Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- The worldwide mattress market to hit USD 49.24 billion in 2021 and is expected to rise from USD 50.61 billion in 2022 to USD 72.95 billion by 2029, exhibiting a CAGR of 5.36% during the forecast period. The growing global demand for luxury and customized products suggests a significant shift in consumers' perceived notion of mattresses beyond durable goods to an indicator of social status, says Fortune Business Insights™ in its report titled, “Mattress Market, 2022-2029”.
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List of Key Players Profiled in the Mattress Market Report:
- Serta Simmons Bedding, LLC (U.S.)
- Tempur Sealy International, Inc. (U.S.)
- Sleep Number Corporation (U.S.)
- Paramount Bed Holdings co. ltd (Japan)
- Kingsdown, Inc. (U.S.)
- Grupo Pikolin (Spain)
- King Koil Mattress. Co (U.S.)
- Suibao Group (China)
- Greiner AG (Austria)
- Sheela Foam Ltd (India)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.36% |
| 2029 Value Projection | USD 72.95 Billion |
| Market Size in 2021 | USD 49.24 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 214 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Mattress Market Growth Drivers | Rising Number of Housing Units to Favor Market Expansion |
| Increasing Consumer Awareness Regarding the Health Benefits of Better Sleep to Accelerate Product Demand |
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Segments-
By Material, Rising Prevalence of Traditional Concepts to Trigger Demand
Based on type, the global market is divided into spring/coil, foam, latex, and others. Over the forecast period, the spring/coil segment is expected to grow at a rapid pace. Traditional spring/coil-based or innerspring products are available to users. Metal springs are used in the manufacturing of these products to provide an underlying support layer for increased comfort.
By Size, Rising Adoption of Spacious Products to Accelerate Product Sales
Queen-sized products are among the most popular and preferred sizes around the world. These items provide enough space for two people and are typically found in master bedrooms. According to the results of a survey conducted by Bedbuyer Pty Ltd, an Australian independent mattress review website, approximately 61% of those polled preferred to sleep on a queen-sized product, followed by the king, double, and single, among others. Kids' mattresses are gaining popularity around the world, with a large number of brands releasing new products in a variety of sizes.
By Application, Growth of International Tourism to Boost Product Sales
Based on application, the market is divided into households, hospitality facilities, healthcare facilities, and others. According to the National Bed Federation survey results published in March 2020, among the essential factors deemed influencing consumer buying decisions for households, 'comfort' level topped the list, with approximately 66% of survey respondents expressing their preference for comfort, followed by price (57%), and reviews from other customers accounting for 31%. The growing number of initiatives by governments around the world to provide affordable housing is surging the product demand in the household category.
COVID-19 Impact:
COVID-19 Crisis to Create Severe Supply Chain Disruptions that will Stall Business Growth
The COVID-19 pandemic had a significant impact on the mattress market growth. Due to declining demand for expensive mattresses and sleep products, manufacturers were forced to delay product launches and cut costs as a result of the unprecedented pandemic. Trade tensions and trade protectionist measures between China, Australia, and the U.S., or other trading partners are likely to hamper international product sales in the near term. Several market players have used various strategies in recent years to mitigate the impact of COVID-19 on their operations.
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Report Coverage:
The research report examines the market in-depth and highlights important factors such as prominent companies, product types, and sizes. Aside from that, the research report discusses market trends and highlights significant industry developments. In addition to the previously mentioned aspects, the report includes several factors that contribute to the market growth.
Drivers & Restraints:
Rising Number of Housing Units to Favor Market Expansion
The rising number of housing constructions worldwide, combined with rising consumer spending on home furnishings and bedding products, is driving the global industry growth. The growing number of single-occupancy homes and nuclear families around the world necessitates a separate room for each family member across countries, boosting the product demand. According to the National Bed Federation Survey results published in March 2020, the percentage of survey respondents who purchased the product increased from 24% to 32% in the previous six months. However, higher product lifespan is one of the most important factors influencing consumer purchasing decisions in retail stores and online marketplaces around the world.
Regional Insights
North America to Emerge as a Crucial Market
In 2021, North America emerged as the most important market. The North American mattress market share, led by the U.S. is distinguished by a strong consumer preference for luxury and high-quality goods.
The rapidly expanding travel and tourism industry benefits the European market. Many tourist attractions across Europe are facilitating product circulation in the hospitality sector in this regard.
Asia Pacific is expected to witness the fastest CAGR between 2022 and 2029. The region's large market size is due to rapidly growing housing units in China and India.
Product sales in the South American, Middle Eastern, and African markets are expected to increase in the near future. In recent years, industry participants have concentrated their efforts on establishing their presence in these markets.
Competitive Landscape
Product Concepts to be Improved through Emerging Categories
Various competitive strategies, such as new product launches and collaborations, have been implemented by industry participants to help them stay ahead of the increasingly fierce competition. In recent years, there has been an increase in demand for innovative products. Given the ease of product delivery, the bed-in-box category has gained widespread attention in this regard.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Supply Chain and Regulatory Landscape
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market
- Global Mattress Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material
- Spring/Coil
- Foam
- Latex
- Others
- By Size
- Queen
- Twin
- Full
- Others
- By Application
- Household
- Hospitality
- Healthcare
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Material
TOC Continued...!
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Key Industry Development:
- March 2022: Under the SLEEP NUMBER 360 brand, Sleep Number Corporation debuted its Artificial Intelligence (AI)-powered smart bed. The new product includes advanced embedded sensors that continuously monitor and improve users' sleep and health by adapting to their changing needs. This smart bed is also intended to provide users with real-time insights and responses by continuously monitoring their overall health, sleep health behaviors, and chronic sleep challenges.
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