The global mattress market is characterized by a moderate level of consolidation with three companies leading the overall market, states a new intelligence report by Transparency Market Research (TMR). In 2015, the leading players, namely Sealy Corporation, Serta, Inc., and Simmons Bedding Company LLC, accounted for more than half of the global mattress market. The other half share of the market is largely held by several international players, who are making remarkable efforts to expand their consumer base and strengthen the competitive scenario. Additionally, key players are focusing on product improvement and innovations to gain a competitive advantage in the global mattress market.
According to the research study, in 2015, the global mattress market was worth US$24.70 bn and is anticipated to reach a value of US$43.43 bn by the end of 2024. The market is estimated to register a 6.50% CAGR between 2016 and 2024.
Increasing Purchasing Power of Consumers to Bolster Asia Pacific Mattress Market
From the geographical viewpoint, Asia Pacific is presently leading the global mattress market and is expected to witness robust growth in the coming few years. This region is expected to remain in the leading position and account for a 39.8% share in the global market by the end of 2024. The rising purchasing power of consumers is encouraging them to spend more on better quality mattresses. In addition, the tremendous rise in construction activities across Asia Pacific is expected to encourage the growth of the market in the near future. Brazil, India, and China are anticipated to contribute extensively towards the growth of the mattress market in Asia Pacific.
Among the key products, in 2015, the innerspring segment led the global mattress market and is expected to remain in the top position throughout the forecast period. This segment is projected to hold a massive share of 77.3% in the global market by 2024. “The high growth of innerspring mattresses can be attributed to the comfort they offer,” says a TMR analyst. In addition, these mattresses are comparatively affordable than the other types, which is one of the primary reasons driving the demand for innerspring mattresses across the globe.
Tremendous Demand from Hospitality Industry to Augment Market Growth
The booming construction industry and the swift pace of urbanization are the primary factors augmenting the growth of the global mattress market. In addition, the increasing number of luxury and semi-luxury hotels across the globe has been contributing extensively towards the growth of the market with constant demand for a large number mattresses. Thus, the housing and hospitality sectors are projected to be the key contributors to the global mattress market.
Furthermore, the rising trend of renovations and redecoration among homeowners is estimated to accelerate the growth of the global mattress market in the next few years. The rising disposable income among consumers, especially in developing nations, is further driving the market. Moreover, key players spending an enormous amount on advertising and marketing activities are estimated to fuel the growth of the market.
Potential Opportunities Offered by Developing Nations to Encourage Growth
In contrast, the high cost of mattresses is one of the key factors obstructing the growth of the global mattress market. The fluctuating prices of raw materials are projected to curtail the growth of the overall market. In addition, the implementation of strict mattress regulations by Consumer Product Safety Commission (CPSE) of the U.S. has resulted in high manufacturing cost, which is estimated to impede market growth across the globe. Nevertheless, promising opportunities through new product development and innovations in developing economies are anticipated to fuel the growth of the market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Mattress Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.”
The global mattress market has been segmented as below:
Global Mattress Market, by Product Type
- Memory Foam
- Latex Mattresses
- Others (gel filled mattress, water bed mattress, and air filled mattress etc.)
Global Mattress Market, by Product Size
- Twin or Single Size Mattress
- Twin XL Size Mattress
- Full or Double Size Mattress
- Queen Size Mattress
- King Size Mattress
- Others (California king or king long size mattress and grand size mattress or super king size mattress, athletic king size mattress)
Global Mattress Market, by Geography
- North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Middle East
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