In 2023, the global mattress market reached a valuation of USD 52.45 billion, with projections indicating a growth to USD 78.34 billion by 2030, reflecting a compound annual growth rate (CAGR) of 5.90% throughout the forecast period. This data is sourced from the "Mattress Market, 2024-2030" report by Fortune Business Insights.
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)
Market Segments:
Preference for Traditional Concepts: The demand for coil/spring-based products is on the rise, emphasizing traditional comfort preferences among consumers. Spring/coil mattresses, known for their enduring popularity, utilize metal springs to offer supportive layers for enhanced comfort.
Size Preferences: Among various size categories including queen, full, twin, and others, queen-sized mattresses stand out as the most favored globally. Providing ample space for two individuals, queen-sized mattresses are predominantly used in master bedrooms, with approximately 61% of surveyed individuals expressing a preference for this size.
Application Insights: The market caters to diverse applications such as healthcare facilities, households, hospitality facilities, and others. The burgeoning hospitality sector, fueled by international tourism growth, is expected to drive significant demand for mattresses, particularly in accommodation establishments.
Market Dynamics:
Drivers:
- The surge in housing constructions globally, coupled with increased consumer spending on bedding products, propels market expansion.
- Growing preference for spacious living arrangements, particularly among nuclear families and single-occupancy homes, drives the demand for mattresses.
- Expansion of the hospitality sector, fueled by rising tourism, positively impacts market growth.
Restraints:
- Pervasive availability of unbranded and low-cost mattress products in Asian markets dampens the demand for branded, high-end offerings.
Regional Insights:
North America: Known for its preference for luxury and premium quality products, North America emerged as the largest market in 2022. Consumer decisions to purchase mattresses in this region are often driven by comfort considerations.
Europe: The European market benefits from the flourishing travel and tourism industry, leading to increased demand for mattresses in the hospitality sector.
Asia Pacific: Expected to witness the fastest CAGR during the forecast period, Asia Pacific experiences growth driven by escalating housing units in countries like India and China.
Competitive Landscape:
Market players are focusing on strategic initiatives such as new product launches, collaborations, and acquisitions to bolster their market presence. Notably, in June 2020, Sheela Foam Ltd., an Indian company, launched its e-commerce platform SleepX.com, aiming to expand its consumer base and bolster sales through online channels.
