The global mattress market size was valued at USD 50.61 billion in 2022. The market 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 market growth during the forecast period.
Fortune Business Insights provide this information in its report titled “”Mattress Market, 2023-2030.””
List of Key Players Profiled in the Mattress Market Report:
- 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)
Segments:
Growing Dominance of Traditional Concepts to Drive Demand for Coil/Spring-based Products
The foam, spring/coil, latex, and other segments of the market are separated based on the material analysis. From 2023 to 2030, the spring/coil market is expected to expand at a notable rate. Users can choose from standard options such as innerspring items or spring/coil products. In order to maximise user comfort, metal springs are used during the production process to offer an underlying support layer.
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 to sleep on a queen-size mattress, followed by the 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.
Report Coverage:
The report offers:
- 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 increasing number of new homes being built worldwide combined with rising consumer expenditure on bedding and furniture. The requirement for a roomy, separate space for each family member is being driven by the global trend towards nuclear families and the growing number of single-occupancy dwellings. This is driving up demand for mattresses and increasing their market 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 market 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.
Key Industry Development:
- 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.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/mattress-market-102108
