Skyrocketing costs of properties have compelled the masses has led to the development of small-sized apartments or stores that requires optimum utilization of space. In order to address the need of the consumers, furniture market players are endeavoring to introduce space saving furniture such as wall beds. As per the study offered by Market Research Future (MRFR), the global Wall Bed Industry is expected to exhibit a moderate CAGR over the forecast period 2016 to 2027.
The ongoing trend of coffin home sin Honk Kong represents a horrifying picture of the reality of shrinking homes. Buying homes have become unaffordable in certain parts of the world while most of the developing regions are under the burden of overpriced properties. Increasing population is another major factor that is fueling property prices. All these factors have contributed to the increasing growth of the wall bed market. A similar trend is expected to be exhibited over the next couple of years. In addition, investments in marketing strategies to promote the availability and adoption of space saving furniture is expected to favor the proliferation of the market.
According to a study, wall beds facilitate in 20% expansion of the available area in the room. This, in turn, is projected to lead the shift towards these bed in the upcoming future. Apart from commercial applications, massive demand generation from the hospitality sector is anticipated to further expedite the growth of the wall bed market in the years to come. With the growing trends of solo trips and affordable vacation stays, industry leaders are anticipated to invest in wall beds to optimize their returns on investments across the review period. Thus, it is anticipated to augment the market.
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 is further sub-segmented into guest houses, hospitals, restaurants among others.
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The global players contributing towards the development of the global wall bed market and profiled in this MRFR report are Murphy (U.S.), Clei UK (UK), The London Wallbed Company (UK),Costco Wholesale Corporation (U.S.), SICO Inc. (U.S.), The WallBed Company (Australia), FlyingBeds International (U.S.), and Wall Beds Manufacturing (U.S.).
The global wall bed market, by region, has been segmented into four regions, viz. North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is currently holding the maximum market share owing to changes in lifestyle. The population has signified changes in preferences owing to the rising need for space at homes. This, in turn, has been projected to catalyze the growth of the wall bed market over the next couple of years. Furthermore, the current scenario of increasing migrants in North America and Europe are expected to create demand for more compact residential properties. These housing structures require multi-purpose furniture, which is anticipated to accelerate revenue creation for participants of the wall bed market.