Key companies covered in mattress Industry are 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), and more players.
Pune, India, May 12, 2023 (GLOBE NEWSWIRE) -- The global mattress industry was valued at USD 50.61 billion in 2022 and is predicted to grow from USD 52.45 billion in 2023 to USD 78.34 billion by 2030, attaining a CAGR of 5.90% during the forecast period.
The growing demand for customized and luxury products denotes a noteworthy shift in the consumer point of view for mattresses beyond consumer durables to an indicator of social prestige. At a higher level, the escalating rise of domestic players offering a wide range of products is driving consumers' attention and distribution channels worldwide. Various successful launching of new products is predicted to boost the mattress industry growth during the forecast period.
Fortune Business Insights provide this information in its report titled "MattressIndustry, 2023-2030."
Growing Dominance of Traditional Concepts to Drive Demand for Coil/Spring-based Products
On the material analysis, the market is divided into foam, spring/coil, latex and others. The spring/coil segment is predicted to grow at a noteworthy growth rate from 2023-2030. A traditional option of spring/coil or innerspring products is available to users. The manufacturing of products is done by using metal springs to provide an underlying support layer to maximize comfort for the users.
Growing Adoption of Spacious Products to Drive Product Sales
On the basis of size, the market can be separated into queen, full, twin, and others.
Queen-sized products are the most popular and preferred sizes globally. These products deliver sufficient space for two individuals and are typically used in the master bedroom. According to a study, about 61% of the surveyed people favored sleeping on a queen-size mattress, followed by single, double, king, and others.
Growth of International Tourism to Drive Product Sales in Hospitality Facilities
According to the application, the market is fragmented into healthcare facilities, households, hospitality facilities, and others.
The rising number of accommodation establishments globally creates a subsequent product demand in the hospitality facilities category. Due to this, the growth & evolution of hospitality will impact the market positively.
COVID-19 Impacts:
Disruptions in Supply Chains Due to Pandemic Crisis Impacted Market Growth Negatively
COVID-19 has been subsequently impacting the global mattress industry's growth. The pandemic compelled manufacturers to reduce costs amid decreased demand for costly sleep products and delayed product launches. At a macro level, trade protectionist and tensions measures between Australia and China & the U.S. and other key business partners are likely to hinder international product sales in the near team. Various strategies have been implied to deal with the loss and impact caused by COVID-19.
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increasing the Number of Housing Units to Boost Market Expansion
The rising number of housing constructions globally paired with an increasing number of consumer spending on furniture and bedding products. The rising number of single-occupancy homes and inclination towards nuclear families worldwide creates a need for a spacious separate room for every family member across countries hence propelling the product demand and mattress industry share.
However, high circulation of unbranded/ low-cost products, most notably across Asian markets, is hampering the global demand for branded, high-end, and luxury products. Regional Insights:
Luxury and Premium Quality Products to Propel the Market Growth
The North American market is preferred for luxury and premium quality products. North America appeared as the largest market in 2022. An average North American consumer typically buys a mattress if the existing one doesn’t provide the consumer with a comfort level.
The mattress industry in Europe benefits from the rapidly rising travel & tourism industry. In this respect, rising tourism and tourist attractions across European countries facilitate product demand in the hospitality sector.
Asia Pacific is predicted to record the fastest CAGR during the forecast period. The region's market size is growing to increase housing units across India and China.
Competitive Landscape:
Market Players Focus on New Product Launches to Strengthen Market Position
Leading market players are trying to expand their market reach by offering solutions tailored to their respective industries. These players strategically collaborate with and take over local competitors to establish a regional foothold. These companies focus on developing innovative products and efficient marketing techniques to gain a wider market share.
June 2020: Sheela Foam Ltd., an Indian company, stated the launch of its e-commerce platform called SleepX.com. This new online sales channel will attract more consumers to its products and services and boost its sales.
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