Global Wall Beds Market 2019-2023 | 7% CAGR Projection over the Next Five Years
Posted by Loise Williams on December 18th, 2019
The wall beds market size is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
The rising demand for multi-featured wall beds is one of the major reasons for the growth of the market. In recent years, the need for wall beds with multiple functions has increased significantly, which has encouraged vendors to offer multi-featured wall beds. Consumers are increasingly seeking multi-featured wall beds as they offer higher returns on investment over conventional wall beds. Multi-functioning wall beds eliminate the need for other products, such as sofa, desks, cabinets, and closets, for different applications. They also save space, costs, and efforts and offer more convenience, which will be a key factor for the rise in demand for these beds.
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As per Technavio, the rising demand for eco-friendly and green furnishings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Wall Beds Market: Increase in Demand for Eco-Friendly and Green Furnishings
The market is witnessing a growing trend towards more eco-friendly and green furnishings. Consumers prefer eco-friendly furniture and furnishings such as those made from Moso bamboo, which is more durable than oak. The major reason for the shift toward green furnishings is environmental concerns such as awareness of climate change and the effect of deforestation on ecosystems. Therefore, the high demand for eco-friendly furnishing will drive the demand for wall beds made from eco-friendly materials, which is expected to fuel market growth during the forecast period.
“Apart from the increase in demand for eco-friendly and green furnishings, other factors such as the introduction of motorized wall beds, and the growing demand for wall beds with power and USB adapters will have a significant impact on the wall beds market growth during the forecast period,” says a senior analyst at Technavio.
Wall Beds Market: Segmentation Analysis
This market research report segments the global wall beds market by distribution channel (offline and online) and by region (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. The market dominance of North America can be attributed to factors such as the launch of innovative products, growing use of online platforms to buy furniture and furnishing products, and increased adoption of small/studio apartments.
Some of the key topics covered in the report include:
Five Forces Analysis
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About the AuthorLoise Williams
Joined: August 7th, 2019
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