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Wall beds or murphy beds are the types of beds that are available in vertical or horizontal design and are equipped with a built-in folding mechanism by which they can be easily folded against the wall. Wall beds save the space in the room when they are not in use as they can be folded vertically and kept parallel to the wall and thereby allows optimized space utilization. This is the major factor expected to drive the growth of the wall beds market.
The availability of a wide variety of products for wall mounted beds such as bunk beds, beds with side tables, and beds with storage options among others is expected to fuel its demand. Manufacturers are focusing on offering innovative products in order to attract consumer bases such as lower weight wall bed design options, wall beds with antimicrobial protection coatings, and wall beds which can be operated with remote. This in turn is expected to positively impact the growth of the market.
The ever-increasing world population coupled with an increasing standard of living has resulted in better housing requirements. For instance, according to, United Nations, the world population was 7.6 billion in 2017 and is estimated to reach 8.6 billion by 2030. Therefore, the increasing population has led to the need of efficient space utilization options. Wall beds allow to maximize the space available which is expected to drive the demand of the global wall beds market over the forecast period.
The number of nuclear families and the number of individuals staying alone at home is increasing across the globe which is expected to propel the demand for wall beds market. Individuals who stay alone need to efficiently use space and money and wall beds provide an alternative to buying different beds, desk, and the wardrobe, as all the three can be included in the one single unit of wall bed resulting in saving of space as well as money. For instance, according to the article ‘The cost of living alone’ published by the office of national statistics U.K. in April 2019, in the U.K., the number of people who are living alone in the house reached 8 million in 2018 from 7.7 million in 2017. Moreover, as per the same source, the number of one-person households is expected to reach 10.7 million by 2039 in the U.K.
Moreover, increasing awareness regarding home décor & home furnishing, availability of various design options to choose from such as vertical or horizontal and wooden finish or metal finish wall beds along with the availability of custom made wall bed products according to the architectural requirements of a particular house is expected to positively impact the growth of the market.
However, alternative products such as sofa beds and folding beds which are multipurpose and also provide more storage space are available in the market. This factor is therefore expected to hamper the growth of global wall bed market.
Key Market Driver -
Increasing number of nuclear families and individuals staying alone at home is expected to positively impact growth of wall beds market
Key Market Restraint -
Availability of alternatives is expected to hamper the growth of the market
Some of the major players in the global Wall Bed market include Murphy Wall Beds Hardware Inc., Wilding Wall Beds, Furl, The London Wallbed Company, Wall Beds Manufacturing, Inc., BREDA Inc., Bonbon Trading Limited, SICO Incorporated, The Bedder Way Company, and BESTAR Inc.
Players operating in the market are focused on adopting different growth strategies such as new product development in order to gain strong foothold in the market. For instance, Resource Furniture company offers a wide variety of sofa wall bed where when the wall bed is closed it can be used as a sofa. Under this category, company offers, multipurpose queen-sized wall beds, transforming twin murphy beds for children and also sofa cum bunk bed combinations.
The global Wall Bed market is segmented into by bed type, by bed material, by size, by operation, by application, and by region.
Based on bed type, the market is segmented into single and double. The single wall bed is expected to hold the major share in the global wall bed market during the forecast period owing to cost-effective and convenient nature of single wall bed over double wall bed.
Based on the bed material, the market is fragmented into the metal and wooden wall beds. Metals such as stainless steel or aluminum are used for wall beds which is expected to hold the major share in the global wall bed market. This is owing to metal wall beds are of lighter weight and offer better stability & durability and are free from microbial attacks than that of wooden wall beds.
Based on size, the market is segmented into king, queen, and others. Queen sized wall bed segment is expected to account for the significant share in the global wall bed market as queen-sized wall beds are suitable for use by one adult, two adults as well as for children. Additionally, queen-sized wall beds are more cost-effective as they can serve the purpose of space saving in lower price and offering similar comfort as compared to king-sized beds.
Based on operation, the market is segmented into manual and automated. The automated segment is expected to hold a major market share owing to ease of folding offered by automated beds. A remote can be used to mount or demount the bed easily on the wall for automated wall beds.
Based on the application, the market is segmented into residential and commercial. The residential segment is expected to witness strong growth in the global wall bed market. This is owing to the increasing adoption of wall beds in studio apartments across the globe.
Geographically, the global Wall Bed market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is expected to hold major share in global wall beds market over the forecast period. This can be attributed to an increased number of nuclear families and the growing culture of children staying away from home at studio apartments in the region. Additionally, this can be attributed to the increased number of international students coming to countries such as U.S. and Canada which stay in sharing apartments where space utilization becomes an important factor. For instance, according to the ‘Current Population Survey’ published by U.S. Census Bureau in November 2019, total number of households reported was 1,28,579 in 2019 in the U.S. of which the households where two people stay in the house held the highest share followed by households where only one-person stay. As per the same source, the number of households where 2 people stay in the house was 44,373 and the number of households where only one person stay in the house was 36,479 in 2019 in the U.S.
Moreover, Asia Pacific is expected to gain significant market share which can be attributed to a number of factors including increasing urbanization, increasing standard of living, increasing access to wide variety of wall bed products and increasing disposable income of the populace in the region.
Additionally, Asia Pacific region has the presence of most populous countries in the region such as India and China. In these countries, the availability of land is lower as compared to the country’s population which has resulted in higher population density as compared to countries in other regions. For instance, according to World Population Prospects 2019 published in August 2019, Asia held the highest population density among all the regions in 2018. The population density of Asia was 144.3 persons per sq. km in 2016 which increased to 147.0 persons per sq. km in 2018 and it is estimated to increase to 149.6 persons per sq. km by 2020.
Higher population density that is a higher number of individuals staying in a smaller area in Asia Pacific makes saving of the space as one of the important factors for living to accommodate more people in lower space availability. Wall beds allow convenient use of the space available. Therefore, owing to space constraints in countries of Asia Pacific, it is expected to drive the demand for wall beds in the region and contribute to the growth of the global wall beds market.
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