A number of factors, such as the surging disposable income and favorable government policies, rising standard of living, increasing population, growing tourism industry, surging concern regarding sound and healthy sleep, rising migration to urban areas, and increasing prevalence of back and spine problems across the globe, are expected to drive the growth of the mattress market at a CAGR of 7.0% during 2021–2030. According to P&S Intelligence, the market generated $32,875.3 million revenue in 2020, and it is expected to reach $64,045.5 million by 2030.
One of the prime factors aiding the mattress market growth is the surging disposable income and favorable government policies for the real estate sector. For instance, as per the Organisation for Economic Co-operation and Development (OECD), the global disposable income increased at a growth rate of over 2% in 2019 from 2018. These factors are making housing affordable, which is increasing the home ownership rate, thus driving the demand for mattresses. Moreover, the rising disposable income boosts the tourism sector, thereby positively impacting the market growth.
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Furthermore, the rising migration to urban areas is also driving the need for mattresses. The surging migration of individuals from rural to urban areas, mainly in the Asia-Pacific (APAC) and Middle Eastern regions, is propelling the demand for mattresses. For instance, as per the United Nations (UN) report World Urbanization Prospects, in 2018, about 55% of the world’s population lived in urban areas, and by 2050, around 68% of the people on earth would be urban dwellers. This would massively drive construction activities, while people’s rising income would allow them to purchase mattresses.
The product segment of the mattress market is categorized into innerspring, latex, memory foam, and others. Among these, the memory foam category accounted for the largest market share in 2020. This is ascribed to the high usage of this type of mattresses by individuals suffering from orthopedic problems, as these mattresses offer more comfort, more evenly distribute the body weight, and better support the body in response to pressure and heat as compared to other types. Moreover, they are used in the commercial sector owing to their low price and easy availability.
Moreover, on the basis of size, the mattress market is classified into single, double, queen, and king. Of these, queen-size mattresses held the largest revenue share in the market in 2020. This is mainly ascribed to the high usage of these mattresses in households, as these provide adequate space for two adults and a child, which is essential for smaller bedrooms, and have low costs.
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Geographically, the Asia-Pacific (APAC) mattress market generated the highest revenue in 2020, and it is also expected to witness the same trend during the forecast period. This is attributed to the growing tourism industry, surging per capita disposable income in developing countries, increasing population of China, India, and Indonesia, improving standards of living of the middle-class population, and rising purchasing power of people. In addition, with the awareness on sound and healthy sleep rising, people are replacing their mattresses more often than before.
Spring Air International, Kingsdown Inc., Sleep Number Corporation, Serta Simmons Bedding LLC, Tempur Sealy International Inc., Relyon Beds Limited, Southerland Inc., Corsicana Mattress Company, and McRoskey Mattress Company are the leading players in the mattress market.
Market Size Breakdown by Segments
Based on Product
- Memory Foam
- Others (Gel, Hybrid, Air, and Water)
Based on Size
Based on Distribution Channel
Based on End Use
- North America
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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