The worldwide mattress market size hit USD 49.24 billion in 2021. The market value is slated 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”.
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.
Fortune Business Insights™ lists out all the mattress market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- 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)
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.
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.
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.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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.
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.
Frequently Asked Questions (FAQs):
- How much is the global mattress market worth?
Answer: Fortune Business Insights says that the global market size was USD 49.24 billion in 2021 and is projected to reach USD 72.95 billion by 2029
2.. At what CAGR is the market projected to grow in the forecast period (2022-2029)?
Answer: Growing at a CAGR of 5.36%, the market will exhibit a steady growth rate during the forecast period (2022-2029).
- What is the leading segment in the market?
Answer: Spring/Coil is expected to be the leading segment in this market during the forecast period
- What are the key factors driving the market?
Answer: Rising Number of Housing Units to Support Market Growth
- Who are the major players in this market?
Answer: Serta Simmons Bedding, LLC, Tempur Sealy International, Inc., Sleep Number Corporation are a few major players in the global market.
6.Which region held the highest share in the market?
Answer: Asia Pacific held the highest market share in 2020.
- Which factors are expected to drive the adoption of these products?
Answer: Smart, antiviral as well as bed-in-box types are expected to drive adoption in the global market.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/mattress-market-102108
