The innerspring segment dominated the Global Mattress Market, by type, and is projected to reach usd 18,308.3 million by 2024. This can be attributed to the high sales of innerspring mattresses due to their affordability and comfort. However, the hybrid segment is projected to be the fastest-growing during the forecast period.
Some of the key players in the global mattress market are Kingsdown, Inc. (US), Sleep Number Corporation (US), Serta Simmons Bedding, LLC (US), Tempur Sealy International, Inc. (US), Relyon Ltd (UK), Southerland, Inc. (US), Corsicana Mattress Company (US), and Pleasant Mattress, Inc. (US).
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The Global Mattress Market has also been segmented by Type and End Use.
By Type, the global mattress market has been classified as memory foam, hybrid, innerspring, latex,
gel-filled, and others. The innerspring segment accounted for the majority market share in 2017, whereas the hybrid segment is expected to be the fastest-growing during the forecast period. The global mattress market has been segmented, on the basis of end-use, into residential and commercial. The residential segment dominated the market in 2017; however, the commercial segment is projected to register the higher growth rate during the review period.
According to the UN Department of Economic and Social Affairs (UNDESA), the urban population across the globe has increased from 751 million in 1950 to 4.2 billion in 2018. Asia-Pacific accounts for 54% of the world’s urban population while in Northern America, 82% of the population lives in urban areas; in Latin America and the Caribbean the urban population was 81%, in Europe it was 74%, and in Oceania 68%. Stable economic growth in the emerging economies in Asia-Pacific, such as India and China, is expected to boost urbanization in the coming years. Moreover, with the increase in per capita disposable income, consumers are investing in home decor, including mattresses. Moreover, the hospitality industry has witnessed significant growth over the past few years both in developed and developed economies, which, in turn, has accelerated the demand for mattresses.
Regional Trends Analysis:
North America is expected to be the largest mattress market, by value, during the forecast period. The regional market accounted for 38.45% of the market share in 2017 and is projected to expand at a moderate pace from 2018 to 2024. The expansion of product portfolios by key manufacturers is a significant factor for the growth of the mattress market in North America. Moreover, increasing spending capacity of consumers and the growth of real estate are further driving market growth.
Asia-Pacific accounted for 30.31% of the global mattress market in 2017 and the regional market is projected to exhibit the highest CAGR of 7.77% during the forecast period. The growth of the mattress market in Asia-Pacific can be attributed to the increasing demand for home furnishings due to rapid urbanization and a growing middle class. Moreover, increasing per capita disposable incomes have led to the rising sales of luxury mattress. China is expected to account for a significant market share in 2018 and remain the largest country-level market during the review period.
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Europe is a lucrative market for mattress manufacturers. The booming real estate industry is the major factor for the growth of the mattress market in Europe. Technological advancements by mattress manufacturers are also driving market growth. Moreover, the sales of luxury mattresses have been increasing in the region due to high demand in hotels, clubs, and restaurants.
South America accounted for a negligible market share of 4.57% in 2017; however, the regional market is projected to register a substantial CAGR of 7.27% during the forecast period. The growth of the mattress market in South America can be attributed to urbanization and increasing per capita disposable incomes. The mattress market in the Middle East & Africa is expected to reach USD 2,945.2 million by the end of 2024 at a CAGR of 7.35%. Economic development in several countries is driving residential and commercial construction, which has led to an increased demand for mattresses.