Global Loft and Bunk Beds Market Outlook
The design of loft and bunk beds looks quite attractive and so is highly preferred for minimalist spaces. In the case of minimalist spaces, where the efficient use of space is required to be ensured, loft and bunk beds are quite prominent. As the concept of minimalist spaces and décor is gaining prominence the loft and bunk beds are expected to register growth in the coming years.
Loft and bunk beds are available in wood and metal materials. Wood loft and bunk beds are gaining popularity. Apart from this L shaped loft and bunk beds with more capacity are also quite prominent in the market. The prevailing trend ‘the less, the new more’ in the décor industry is expected to drive the demand for loft and bunk beds in the market.
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Global Loft and Bunk Beds Market: Market Dynamics
Drivers for Loft and Bunk Beds Market
The design of loft and bunk beds has itself encouraged many of the hostels and Paying Guest (PG) apartments to opt for these bed types. This has facilitated a rise in demand for loft and bunk beds in the market. Loft and bunk beds are also used in military camps and other private outing camps. Apart from all this, the rising demand for loft and bunk beds from the hospitality sector has also facilitated market growth. The adoption of bunk beds by Disney hotels is one such example. All of these factors together attribute market growth in the coming years.
Trends for Loft and Bunk Beds Market
The players in the market are currently developing and offering new loft and bunk bed designs that can best match the modern furnishing concepts. The trending charcoal furniture collections have also paved the way for the development of loft and bunk beds with charcoal looks. Apart from this, players in the markets are also offering personalized services. This helps the consumers develop loft and bunk beds that can best match the decor requirements of the customers. Such personalized offerings and services is helping the players to create and develop a brand image and also maintain loyal consumers.
Opportunities for Loft and Bunk Beds Market
The increasing number of hostels and dormitories is likely to open up new growth opportunities for the players in the market. According to the Migration Data Portal statistics, the number of global internationally mobile students is increasing. The number of internationally mobile students has increased by 22.54% (2011-2016). According to the statistics of 2018, approximately 2% of the global migrant population accounted for international students. All of these factors will positively contribute to the growth of hostels and dormitories which are expected to open new market opportunities for the players.
Challenges for Loft and Bunk Beds Market
The novel coronavirus outbreak has resulted in an economic downswing. Hospitality and travel industry are one of the hardest hit business sectors. As these sectors are hardest hit by the recession the demand for loft and bunk beds is currently low from the commercial sectors. Apart from this, the availability of substitute bed types in the market is another factor that can restrain market growth in the coming years.
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