Market Overview
Mattresses are rectangular bedding made from heavy cloth. These beddings are filled with rubber, foam, cotton, air, straw, hair, or metal springs. They come in various shapes and size and marketed according to the size of the bedroom. Lifespan of the mattress depends on the materials, manufacturing quality, and quality. The global mattress market report by Market Research Future (MRFR) outlines its scope by highlighting the drivers, challenges, and opportunities for the period between 2019 and 2024.
Market Scope
The global mattress market is expected to touch a value of USD 49,498.8 million by 2024. It can showcase a CAGR of 7.21% from 2019 to 2024 (forecast period). The demand from the hospitality sector and consumers globally for quality sleep can drive the global market growth. The change in demographics and rising disposable income levels of the middle class are factors to consider for the market. Middle class consumers will invest in bedding after their move from rural regions to urban areas.
The rise in urban population is expected to spell dividends for the global market growth. Rapid development of residential and commercial construction activities can induce the need for mattresses. Furthermore, preference for branded mattresses as well as a spurt in disposable income levels of customers can drive the mattress market.
Segmental Analysis
The global mattress market is segmented by type and end-user.
By type, it is segmented into gel-filled, innerspring, memory foam, latex, hybrid, and others. The innerspring segment had the maximum market share in 2017. However, the hybrid segment has the potential to gain maximum market share at the fastest CAGR during the forecast period. Optimal pressure relief, suitability to sleep in an array of positions, regulation of temperature, and healthy weight distribution are factors which can drive the segment growth in the market.
By end-user, it is segmented into residential and commercial. The residential segment owned most of the market shares in 2017. The demand is on the rise with booming population and increasing per capita income in diverse strata of the society. Meanwhile, the growing number of hospitals, schools, five-star resorts, hotels, motels, and commercial facilities can spur the intake of mattresses in diverse countries.
Regional Analysis
Europe, Asia Pacific (APAC), North America, South America, and the Middle East & Africa (MEA) are regions covered in the global sleep trends mattress report.
North America had the market advantage in 2017 when it occupied 38.45% of the global market share. It is expected to witness a hike by a CAGR of 6.50% during the forecast period. This regional market is getting led by the US. But the Canadian market has the promise to catch up sooner. The regional growth is of 7%, which the market is expected to maintain throughout the review period.
The Asia Pacific mattress market has the potential to surpass a valuation of USD 15,557.5 million by 2024. This growth can be attributed to the growing demand for home furnishing among the middle class due to the rising cases of urbanization. This growth chart is getting further backed by the rising per capita income that can assist people in buying more and buying of better-quality mattresses. China had the largest share in 2018 and is expected to maintain its prospects. India is also giving substantial scope to the market to expand its base in the region.
Competitive Outlook
Pleasant Mattress, Inc., Sleep Number Corporation, Relyon Ltd, Serta Simmons Bedding, LLC, Southerland, Inc., Kingsdown, Inc., Tempur Sealy International, Inc., and Corsicana Mattress Company are prominent players of the global mattress market. Expansion plans and new product launches are strategies implemented by players to gain the edge in the competition.
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