Allied Market Research published a new report, titled, “Folding Bed Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
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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.
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.
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.
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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.
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.
The key market players profiled in the report include Hussey Seating Company, Ashley Furniture Industries, Inc., Leggett & Platt, Inc., Dorel Industries, Inc., Haworth, Inc., Flexsteel Industries, Inc., Ikea Holding B.V., Murphy Wall Beds Hardware, Inc., Maxchief Europe S.L., and Expand Furniture, Inc.
COVID-19 Impact Analysis
○ 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.
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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 from 2020 to 2030 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
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