Folding beds are readily transportable and lightweight. They are utilized as an alternative for permanent beds. The crucial advantage of the folding bed is its portability and compactness. The panels are composed of plastic or lightweight wooden pliable metal frame coated in linen, canvas or nylon. Due to restricted living space, the market for folding beds has increased dramatically in recent years. Also, because of their multi-functionality and space-saving potential, they are the perfect replacement for regular beds. Rapidly urbanized housing has expanded, and the demand for these beds among the occupants has therefore grown. The non-residential market contributes globally to the development of mobile beds. These beds are mounted in hospitals, hotels, restaurants, hostels and health centers under the non-residential application. Portable beds are the ideal choice for a place or an apartment in the studio.
COVID-19 Impact Analysis
- As a result of the COVID-19 pandemic, the supply and distribution system had interrupted countries to apply a lockdown. The shift in operations and seller's actions affected output. Hypermarkets and convenience stores have been closed, resulting in a gap in demand and supply.
- With restricted work availability, a renewed supply of raw material and a logistic difficulty, the production process for folding bed has become an obstacle for enterprises.
- Consumers had shifted their interest toward essential goods and had no requirement for folding bed during the lockdown period. After lockdown, the demand is likely to grow as a limitation on outdoor movement will be eased.
Top Impacting Factors
- The need for a folding bed is fueled by the increasing growth of buildings with restricted space, an increase in outdoor activities, and high demand from hospitals. The aim is to encourage business development in the healthcare industry through higher investments.
- High manufacturing expenses might hinder the expansion of the sector. Changes to labour legislation and limited access to skilled workers resulted in higher pay and higher production costs. The raw materials used to make a folding bed are also strongly dependent on shifting housing patterns and outdoor activities that impact the entire development of the business. A limitation of supply owing to lack of trained employees affects the increased need for folding bed.
- Rapid economic expansion, increased disposable income, and restricted access to land will give several chances for the growing folding bed sector. In addition, there has been significant growth in demand for wooden folding bed due to increasing living standards and economic conditions.
The demand for folding bed is high in the residential sector.
The demand for folding beds in the residential sector dominates the market, and it is expected to register a healthy CAGR during the forecast period. The increasing residential construction activity across the world increases the demand in the market. The commercial segment is expected to contribute significantly to the market as the increased construction of commercial areas with restricted space will require a compact piece of furniture.
Investment in the health care sector is expected to increase the growth of the folding bed market.
The investment in the healthcare sector will increase the construction of hospitals and other healthcare centers. The new hospitals and health care centers will require folding beds for filling up the wards or cabins. A folding bed is compact in structure and will take less space than a conventional bed. The increase in the sale of folding bed will fuel the growth of the folding bed market.
An Omni-channel strategy is beneficial for the growth of the folding bed market.
Customers are opting for more convenient ways of buying folding bed by shifting to e-commerce purchases. Lack of transparency of details and inconsistent pricing is affecting the consumer to make a buying decision. As the world is moving towards digital business and mostly all transactions are occurring on the digital platform. It's an opportunity for the companies to interact with the consumers recognize their wants. A clear message about the product detail and proper mentioning of the price without any hidden charges will motivate the customer to approach the purchase.
Key Benefits of the Report
- This study presents the analytical depiction of the folding bed industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the folding bed market share.
- The current market is quantitatively analyzed to highlight the folding bed market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed folding bed market analysis on the basis of competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Who are the leading market players active in the folding bed market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Folding Bed Market Report Highlights
By Product Type
By Distribution Channel
Key Market Players
Murphy Wall Beds Hardware, Inc., Expand Furniture, Inc., Haworth, Inc., Flexsteel Industries, Inc., Dorel Industries, Inc., Ashley Furniture Industries, Inc., Ikea Holding B.V., Maxchief Europe S.L., Hussey Seating Company, Leggett & Platt, Inc.