Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "Smart Pillows Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The smart pillows market is forecast to see revenue of US$ 1.5 billion in 2024. Leading market players have already secured a significant share in 2022, and the global smart pillows market is projected to reach US$ 6.5 billion by 2031.
From 2018 to 2023, the use of smart pillows witnessed a substantial 15.3% CAGR, with the U.S., Canada, Germany, and Russia holding significant market shares. The development of advanced smart pillows is a testament to increasing creativity and technological innovation. These pillows are not only gaining popularity in domestic settings but also finding applications in commercial establishments like restaurants and hotels.
The rising health consciousness, awareness of new therapeutic products, and a surge in spine-related issues among millennials and Generation Z are driving the demand for smart pillows. Physical ailments, sports injuries, stress-related activities, and the use of smart pillows for physical and mental rehabilitation further fuel the demand.
The Role of Sleep Trackers in Market Growth
A substantial consumer audience is drawn to products like anti-snoring pillows due to rapid advancements in various technical features. The inclusion of technologically advanced features like sleep trackers in pillows has become a significant factor influencing consumer preferences for these"smart" products.
Sleep trackers are designed to provide comprehensive data on sleeping patterns, available in various forms, including wearable accessories (e.g., Fitbit Versa) and bed accessories. They monitor different sleep stages, sleep duration, and overall sleep quality, even measuring the user's heart rate to assess sleep quality. Manufacturers are increasingly integrating sleep trackers into their pillows due to their growing popularity and the valuable insights they offer into physical and mental health.
Country-wise Insights
U.S. Market's Digital Influence: The higher penetration of premium brands in the U.S. market is a significant driver of market growth. The extensive digital adoption in the U.S. has facilitated substantial market movement from offline to online retail platforms, bolstered by the growing e-commerce network. Strengthening the digital ecosystem is anticipated to boost the acceptance and sales of smart pillows across the country.
Germany's Premium Product Preference: Germany is expected to continue its rapid market expansion. The region's high concentration of premium product offerings has significantly impacted market dynamics, favoring industry growth. Local consumers are increasingly inclined toward smart pillows for newborns and toddlers, driving market expansion. Manufacturers are introducing technologically advanced pillows to cater to this growing demand, including pillows designed to monitor a baby's health and air quality in the room, enhancing safety.
China's Tech-Savvy Consumers: China contributes significantly to the East Asian smart pillows market during the forecast period. Early adoption of technology, a robust competitive landscape, and heightened concerns about well-being drive revenue growth in the region. The sales of smart pillows have witnessed substantial growth in China over the past few years, driven by a surge in business acumen and increasing demand for consumer goods. Continued mergers among emerging companies are expected to further boost smart pillow sales in the country.
India's Millennial Appeal: Smart pillow sales in India are projected to grow at an impressive CAGR. The region's manufacturers are offering an array of products, leading to heightened awareness among millennials. As millennials make up a substantial portion of the population, they are increasingly inclined toward high-end products with cutting-edge technology. By tapping into the growing demand in rural areas, market players can potentially achieve higher profits.
Competitive Landscape
Market players are devising innovative strategies to expand their product reach globally in response to intensifying competition. The majority of leading companies in the sector are adopting the four P marketing mix (product, price, place, and promotion), which has contributed to increased market share for each company.
Key Companies Profiled
- Advanced Sleep Technologies
- Tempur-Pedic North America, LLC.
- SleepSmart Pillow
- Smart Nora
- REM-Fit
- Sunrise Smart Pillow
- 10minds
- ADVANSA
- MOONA
- MAETEL Pillows
- GioClavis Co., Ltd.
- isense LLC.
- Others
Key Segments Covered in Smart Pillows Industry Research
By Product Type
- Anti-snoring
- Multifunctional
- Others
By Fill Material
- Down and Feather
- Cotton
- Wool
- Polyester
- Foam
- Others
By Application
- Residential
- Commercial
By Sales Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Wholesalers/Distributors
- Multi-brand Stores
- Online Retailers
- Other Sales Channels
For more information about this report visit https://www.researchandmarkets.com/r/isvtak
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