The affluent global consumer is willing to pay extra on premium mattresses that promise excellent comfort and a sound sleep, helping the global mattress market tread along a transformational development path.
Albany, NY -- (SBWIRE) -- 02/03/2017 -- Rise in the number of new homeowners, expansion of the hospitality industry, construction in the commercial sector, and home renovation activities are the primary factors leading to the increased consumption of mattresses across any region. In the past few years, stabilizing economies of North America and Europe post the economic depression of 2008 have had a substantial positive impact on the development of these sectors. The sales of new homes are seeing an upward trend across developed countries in these regions, rising from 5,50,000 in 2014 to 6,66,600 through the first half of 2015 in the U.S. alone.
In emerging regions such as Asia Pacific, Latin America, and parts of Africa, strengthening economies have led to considerable rise in commercial and domestic construction activities in the past few years. In 2013, over 190 new hotels and around 47,350 new rooms were added to Asia Pacific's hotel industry.
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Rising disposable incomes of the population in these regions are enabling homeowners to undertake home renovation activities more frequently. Migration from rural to urban areas and rise in home ownership owing to the rising population are also emerging as high-impact drivers for the mattress market in emerging economies.
Rising Costs of Mattresses to Lessen Appeal Among Cost-sensitive Masses
The constant rise in the base costs of raw materials crucial for manufacturing high quality mattresses is worrying mattress manufacturers. In the past few years, the world prices of steel and polyurethane have witnessed vast fluctuations. Other raw materials acquired from a variety of natural resources are becoming increasingly scarce, forcing suppliers to ramp-up prices amid vast rise in demand. Additionally, rise in labor costs are also leading to increased prices of mattresses in the global market. Cost-sensitive consumers in emerging economies are the first and foremost demographic to respond to price hikes by switching to economic, local products made with cotton fillers.
Emerging economies hold the most promising growth opportunities for the mattress market owing to the vast population and flourishing growth in the construction sector. As such, high prices and their effect on reduced sales in emerging economies will have a major impact on the overall growth of the global mattress market in the next few years.
In terms of product type, the segment of innerspring mattresses is presently the largest contributor to the overall revenues of the global mattress market, accounting for nearly 80% in 2015. The segment is expected to rule consumer choices in the next few years as well, their market expected to expand at a favorable 6.1% CAGR over the period between 2016 and 2024. Asia Pacific led the market in terms of geographical segmentation, accounting for over 38% of the market in 2015.
On a whole, the global mattress market is expected to expand at a 6.5% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$24.70 bn in 2015, is anticipated to rise to US$43.43 bn by 2024.
This review is based on a recent market research report by Transparency Market Research, titled "Mattress Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."