Mattress Market People around the world are experiencing a rise in their spending power as a result of economic growth. This factor is projected to prove instrumental in the increase of the global mattress market revenue from $32,875.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mattress Market" - https://www.reportlinker.com/p06129702/?utm_source=GNW
3 million in 2020 to $64,045.5 million by 2030, at a 7.0% CAGR between 2021 and 2030. This is because with a surge in the disposable income, the sales of houses are rising, which is driving the mattress demand.
Thus, the government efforts related to the real estate industry are also driving the mattress market, as they are making housing affordable. Yet another reason for the escalating home ownership rate is the rapid migration of people from rural areas to urban areas. With better employment opportunities, people are earning more in cities compared to in villages, which is propelling the adoption of mattresses.
Key Findings of Global Mattress Market
• Memory foam mattresses to witness fastest-increasing demand
• Offline platforms to gain rapid popularity among mattress buyers
• Queen-size mattresses continue to generate highest revenue
• Eco-friendly mattresses key opportunity area for market players
• Mattress demand rising in hospitals amidst the pandemic
• Market players launching new mattresses to target more customers
The mattress market has been negatively affected by the COVID-19 pandemic, as manufacturing plants and stores of such products were shut down in accordance with the national lockdown and social distancing measures. Moreover, movement restrictions badly hurt the hospitality industry, which is why hotels are refraining from replacing their mattresses, to deal with the significantly reduced earnings. However, in the short term, the mattress demand could increase owing to the burgeoning number of hospital beds across the globe.
In the past, the memory foam category held the largest share in the mattress market, on the basis of product. Such mattresses curl around the body in response to pressure and heat and evenly distribute the body weight. As a result, they are popular among people with back and spine problems and, additionally, in the commercial sector because of their cost-effectiveness.
The queen category, based on size, is expected to witness the highest value CAGR, of 7.9%, in the mattress market in the years to come. Even though queen-size mattresses do not take up much room, they provide ample space for a couple of adults and a child or pet. This is why mattresses this size are preferred in houses where the bedrooms are not too big.
In the near future, the mattress market will be dominated by the offline bifurcation, under segmentation by distribution channel. Before buying such things, most people like to try them out first hand, which is why they usually visit a physical store. Additionally, customers trust physical retailers to offer better aftersales services.
Asia-Pacific (APAC) generates the highest revenue in the mattress market, and it is also predicted to grow the fastest in the coming years. The booming population is propelling the sales of consumer goods, including mattresses, aided by the increasing disposable income in the region. In addition, the rising per capita income is allowing people to go on holidays, which is leading to the rising procurement of mattresses by regional hotels.
Major companies in the global mattress market are Spring Air International, Sleep Number Corporation, Kingsdown Inc., Serta Simmons Bedding LLC, Relyon Beds Limited, Tempur Sealy International Inc., Southerland Inc., McRoskey Mattress Company, and Corsicana Mattress Company.
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