The global mattress market size is expected to reach USD 43.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 6.7% over the forecast period. Growing demand from the hospitality and real-estate sectors, especially in developing and emerging countries such as India, China, and Brazil will create robust demand for the product over the forecast period.
A
major factor boosting the growth of the global market is changing demographics.
Rise in disposable income of growing middle class, especially residing in the
urban areas or the ones moving from the rural areas to these regions in search
of better education and job opportunities is anticipated to drive the market.
Millennial consumers in countries such as U.K., U.S., and India have emerged as
booming consumers of the global mattress market. High demand is mainly
attributed to young consumers who are willing to pay a price higher than the
usual for advanced products such as memory foam and airbed mattresses.
For
instance, Serta Inc. launched the iComfort hybrid mattress with TempActiv
cooling technology and a new coil support system, which infuses copper into
materials such as natural latex. This provides immediate body contact or
closeness to the element itself as copper relieves pain, reduces
arthritis-related inflammation, helps to cure several other medical problems,
and increases overall energy level.
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Innerspring
dominated the market and held the largest share of 32.5% in 2018. Rising
incidents of back problems associated with uncomfortable sleeping surfaces
leading to wrong postures is a major factor for the growth of segment. In
emerging economies such as India, Brazil, and China, increasing number of
affluent consumers also boosts demand for premium mattress (memory foam) with
innerspring technology. For instance, Casper provides a transitional layer with
two types of poly-foam: a softer one at the ends of the bed for pressure relief
on neck and feet and the firmer one to support the lumbar region, thus
providing complete head-to-toe support.
In
several emerging countries, the governments regard home ownership as an
important policy goal and thus encourage it by creating interest payments on
mortgages. For instance, Indian government's 'Housing for All' scheme, wherein
the main motto of the government is to provide concessional houses to every
individual residing in India, thereby augmenting the demand for household
essentials such as mattresses and linens in this region. Premium hotel chains
such as Hilton and Huazhu Group are focusing on providing excellent service to
attract consumers. Thus, such inflating demand for mattresses from
international hotel chains is likely to boost market growth.
Key
market players in the market include Tempur-Pedic International Inc; Purple
Innovation, LLC; Simmons Bedding Company LLC; Serta Inc.; Spring Air Company;
Southerland Bedding Co.; Select Comfort; Kingsdown Inc.; KING KOIL Inc.; Sealy
Corporation; and Paramount Bed Holdings Co. Ltd. For instance, Purple
Innovation, LLC manufactured the World's First No Pressure Mattress, and hence
is expanding its blended channel strategy by bringing its patented-technology
comfort products to selected locations across U.S.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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