The global mattress market witnessed a valuation of USD 52.45 billion in 2023, with a projected growth to USD 78.34 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 5.90% during the forecast period. This growth is attributed to the evolving consumer preferences towards customized and luxury products, indicating a shift from mattresses being merely consumer durables to symbols of social status.
Information Source: https://www.fortunebusinessinsights.com/mattress-market-102108
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:
Traditional Concepts Driving Demand: The segment focusing on coil/spring-based products is expected to see substantial growth, fueled by the enduring popularity of these traditional mattress options.
Material Analysis: The market is categorized into foam, spring/coil, latex, and others. Among these, the spring/coil segment is anticipated to experience significant growth, with manufacturers utilizing metal springs to enhance comfort and support.
Size Preference: Queen-sized mattresses emerge as the most favored globally, offering ample space for two individuals, and commonly used in master bedrooms. Studies indicate a preference for queen-sized mattresses over other sizes.
Applications: The market finds applications in healthcare facilities, households, hospitality facilities, and others. The hospitality sector, driven by the growth of international tourism, is expected to contribute significantly to market growth.
Drivers & Restraints: The increasing number of housing units globally, coupled with growing consumer expenditure on furniture and bedding products, propels market expansion. However, the proliferation of unbranded and low-cost mattresses, particularly in Asian markets, poses a challenge to the demand for branded and luxury products.
Regional Insights:
North America: Recognized for its preference for luxury and premium quality products, the North American market leads in mattress consumption. Consumers in this region prioritize comfort and are willing to invest in high-quality mattresses.
Europe: The mattress market in Europe benefits from the booming travel and tourism industry, driving demand in the hospitality sector. Tourist attractions across European countries contribute to the increasing demand for mattresses in accommodations.
Asia Pacific: Anticipated to witness the fastest CAGR during the forecast period, Asia Pacific's market growth is fueled by the rising number of housing units in countries like India and China.
Competitive Landscape: Market players focus on enhancing their market presence through new product launches tailored to specific industries. Strategic collaborations and acquisitions are employed to expand regional footholds. Leading companies prioritize innovation and effective marketing strategies to gain a competitive edge.
Key Industry Development (June 2020): Sheela Foam Ltd., an Indian company, introduced its e-commerce platform, SleepX.com, aiming to attract more consumers and bolster sales through online channels.
