Global Mattress Market Boosting Valuation with Strong Growth: Forecast to Grow at a CAGR of 6.9% by 2027
Published | 18 November 2021
The global mattress market is growing at a high CAGR because of the increased spending on home decor and interior designing along with the increasing number of hospitals and hotels due to infrastructural development in various countries…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global mattress market was worth USD 31.7 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 6.9%, earning revenue of around USD 50.2 billion by the end of 2027. The growth of the global mattress market is attributed to the growing prevalence of sciatica, lumbago, etc. Moreover, the health benefits of good sleep are attributed significantly to the market's growth in recent years. With an increase in the number of residential properties due to rising income, consumers are placing a greater emphasis on aesthetics as well as comfort, resulting in increased spending on premium and high-quality beds and mattresses. Furthermore, the increasing number of hospitals and hotels due to infrastructural development in various countries, especially emerging economies like India, China, Japan, etc., is significantly propelling the market growth.
Increasing Popularity Of Online Sales Channels Boosting the Global Mattress Market
With an expanding younger population in the consumer demographic, the demand and supply of mattresses through online mediums is significantly gaining traction. The mattress makers and sellers are opting for standalone websites to attract the consumer base. These websites offer authentic and high-quality products that are gaining the trust of consumers. Furthermore, consumer good websites, such as Amazon.com, offer great deals and discounts, a diverse range of products as well as global shipping. These benefits provided by online platforms are propelling the growth of mattress market worldwide.
Increasing Demand For Queen Size Mattresses Favoring the Global Mattress Market
The global mattress market is segmented into single, double, queen, and king, based on size. Among these, the queen size mattress has the largest market share due to its suitable size for two adults. Moreover, it is also perfect for an average apartment in an urban city. However, single and double-sized mattresses also have significant demand in the market, especially in the commercial sector. Single-sized mattresses are commonly used in hospitals to provide each patient with a single bed, thereby preventing hospital-acquired infections and other communicable diseases.
Global Mattress Market - By Application
Based on applications, the global mattress market is segmented into commercial, and residential. The residential segment dominates the market owing to the increasing disposable income of the consumers, along with a growing number of residential ownerships. The governments of various countries provide subsidized homeownership schemes, selling houses at subsidized rates. This is anticipated to fuel the market demand for mattresses during the forecast period. The commercial segment also holds a significant share in the market because of the increasing number of hospitals and hotels. The growing investment towards healthcare infrastructure and tourism is likely to provide lucrative growth opportunities to the global mattress market.
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Global Mattress Market - Regional Insights
Geographically, the global mattress market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region accounts for the largest market share. However, North America and Europe also cover substantial shares in the market because of the high disposable income of consumers. These regions spend significantly on their home furnishing and interior decoration, which is why the demand for premium, high-quality mattresses are extremely high in these areas. However, the demand for mattresses is projected to grow at the fastest rate in the Middle Eastern countries, such as the United Arab Emirates, Saudi Arabia, etc. during the forecast period.
Impact of COVID-19 on Global Mattress Market
The unprecedented outbreak of the COVID-19 pandemic initially halted the growth of the global mattress market. The demand for mattresses witnessed its biggest dip in the residential segment and hotels during this period, due to which the manufacturers had to face severe losses. However, the global mattress market is anticipated to recover soon and will grow at a high CAGR in the post-COVID-19 period. The increasing popularity and penetration of online websites for mattresses are expected to emerge as the major driving factor for market growth. Furthermore, growing investment towards healthcare development is also projected to boost market growth.
Global Mattress Market - Competitive Landscape
The leading players in the global mattress market are Simmons Bedding Company LLC, Serta Inc., Sealy Corporation, Tempur-Pedic International, Inc., Kingsdown, Inc., Relyon Limited, Sherwood Bedding Group, LLC, E.S. Kluft & CO., Therapedic, Symbol Mattress of Pennsylvania, Inc., Paramount Bed Holdings Co., Ltd., King Koil, Inc., Corsicana Bedding, LLC, Select Comfort, Southerland Bedding Co., McRoskey Mattress Company, Sleep Number Corporation, American National Manufacturing, Inc., Exxel Outdoors, LLC., and other prominent players.
It is a highly fragmented market with several industry players. The companies offer a wide variety of products with different sizes, designs, and materials to meet the needs of consumers. Furthermore, there is a high prevalence of competitive strategies in this market, such as partnerships, mergers & acquisitions, joint ventures, etc.
Don’t miss the business opportunity of the global mattress market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global mattress market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global mattress market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global Mattress Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Type (Memory Foam Mattress, Innerspring Mattress, Latex Mattresses, Others), By Size (Single, Double, Queen, King), By Distribution Channel (Offline, Online), By Application (Commercial, Residential), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: November 2021
The global mattress market is growing rapidly due to the increasing disposable incomes of people worldwide as well as growing investments in real estate construction in developing countries.
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