Sofa Beds Market Size, Share, Growth, and Industry Analysis by Type (Stent Sofa Beds & Cushion Sofa Beds), By Application (Residential Use & Commercial Use), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Sofa Beds Market REPORT OVERVIEW

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The global sofa beds market size was USD 14000 million in 2021 and market is projected to touch USD 23704.4 million by 2031, at a CAGR of 5.41% during the forecast period.

A sofa bed, also known as a sofa-beds, hide-a-bed, bed-couch, sleeper-sofa, or pullout sofa, is a piece of multipurpose furniture that typically consists of a sofa or couch with a metal frame and thin mattress concealed beneath the seating cushions, which can be opened up to create a bed. Despite the fact that sofa-beds frequently use futon mattresses, a western-style futon is different from a sofa-bed. When a pull-out sofa bed is opened, the mattress beneath the couch seating rises to the same level as the rest of the couch. Other options include daybed couches or futons, both of which frequently conceal a folded mattress inside.

They attempt to resemble a typical sofa with cushions and armrests, but they also have springs, a mattress base, and other conversion-related components. Compared to twin or queen sofas, full sofa-beds are made of higher-quality materials and can be used for longer periods of time. Despite the fact that their prices have remained high, they have been growing in popularity over time. When a homeowner needs to make the most of their small living space and convert it into an additional sleeping area for guests or family, these sofas are fantastic.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

For consumer goods companies, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for consumers in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of consumers are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall consumer industry. This has partially impacted the sofa beds industry.

LATEST TRENDS

"Sustainable Products to Boost the Market Growth"

The use of sustainable products is the main trend driving the market. Nowadays, formaldehyde-based products are primarily to blame for people's skin irritation and breathing issues. Therefore, consumers are moving toward using formaldehyde-free sofa sets and chairs made of sustainable materials like recycled textiles, bamboo, rattan, and others in order to avoid such situations. Furthermore, the demand for newer styles of various sofa-beds in such settings is likely to decrease due to the growing adoption of interior designs like cubicles, anchoring points, and others in corporate infrastructure settings. Growing consumer interest in outdoor recreation activities like gardening and planting will open up new markets for patio furniture like garden chairs. The demand for ergonomically designed chairs, sofas, and gaming tables is also likely to decrease due to rising PC and laptop gaming trends among consumers worldwide. The industry is anticipated to grow during the forecast period thanks to this trend. Thus, it is anticipated that the surging demand for sustainable products will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

Sofa Beds Market SEGMENTATION

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• By Types 

Based on type, the market is classified into Stent Sofa Beds & Cushion Sofa Beds.

• By Application

Based on the market is categorized into Residential Use & Commercial Use.

DRIVING FACTORS

"Commercial & Household Use of Product that Gives the Market Extra Boost"

Commercial and domestic use of products is the main factor boosting the market. When people don't have enough room at their homes, they can use sofa beds in the home to accommodate overnight visitors. They can also be used to accommodate children during sleepovers or for overnight guests from friends and relatives, which helps the market grow. There are many different kinds of sofas, some of which have high-end features like memory foam and high-tech materials. It's the ideal solution for people who want to save money on additional lodging costs or who have extra guests staying over but don't have enough room. When you have a second visitor staying at your home, you can use a sofa bed. They are helpful during business meetings, when guests are coming over for dinner, or even when you are watching TV with friends and family. They are useful when you have overnight visitors, as was already mentioned. They can either pull out to become a regular sofa or can be used as a bed. The market demand is anticipated to be driven by all of these factors. As a result, the growth, and the increasing use of product in commercial and household will boost the market. It will contribute to the expansion of the consumer goods industry and it will improve the overall sofa beds market growth.  

"Various Types of Products to Encourage Market Expansion"

The various types of beds are another important factor in driving the market. Two independent twin-sized beds are joined by a common frame to form the Twin Sofa-Beds type of sleeper sofa. The single piece of furniture gives the impression that there are two separate pieces and four mattresses for each bed (two per section). By moving the backrest forward or taking it out entirely, it can serve as both a regular, cushy seat and a cozy guest bed for one person, which promotes market expansion. Queen sofa-beds are one of the three varieties of sleeper sofas. The queen size beds are long and can typically accommodate two adults without being too cramped. Over the course of the forecast period, the aforementioned factors are anticipated to affect sales of the industry. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.

RESTRAINING FACTORS

"Second Hand Product to Impede Market Expansion"

The market is being constrained by the accessibility of used goods. The middle-income segment of the population now primarily favors purchasing expensive, second-hand items at a discount. The market's expansion is predicted to be constrained by this. Additionally, fierce competition from unorganized industry players in numerous nations around the world is stifling the expansion of the leading companies' businesses. It is anticipated that challenges to the growth of the industry will come from fluctuating raw material prices and shifting import & customs duties on fixture items in many countries around the world. The overall market sales are impacted by this. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

Sofa Beds Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for watch is in sofa beds in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product used in residential & commercial is boosting the sofa beds market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•   Stylus (U.K.)
•   Jay-Be (U.K.)
•   Willow & Hall (U.K.)
•   Sofa Studio (U.K.)
•   Alstons (U.K.)

REPORT COVERAGE

The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of sofa beds market. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.