Mattress Market to Generate Revenue worth $69,077.7 Million by 2030

The global mattress market is predicted to reach $69,077.7 million by 2030, growing at a CAGR of 6.8% between 2022 and 2030. 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.

Moreover, the increasing purchasing power of people around the world has led to a surge in the sales of home furnishings, such as mattresses, pillowcases, and bed linen products, among others. The escalating number of luxury hotels around the world is also expected to significantly contribute to revenue growth, as the bedding used in hotels is of a superior quality. These products cost a lot more than regular bedding products, which is projected to positively impact the market.

The rising global demand for luxury and customized products indicates a significant shift in the consumer perception of beddings beyond consumer durables to an indicator of social status. At a macro level, the mushrooming growth of domestic players offering differentiated products is driving consumer footfall across distribution channels worldwide. Numerous successful new product launches in the recent past are likely to boost the sales volumes significantly in the coming years.

Increasing Consumer Awareness of Better Sleep Encourages Product Demand

The rapidly changing consumer lifestyles, hectic schedules, dietary changes, and the trend of sleeping late have resulted in severe sleep deprivation and mental discomfort for a large number of people across countries, particularly in the last two decades. Product quality can play an important role in ensuring that users get enough sleep. Various organizations, such as the Better Sleep Council (BSC) and the International Sleep Products Association (ISPA), typically promote quality bedding products. Furthermore, key players are marketing their products more aggressively, by emphasizing the growing need for a better sleep quality. Such efforts are likely to have a positive impact on market trends and accelerate the product demand throughout the forecast period.

Europe Accounted for Significant Revenue Share

The European market accounted for a significant share in the global market in 2022. This is mainly ascribed to the rapidly growing tourism and hospitality industry. As per the data released by Eurostat, the statistical office operating under the European Union, approximately 64% of the residents in the European Union (EU) made at least one personal tourism trip in 2021. This statistic highlights the business opportunities for prospective and internationally renowned companies in the region, noticeably in the hospitality space, in the coming years.

North America is set to hold a significant share in the market during the forecast period as well. The demand for expensive bedding is increasing as a result of the home remodeling initiatives that local customers are undertaking. The Canada Mortgage and Housing Corporation spent $1.05 billion from 2019 to 2021 to help first-time home purchasers. By encouraging the growth of the residential building sector, this program has promoted the expansion of the market.

Some major players operating in the mattress market are Spring Air International, Newell Brands, Kingsdown Inc., Sleep Number Corporation, Serta Simmons Bedding LLC, Tempur Sealy International Inc., Relyon Beds Limited, Southerland Inc., Boll & Branch, and Casper Sleep Inc.