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Wall Bed Market Scenario
The growing magnitude of the problem of modern housing crisis in various urban areas of the globe has resulted in innovation in design and construction technologies that could enable flexible housing and furnishing options. Wall beds are designed to be stored or pushed inside a cabinet or closet, vertically against the wall. Wall beds are extensively used for space-saving applications and are gaining momentum lately. Market Research Future (MRFR) has recently launched a report on the Global Wall Bed Market, covering the key dynamics that can impact the market over the forecast period of 2016-2027. As per MRFR's analysis, the wall bed market is likely to expand at a healthy CAGR over the forecast period.
Towering cost of residential properties has compelled consumers to resort to space-saving furniture’s that are flexible and can make optimum utilization of available space. In Hong Kong, the trend of coffin homes depicts the harsh reality of shrinking homes. Developing countries are burdened with the challenge of overpriced properties, which are not affordable by the general mass. Such factors have influenced the global wall bed market positively.
The growing problem of space density is projected to increase in the coming years, which is likely to accelerate the growth of the wall bed market. Many young people flock to different parts of the world in search of better job opportunities and are faced with severe space constraints. Wall beds are ideally suited to accommodate more people in space-constrained areas.
The ongoing trend of home-office is also gaining grounds in various parts of the world. Wall beds allow bedrooms to be transformed into an office or commercial space, which is anticipated to spur the demand for wall beds.
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Competitive Landscape
Clei UK (UK)
FlyingBeds International (U.S.)
The London Wallbed Company (UK)
SICO Inc. (U.S.)
The WallBed Company (Australia)
Murphy (U.S.)
Wall Beds Manufacturing (U.S.)
Costco Wholesale Corporation (U.S.)
Industry Updates
June 2019 - IKEA, Swedish home furnishing giant, partnered with American start-up Ori on Rognan, to create more flexible living areas in compact homes. The combination of IKEA's Platsa storage solution and Ori's robotic platform has resulted in the development of a system that amalgamates mechanics, software, and electronics to create a moving bank of furniture.
Segmentation
The global wall bed market has been segmented based on single-wall bed, double wall bed, and application.
By single wall bed, the global wall bed market has been segmented into 2ft, 2.5ft, 3ft, and 3.5ft.
By double wall bed, the wall bed market has been segmented into 4ft, 5ft, more than 5ft.
By application, the global wall bed market has been segmented into residential and non-residential. The non-residential segment has been further segmented into guest houses, hospitals, and restaurants.
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Regional Analysis
Region-wise, the wall bed market has been segmented into North America, Rest-of-the-World (RoW), Asia Pacific (APAC), and Europe.
North America accounts for the largest share of the global wall bed market. The shortage of living spaces has led to the increased adoption of wall bed in the region. Residential space is very expensive in the region and considering the number of migrants residing in the country, wall beds have become immensely popular in the region. In addition, the region has a considerable presence of major market players, which gives it a competitive advantage over others. Constant product innovation by these players is reflecting positively on the growth of the market.
The Europe market is likely to be driven by the consolidating trend of compact residential properties, where wall beds are ideally suited.
The APAC market is also poised to showcase noteworthy growth over the forecast period. Booming population in the region has propelled the demand for wall bed in densely populated areas of the region such as China, Japan, and India.
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