Market Overview
The global wall bed market hardware is likely to touch USD 3.1 billion at a healthy 6.2% CAGR between 2019- 2024, as per the recent Market Research Future (MRFR) analysis. Wall beds, also known as a hide-a-bed, folding bed, or Murphy bed, simply put, is a functional furniture piece that can transform a room instantly into a bedroom. These vertical beds are folded against a wall and used for creating space in a bedroom. When not in use, these beds easily fold up against the wall, thus generating more space. They come in both double and single sizes and in both automated and manual versions. Owing to its alluring features and plentiful benefits, wall beds are widely used in commercial and residential sectors.
Various factors are propelling the global wall bed market hardware growth. As per the latest MRFR report, such factors include increasing population, the rising price of flats or spacious apartments that is influencing the creation of small-sized commercial spaces or homes that need optimum use of the space accessible, advances in technology, features, and design, the launch of automatic wall beds, rising urbanization, increasing disposable income, and improved living standards. Additional factors boosting market growth include the growing trend for solo trips and affordable vacation stay, advances in the furniture industry, demand for convenient products that need minimal space, and growing hospitality industry with inns, hotels, and motels equipped with modern amenities.
On the contrary, high cost and inconvenience for those staying in rental homes may limit the global market growth over the forecast period. Besides, the grave impact of the current COVID-19 outbreak has also impacted market growth.
Key Players
Eminent players profiled in the global wall bed market hardware report include BESTAR Inc. (US), Twin Cities Closet Company (US), Wilding Wallbeds (US), B.O.F.F. Wall Beds (Canada), The Bedder Way Co. (US), Wall Beds Manufacturing (US), FlyingBeds International (US), The WallBed Company (Australia), Bonbon Trading Ltd (UK), Murphy Wall Beds Hardware Inc. (Canada).
Market Segmentation:
The MRFR report offers an inclusive segmental analysis of the global wall bed market hardware based on end use, category, and bed size.
By bed size, the global market is segmented into double and single. Of these, the single bed size will lead the market over the forecast period.
By category, the global market is segmented into automated and manual.
By end use, the global wall bed market hardware is segmented commercial and residential. Of these, the residential segment will dominate the market over the forecast period.
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Regional Analysis
Based on the region, the wall bed market hardware report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific, & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Growing expat population in Canada and the US, growing demand for ready-to-assemble and innovative furniture, and the growing hospitality sector with inns, motels, and hotels providing advanced services including smart furniture are adding to the global market growth in the region. Canada and the US have a maximum share in the market.
The global wall bed market hardware in Europe is predicted to hold the second-largest share over the forecast period. High migration ration of people is adding to the global wall bed market hardware growth in the region.
The global market in the APAC region is predicted to grow at a fast pace over the forecast period. Lesser space accessible for accommodation and increasing population are adding to the global wall bed market hardware growth in the region.
The global market in the RoW is predicted to have steady growth over the forecast period.
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