The global mattress market has been gaining traction with increased focus on home furnishing across countries. The increasing emphasis on interior design and growing disposable income levels of consumers are some of the key factors encouraging the growth of the global mattress market. The emergence of stylish and innovative mattress has helped the key players in changing the overall scenario of the market. In addition, marketing strategies and advertising campaigns by the prominent players are driving the demand for mattresses.
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In 2015, the global mattress market was worth US$24.70 bn and is estimated to reach a value of US$43.43 bn by the end of 2024. The market is projected to register a healthy 6.50% CAGR between 2016 and 2024.
Innerspring Mattress to Remain Largest Selling Product in Global Market
The global mattress market can be classified on the basis of product type into latex mattresses, hybrid, memory foam, innerspring, and others. The others segment can be sub-classified into water bed mattress, gel-filled mattress, and air-filled mattress. Among these, innerspring mattress led the global mattress market and accounted for an 80% share in 2015. This segment is expected to remain in the leading position and exhibit a 6.10% CAGR between 2016 and 2024, thanks to the rising number of health concerns arising from sleep disorders across the globe.
Moreover, the growing base of affluent consumers in emerging nations is encouraging the use of high-end mattress varieties that have the innerspring technology. The availability of customization options is further fuelling the growth of the global market.
Booming Construction Industry to Bolster Mattress Market in Asia Pacific
From a geographical viewpoint, Asia Pacific is considered as one of the most promising regions of the global mattress market and the key contributor in terms of revenues. The high growth of this region can be attributed to the rising construction industry across domestic and commercial sectors. The increasing pace of urbanization and swift development of the hospitality industry are further expected to accelerate the growth of the global mattress market. Furthermore, Europe and North America are contributing substantially towards the growth of the global market and are projected to generate promising opportunities for key players operating in these two regions.
Other emerging countries across the globe in the Middle East and Africa and Latin America regions are estimated to register a healthy growth rate in the next few years, leading to sustainable demand for different types of mattresses.
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Local Players to Intensify Competitive Scenario of Global Mattress Market
The global mattress market has a mixed level of fragmentation and consolidation. Sealy Corporation, Serta, Inc., and Simmons Bedding Company LLC are the prominent players that are collectively holding a share of more than 50% in the global mattress market. On the other hand, several medium and small-sized companies are ruling the regional market at present. In addition, local players that are operating in the regional market are strengthening the overall competition through customized product and economic offerings.
Some of the other players operating in the global mattress market are Select Comfort, Kingsdown, Inc., Tempur-Pedic International, Inc., Spring Air Company, Zhejiang Huaweimei Group Co. Ltd., Southerland Bedding Co., Silentnight Group, Simmons Bedding Company LLC, King Koil, Inc., and Relyon Limited.
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