The wall bed market size is expected to reach USD 3794.7 million by registering a CAGR rate of 6.53% in the forecast period, according to the market analysis. Wall beds are also called fold-down or pull-down beds that can be mounted to walls vertically or horizontally. These beds are made from steel or wood and gaining rapid popularity. Wall beds are used to create space in the bedroom. When the wall beds are folded, they generate more space that makes it easier for the people. These kinds of beds are the best of studio apartments and homes with less space. The wall beds come with a spring mattress and metal frame.
Wall beds are very comfortable because the mattress on the beechwood slats offers comfort and support to the mattress. With the shifting population from rural areas to urban areas, smaller size rooms and rising population density favor wall bed market growth. The foldable beds can be used in the same room for multiple purposes, increasing the demand for the market. Wall beds can make the room better by creating more space, and it enhances the aesthetics of the room as well.
The trend of interior decoration will also boost the demand for the wall bed market. The house furnishing companies are also using these kinds of beds to create invisible beds in the room. Additionally, the beds are coming with new designs and various light systems that make these beds even more useful. With the help of advanced technology, the wall beds are integrated with cabinets to offer storage. Furthermore, these beds can be operated remotely, and there are automatic wall beds available with sensors. Also, some automatic wall beds have highly advanced technology that helps the bed fold and unfold easily.
COVID-19 pandemic was due to the rapid spread of coronavirus. This disease was very dangerous, and there was no medicines or vaccine for it. As a result, governments worldwide decided to impose a lockdown to slow down the spread of the virus. The lockdown resulted in a business crisis as the manufacturing plants were closed and production works were halted. Due to this, the supply chain got disrupted, and the businesses suffered massively. The market went through the same as well due to lack of production. The wall beds are used in hotel rooms, but due to the pandemic, the hotel was closed. Also, due to travel restrictions and disruption in transportation, the supply of raw material got interrupted.
Moreover, wall beds are costlier than normal beds, and due to pandemics, people were financially suffering, and they were not ready to invest money in this. All of the factors declined the wall bed market growth. Now the situation is coming back to normal, and it is expected to boost the demand of the market. The key players are trying their best to recover from the loss during the pandemic.
Key market Players
One of the major drivers in the wall bed market growth is the increasing population. Due to the rising population, utilization of space has become very important. According to the current population survey published by the U.S. Census Bureau in 2019, the total number of households reported was 1,28,579. The households where two people stay held the largest share, followed by households where only a single person stays. Additionally, the availability of a wide variety of wall beds such as beds with tables, bunk beds, beds with lighting, and storage options are expected to fuel the demand. The manufacturers are focusing on offering innovative products to the customers, such as a bed with an anti-bacterial coating, lightweight bed, and remotely operated beds which will drive the market trend. Furthermore, the increasing standard of living with the rising population will lead to better housing requirements.
The number of families and individuals living in the home is increasing, which is predicted to bring opportunities for the market. Individuals who stay at home alone need to use space efficiently, and the wall beds offer an alternative to buying desks, beds, and wardrobes, which will bring opportunities in the market. Increasing home décor awareness and home furnishing and availability of various design options will also create many opportunities for the market.
Many alternatives of wall beds such as folding sofa and folding beds that offer more storage are likely to hamper the wall bed market growth. Also, most people stay in rented houses or apartments, which don’t allow them to install wall beds. These beds are not portable and need to have a wall mounting system that will restrain the growth of the market.
There are many challenges in the market, just like any other market. But one of the major challenges is the lack of awareness of wall beds in the underdeveloped regions. People are not aware of these kinds of beds. There is very limited access to these beds, which can be another challenge in the market. But the market key players are trying to overcome these challenges and propel the wall bed market trend.
Cumulative growth analysis
Many factors are increasing the wall bed market size, and due to that, the market is expected to register a healthy CAGR during the forecast period. The market is set to show a promising result in the future.
The wall bed market is segmented based on type, material, operation, and end-use
Based on the size, the market is divided into single and double. The single-size bed is expected to hold the highest wall bed market share in the forecast period owing to the convenient and cost-effective nature of the single bed.
Based on material, the market is segmented into metal and wooden wall beds. Metal beds are expected to register the highest market share owing to their lighter weight, durability, and stability. Wooden beds are more prone to microbial attacks.
Based on operation, the market is divided into manual and automated. The automated segment is predicted to hold the largest market share owing to the east of folding offered by the automated beds.
Based on end-use, the market is segmented into commercial and residential. The residential segment is predicted to witness huge growth in the global wall bed market owing to the rising adoption of wall beds in studio apartments.
The major regions in the market are North America, South America, Europe, Asia Pacific, and the middle east& Africa. The North American region is expected to hold the highest wall bed market share due to the increased number of nuclear families and growing demand for studio apartments. Also, rising international students coming for studies are staying at sharing apartments where space utilization becomes crucial.
Moreover, the Asia Pacific market is growing at a faster rate owing to the presence of the most populous countries in the region, such as China and India. In these countries, land availability is lower than the country’s population, which results in a high population density. Higher population density has encouraged people to utilize the space better, which will boost the demand for the market in this region.
The major key players in the wall bed market are
Among these key players, Twin Cities Closet Company (U.S.) contributes highly to the market.
This market report gives both qualitative and quantitative wall bed market analysis. It also provides the market situation during a covid-19 pandemic and how the pandemic affected the market growth. It highlights the market dynamics such as drivers, restraints, challenges, and opportunities. This report gives an in-depth idea about the segments in the market and competitive landscape and includes recent developments.
By bed type
By bed material
|Market Size||USD 3794.7 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Bed Size, By Category, By End Use, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Wall Beds Manufacturing (U.S.), The Bedder Way Co. (U.S.), Murphy Wall Beds Hardware Inc. (Canada), B.O.F.F. Wall Beds (Canada), FlyingBeds International (U.S.), Wilding Wallbeds (U.S.), Twin Cities Closet Company (U.S.), BESTAR Inc. (U.S.), Bonbon Trading Ltd (U.K.), The WallBed Company (Australia)|
|Key Market Opportunities||Advancements In The Furniture Industry|
|Key Market Drivers||Growing Hospitality Industry|
Wall bed market is projected to grow at a 6.53% CAGR between 2020-2027.
North America is expected to dominate the wall bed market.
Wall bed market is predicted to touch USD 3794.7 Million by 2027.
Growing hospitality industry and advancements in the furniture industry are the key factors driving the wall bed market.
High cost may limit the wall bed market growth.