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The growing need for optimized use of accessible spaces is likely to open lucrative avenues for the growth of the wall bed market. The wall beds are easily foldable horizontally or vertically against the wall. These folded beds generate more space in small-sized accommodation. These alluring aspects may bring substantial growth to the wall bed market during the forecast period of 2021-2031.
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Wall beds are used as functional furniture which can transform a room into a bedroom in no time. These beds are available in single and double sizes. They are available in manual and automated modes. The current trend of modular living has played a significant role in the growth of the wall bed market.
Based on the products, the wall bed market can be segmented into single and double beds. Based on application it can be classified into residential and commercial segments. By operation, the market can be bifurcated into the automatic operating system and manual operating system. The distribution channels for the wall bed market can be divided into retail, online, and specialty stores.
The team at TMR has curated this report on the basis of extensive research conducted by the team of analysts. They have studied various parameters and analyzed the current market scenario. The various parameters which have been studied thoroughly are the competitive scenario, current trends, latest developments, and regional prospects. The in-depth analysis of these factors provides a clear picture of the wall bed market. This information helps the stakeholders and CXOs to make proper investments and plan further growth strategies.
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Furthermore, the impact of the ongoing COVID-19 pandemic has also been included in this report.
The key players operating in the wall bed market are involved in exhaustive research and development activities to increase their production capacities and innovate technologically advanced products to ensure consumer satisfaction. The key players are investing in marketing and advertisement to expand the market reach. They are indulging in strategic planning to maintain their market presence. The new product launches and the efforts to create user-friendly and durable products may have a positive impact on the growth of the wall bed market.
The key market players in the wall bed market are Twin Cities Closet Company, Wall Beds Manufacturing, Flying Beds International, Murphy Wall Beds Hardware Inc., Closet Company, and More Space Place.
The wall bed market has shown robust growth due to the influence of modular spaces in urban areas. Rapid urbanization and industrialization have led to the rising need for accommodation. The utilization of small spaces such as studio flats that are available at lesser cost on rent or sale has become an urgent necessity.
The growing per capita income in developing countries has helped in the rising sales of residential spaces. Furthermore, the availability of small spaces is pre-dominant owing to the growing population. The wall beds also known as murphy beds help in the proper optimization of space. These beds look like sofas and can be converted into beds when required. Additionally, the innovations in wall beds can convert them into cupboards or tables when not in use. For additional space, they can also be pushed into the wall. The multi-functionality of the wall beds has made them popular, especially among the urban global population which may eventually contribute towards upscaling the growth trajectory of the wall bed market.
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However, the adaptability quotient and inconvenience in shifting it from one place to another may prove to be the major restraints for the market growth.
COVID-19 pandemic caused disruptions in the supply chains and hampered the growth of the market. Nevertheless, the situation is coming back to normal and the businesses are bouncing back and may augment the growth of the wall bed market.
North America is likely to be the frontrunner in the global wall bed market. The reason is, the growing population and significant demand for innovative modular furniture in this region. Asia Pacific may follow North America in growth trajectory owing to the growth in tourism activities
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