Published: December 2022 | Report Code: 10063 | Available Format: PDF
The global mattress market is estimated to generate $40,810.1 million in 2022, and it is expected to reach $69,077.7 million by 2030, growing at a CAGR of 6.80% between 2022 and 2030. This is attributed to the growth of the tourism industry, which is resulting in the escalating number of hotels and, in turn, increasing the sales of the product.
Moreover, the rising health concerns and increasing disposable income have fueled the mattress demand, as consumers are spending more on health-improving products. Moreover, consumers’ willingness to pay for sleeping aids has shifted substantially throughout the world, not just in large cities but also in smaller towns and cities. The majority of the consumers perform extensive research, compare prices, and make informed decisions when buying bedding.
Furthermore, the growing number of luxury hotels in emerging economies throughout the world is predicted to contribute significantly to the revenue growth; because such hotels used luxury beddings. Moreover, such beddings are expensive as compared to standard bedding products, which is expected to have a favorable influence on the market.
The memory foam category held the largest share in the market in 2022, based on product. This is supported by the fact that persons with orthopedic conditions, such as joint discomfort, frequently choose memory foam variants since they offer greater comfort than other products. Additionally, these products are utilized in the commercial sector because of their affordability and ease of availability.
The queen size category accounted for the largest revenue share in the market, of around 38.5%, in 2022, and it is predicted to grow at a significant CAGR over the next few years. This is mainly due to the surging adoption of queen-size variations in households owing to their lower prices. Furthermore, this type of bedding can easily fit two adults as well as a child or pet.
The same way, the king size category is expected to grow at a significant CAGR during the forecast period. A king size mattress is large enough to accommodate at least two people and even has additional space for small children or a large pet. A king-size mattress is the best option among standard-sized mattresses for those who prefer more space for sleep.
The offline category held the larger share in the market in 2022. This is because consumers can get suggestions from sales personnel and choose from a variety of mattresses, after trying them first-hand, at the store. Moreover, consumers mostly buy such products from offline stores owing to their preference for trusted aftersales and faster delivery services than online platforms.
The online category is set to register the highest growth rate over the coming years. Major industry participants use the roll-pack technology, which allows the mattress to fit into a compact form. This enables the shipping of the product in an easy and safe manner. Most people have a busy schedule; therefore, they aren’t able to visit different retail stores to look for a suitable mattress. Thus, online channels allow them to purchase their bedding from the comfort of their home or office at any time.
The commercial sector is projected to grow at a significant rate during the forecast period. On average, residential users change their mattresses every 9–10 years, while hotels change them every 5–6 years. Hotels witness a high footfall of tourists, most of whom are critical of the level of comfort available at such places.
Consumers’ interest in healthy and hygienic sleep habits has been increasing; thus, propelling the demand for hybrid mattresses. Such products are made of various components, including spring coils, polyurethane foam, thermagel, and layers of latex, each of which offers some benefit to the user.
For instance, a hybrid mattress made by U.S.-based startup company Casper Sleep Inc. includes a transition layer, along with zoned support, pocketed coils, memory foam, and comfort foam. Several manufacturers are also infusing copper and aluminum into the fillings, which is a reflection of the innovations being carried out in the manufacturing process.
The growing disposable income, coupled with the government policies related to real estate development, has resulted in a rise in the homeownership rate, which, in turn, is supporting the market growth. Furthermore, the increasing disposable income drives the tourism industry, thereby positively impacting the hospitality sector and increasing the demand for mattresses.
The increasing migration of people from rural to urban areas, mainly in the Middle Eastern and APAC regions, is propelling the demand for these products. According to the United Nations (UN) World Urbanization Prospects, in 2018, around 55% of the world’s population lived in urban areas, and this share is set to increase to around 68% by 2050.
Market Size in 2022
Revenue Forecast in 2030
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Segmentation Analysis of Countries; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Product; By Size; By Distribution Channel; By End Use; By Region
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Asia-Pacific dominated the market, with a revenue share of around 40% in 2022 owing to the large population of China, India, and Indonesia. With the rising financial stability of the middle-class population, its propensity to spend is increasing, thus leading to improved standards of living. Thus, the increasing purchasing power of consumers is expected to support APAC in remaining the largest buyer of these products throughout the projection period.
The North American market is expected to witness a considerable growth rate during the forecast period. The home improvement projects undertaken by the consumers in the region are boosting the demand for high-end mattresses. Moreover, the Canada Mortgage and Housing Corporation spent $1.05 billion in the period 2019 to 2021 to provide financial assistance to first-time home buyers. This initiative has favored the growth of the market by supporting the residential construction sector growth.
The report analyzes the impact of the major drivers and restraints on the market, to offer accurate market estimations for 2017–2030.
Based on Product
Based on Size
Based on Distribution Channel
Based on End Use
During 2023–2030, the market for mattresses will witness a CAGR of 6.8%.
The product segment of the mattress industry is dominated by the memory foam category.
Asia-Pacific dominated the market, with a revenue share of around 40% in 2022.
The mattress industry is being driven by the extensive migration to urban areas, growing population, expanding tourism and hospitality sectors, and burgeoning home ownership rate.
Players in the market for mattresses are launching products integrated with advanced technologies in order to target more customers.
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