Global $38+ Billion Mattress Market by 2023 - The Surge in Demand for Eco-Friendly Mattresses Presents Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 26, 2019--The “Mattress Market by Product - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” report has been added to ResearchAndMarkets.com’s offering.
Global mattress market is forecasted to attain the value of $38,976 Million by 2023, the market has been witnessing robust growth, mainly due to the factors, such as growing disposable income, increasing population and rising migration from rural to urban areas.
Based on product, the market has been categorized into innerspring, memory foam, latex and others, wherein others’ include hybrid, gel-type, water-type, air-type mattresses. The innerspring mattress is the most popular mattress type globally, accounting for over 33% of volume sales in the mattress market. Furthermore, with growing awareness among consumers regarding health, mattresses such as memory foam, which conforms to the user’s body and helps in relieving body stress and muscle pains, the demand for memory foam mattress is expected to grow significantly, during the forecast period.
Based on end use, the mattress market has been classified into commercial users and residential users, out of which, commercial segment accounted for over 50% of revenue share in the global market in 2017. In the commercial segment, hotels are the main end users of mattresses as they change the mattresses more frequently than the residential users. On an average, a residential user changes their mattresses in 9-10 years, while the hotels change mattresses in around 5-6 years.
During the forecast period, the mattress market is projected to record the fastest growth in Europe. The growth can be accounted to increasing purchasing power of people leading to increasing spend on home furnishing. Moreover, with increasing awareness among people about the harmful effects of chemical-based mattress, the demand for eco-friendly mattresses is on the rise, further leading to high growth in demand for latex mattresses.
The growing disposable income coupled with various government policies related to real estate has resulted in rise in home ownership rate, which in turn is supporting mattress market growth. According to Organization for Economic Co-operation and Development (OECD), the average annual growth rate of disposable income has been over 2% globally and various government policies have led to affordable housing, a basic need for human being according to Maslow’s theory for hierarchy of needs.
Furthermore, governments in several countries have considered home ownership as an important policy goal, and consequently have incentivized it by creating mortgage interest payments (a deductible expense for the purposes of income tax). For instance, Housing for All’ scheme by Indian government, joint ownership housing scheme by Chinese government, affordable home ownership scheme by the U.K. government, and similar other schemes in several other countries are driving the housing demand, globally. Marginal propensity to consume drives tourism industry, thereby positively impacting the hospitality sector spending for mattresses, where generally replacement rate of mattresses is around 5-6 years.
The growing health awareness among consumers has been propelling the demand for daily-use products like mattresses. With increasing disposable income, consumers are willing to pay extra amount for health-enhancing products. The sleep quality is becoming significant in the developed countries, thus leading to increasing adoption of premium mattresses. On the other hand, their Asian counterparts are increasing their mattress budget to use technologically advanced mattresses, as compared to traditional cotton-filler mattresses. These factors are posing lucrative opportunities for market players in mattress market.
Mattress market is fragmented with regional players having greater dominance in their respective regions. Global players such as Tempur Sealy International, Serta, Sleep Number Corporation are set to enhance their footprint by expanding the manufacturing facilities, franchises and joint ventures in order to compete with regional players.
- Innovation in Mattress Manufacturing Process
- Increasing Inclination Towards Customized Mattresses
- Rising Disposable Income and Favorable Government Policies
- Increasing Migration to Urban Areas
- Growing Population Driving the Need for Mattresses
- Volatile Prices of Raw Materials
- Increasing Number of Health-Conscious Consumers
- Surge in Demand for Eco-Friendly Mattresses
- Spring Air International
- Kingsdown Inc.
- Sleep Number Corporation
- Simmons Bedding Company LLC
- Tempur Sealy International Inc.
- Serta Inc.
- Relyon Limited
- Southerland Inc.
- Corsicana Mattress Company
- McRoskey Mattress Company
For more information about this report visit https://www.researchandmarkets.com/research/2srznn/global_38?w=4
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Related Topics:Beds and Bedding
INDUSTRY KEYWORD: HOME GOODS RETAIL OTHER RETAIL
SOURCE: Research and Markets
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PUB: 02/26/2019 12:46 PM/DISC: 02/26/2019 12:46 PM