, which can lead to raw material shortages and price increases. Hence, such factors are expected to create an imbalance in the supply chain and impede the growth of the global wall bed market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Wilding Wallbeds: The company offers wall beds such as Metro, Bristol, Dale, Euro, Fern, Nantucket, Portola, Ryland, and Tahoe.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. Offline distribution channels include physical stores. Most furniture products are sold through offline distribution channels, including retail forms, such as specialty stores, hypermarkets, supermarkets, boutiques, and department stores, and convenience stores. In addition, brick-and-mortar retail stores are still favored as they are considered trustworthy in both developed and developing markets.
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The offline segment was the largest segment and was valued at USD 2,174.10 million in 2017. Customers prefer to buy home furniture from department stores, hypermarkets, and supermarkets because they offer a wide range of products. In addition, low prices and a pleasant shopping experience (Owing to the store's ambiance and shelf display) attract customers to buy such beds in supermarkets and hypermarkets. The growing number of supermarkets in developed regions such as North America and Europe is expected to continue in the future. Hence, these factors are expected to drive the growth of the offline segment during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Strong consumer demand for such beds in the US, Canada, and Mexico is expected to contribute to the growth of the wall bed market in the region. Rapid urbanization, the taking over of communal living trends in the US, and growth in the real estate market are positively impacting the growth of the North American wall bed market.
Furthermore, the rise of various activities in the real estate and commercial real estate sectors in countries such as the US and Canada will further increase the demand for foldable wall-mounted beds in the region, driving the growth of the regional market. In addition, suppliers offer differentiated products in terms of design and material quality to establish a unique selling proposition in the market. Hence, these factors are expected to drive the growth of the regional wall bed market steadily during the forecast period.
The Market experiences a steady growth rate driven by the need for modular living solutions in spaces with pressure on space. Emphasizing adaptability and portability, they cater to rising populations and nuclear households, finding applications in motels, lodges, and hotels. With beds transforming into sofas, cupboards, and tables, they provide extra space and enhance home décor. Market growth opportunities lie in trade regulations, production analysis, and geographic expansions, fostering strategic market growth and technological innovations. Key players like Bedder Way Murphy Beds and Instant Bedrooms lead industry trends, focusing on product launches and geographic expansions to meet diverse consumer demands.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.5% |
Market growth 2023-2027 |
USD 1,048.7 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.05 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
9too5 Murphybed, BESTAR Inc., BredaBeds, Clei Srl, Flybed Home, Furl, HS Enterprises, Mahavir Steel and Wooden Furniture, Murphy Beds of San Diego, Murphy Wall Beds Hardware Inc., Ribbonic wallbed, SICO Inc., Spaceman Innovations Pte Ltd., The Bedder Way Co., The London Wallbed Co., Twin Cities Closet Co., Wall Beds Manufacturing Inc., Wallbeds Co., Wilding Wallbeds, and BOFF |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
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