July 16, 2024
Portable Beds

Portable Beds Market Set to Witness Growth due to Rising Demand for Space Optimization Solutions

The portable beds market offers easy and compact sleeping solutions that can conveniently fit inside closets, living spaces or under loft beds when not in use. Portable beds are ideal for small spaces and allow maximizing floor area. They come in various styles including murphy beds, sofa beds, loft beds, folding beds and bunk beds. Their frame can be easily assembled and dismounted, making the beds portable. They are an excellent option for occasional guests, small homes, RVs, student accommodations, and hotels. The growing need for space optimization solutions especially in urban areas with limited living spaces and rise in potential customers such as students and travelers is propelling the portable beds market.

The Global Portable Beds Market is estimated to be valued at US$ 8.13 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Portable Beds market are Nilkamal Furniture, Shree Rupnath Enterprises, SEDAC, The Bedder Way Co., Coleman, SICO Inc., Clei, FlyingBeds International., Jay-Be, Mattison Contract Beds, The London Wallbed Company, Avensis Furniture, Better Bed Company, Godrej Interio, Zeketrolleys, and The Elite Land General Trading.

Key opportunities in the market include rising demand from hospitality sector, deployment in emergency shelters and temporary accommodation facilities to cater large influxes of people. Rapid urbanization and need for multifunctional furniture also presents growth prospects.

Technological advancements include development of lightweight, easy to assemble/disassemble beds, integration of pull-out trundle beds and drawers, modular styles, and beds with built-in storage solutions

Market drivers: The increasing number of nuclear families and small spaces driving demand for space optimization solutions. Growth in hospitality industry expanding deployment of portable beds in hotels, hostels and other short-stay accommodations. Rising global tourism and need for temporary housing additionally propels the market.

Challenges in the Portable Beds Market

The Portable Beds Market Demand has witnessed increased demand over the years however there are certain challenges which are restricting the growth of the market. The key challenges include high cost of premium portable beds, lack of awareness about advanced features and benefits of portable beds. As consumers are often not informed about space saving features and contemporary design options available in the market, their adoption remains relatively lower. Moreover, budget constraints especially in developing regions limit the purchase of high cost portable beds. Manufacturers should focus on enhancing consumer education as well as developing cost effective products to address budget constraints and tap into untapped markets.

SWOT Analysis
Strengths: Growing popularity of portable beds due to benefits such as space saving and multifunctional use.

Weaknesses: High costs of premium portable beds remain unaffordable for lower income groups. Limited durability of basic portable beds restrict repeat purchases.

Opportunities: Emergence of online retail has improved access in remote areas. Growing home furnishing market presents new opportunities.

Threats: Intense competition from inexpensive conventional beds poses pricing challenges. Economic slowdowns adversely impact discretionary spending.

Geographical Regions

North America currently accounts for the largest share in the portable beds market in terms of value. This can be attributed to high disposable incomes and increasing home renovations in the US and Canada. Moreover, nuclear families and need for multifunctional furniture further aid market growth.

Asia Pacific is expected to witness the fastest growth during the forecast period driven by burgeoning middle class population, urbanization and changing lifestyles in countries such as India and China. Rapid infrastructure development and real estate boom have augmented the demand for home furniture including portable beds.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it

About Author - Ravina Pandya

Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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