Canopy Bed Market Expected to Reach $8.4 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Canopy Bed Market by Product Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global canopy bed market size was valued at $6.2 billion in 2020, and is projected to reach $8.4 billion by 2030, registering a CAGR of 3.2%. Canopy bed is a type of bedding product, which has always been the ark of comfort & sophistication and offers warmth and privacy. Increase in spending on home improvement & home décor and rise in number of commercial spaces act as the key driving forces of the global canopy bed market. However, increase in cost of raw material of canopy bed is a major restraining factor of the market. On the contrary, improvement in lifestyle due to rise in disposable income of individuals especially in developing countries is anticipated to offer immense opportunities for the market players during the forecast period.

The outbreak of the COVID-19 pandemic has shown a positive impact on the market. This is attributed to increase in sales of bedding products, including canopy bed and rise in the spending on home improvement furniture, including canopy bed across the globe.

The global canopy bed market is segmented into product type, end user, distribution channel, and region. By product type, the market is classified into wooden and metal. Depending on end user, it is divided into residential and commercial. On the basis of distribution channel, it is segregated into supermarket/hypermarket, specialty store, e-commerce, and B2B. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey and Rest of LAMEA).

By product type, the metal canopy bed segment is expected to exhibit fastest growth during the forecast period.

On the basis of end user, the residential segment is likely to grow at the highest CAGR, owing to rise in number of consumer interest toward home décor.

Furthermore, depending on distribution channel, the e-commerce segment is anticipated to dominate the market, in terms of value sales, during the forecast period. This is attributed to the fact that the online platforms is becoming a popular medium for the purchase of bedding products, including canopy bed among customers, due to easy availability of canopy bed and the benefits provided by the online store such as the information about the product functional attribute, time-saving feature, and the facility of home delivery to customers.

Key findings of the study

• By product type, the wooden segment accounted for the highest market share in 2020, growing at a CAGR of 2.8% from 2020 to 2030.
• On the basis of end user, the commercial segment garnered the highest share in 2020, and is estimated to register a CAGR of 3.0% from 2020 to 2030.
• Depending on distribution channel, the specialty segment acquired the largest share in 2020, and is anticipated to exhibit a CAGR of 2.4% from 2020 to 2030.
• Region wise, North America occupied the maximum share in the canopy bed market in 2020, and is expected to grow at a significant rate during the forecast period.

Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. The key players operating in the canopy bed market are AFK Furniture, Amish Furniture Factory, Benicia Foundry & Iron Works, Bernhardt Furniture Company, Charles P. Rogers, DHP Furniture, Inspire Q (Top-Line Furniture), The Four Poster Bed Company, TurnPost, and itahome.