Global Mattress Market Is Expected to Reach Around $43 Bn by 2024
Global mattress market expected to reach USD 43 billion in 2024, growing at a CAGR of slightly above 6.5% between 2018 and 2024. Mattresses are placed on top of the bed base that may be solid as in the case of a platform bed. Mattresses can also be filled with water or air, or a variety of natural fibers that includes futons.
Sarasota, FL -- (SBWire) -- 07/18/2018 --Zion Market Research has published a new report titled "Mattress Market by Product (Memory foam, Gel, Innerspring, Water bed, Air bed, Latex Mattress, and Adjustable bases), by Size (King size, Double size, Queen, Twin XL, Twin), by End-User (Hotel industry, Household, Hospitals, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024''. According to the report, global mattress market was valued at around USD 27 billion in 2017 and is expected to reach approximately USD 43 billion in 2024, growing at a CAGR of slightly above 6.5% between 2018 and 2024.
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Mattresses are placed on top of the bed base that may be solid as in the case of a platform bed. Mattresses can also be filled with water or air, or a variety of natural fibers that includes futons. Kapok is a common mattress material used in Southeast Asia as coir in South Asia. Traditional spring mattresses are made from connected springs along with the border of wire that provides additional support. As the springs are connected, it provides support to the entire sleeping area.
Luxury hotels and its chains offer the best comfort and services to their customers by pleasant and comfortable room mattress. In 2016, travel and tourism accounted for USD 7.6 trillion in the global economy along with providing 292 million jobs. This revenue comprises 10.2% of global GDP. Further, 1 in every 10 jobs is attributed to the travel & tourism industry. Leisure travel accounted for 77% of people's spending, whereas business and corporate travel accounted for the rest of the 23% revenue generation. Overall contribution to the GDP by the industry increased by 3.1% in 2016. Till 2027, the industry is expected to account for 11.4% of global GDP coupled with employment of 380 million jobs. This indicates that the industry will outperform the global economy in the coming years.
Mattresses are majorly used for household purposes. An average size of household increased from 2.73 to 2.75 persons between 2011 and 2016. Average size varied as per the household type. The number of households comprising of cohabiting couples along with children has increased by 25.6% or 14,068 between 2011 and 2016. While a number of persons residing in those households have grown by 28.7% or 59,196. As per statistics of April 2016, over 399,800 people were living alone. Rising concept of nuclear families and live in relationships have increased the number of houses, which has fostered the global mattress market.
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The global mattress market is classified according to its products as memory foam, gel, innerspring, water bed, air bed, latex mattress, and adjustable bases. Innerspring is projected to dominate the global mattress market over the forecast period. The significant share of the segment is attributed to rising incidence of back disorders, related to uncomfortable sleeping surfaces. Increasing number of affording customers in emerging nations are demanding premium innerspring technology mattress.
Based on the size, global mattress market is categorized as king size, double size, queen, twin XL, and twin. Queen size mattress is anticipated to have maximum revenue share that is most suitable for apartments and are popular in metropolitan cities. Double size mattress is projected to witness maximum gains over the forecast timeframe. Various end-use industries deploying mattress are hospitals, household, hotel, and others. The household is estimated to contribute majorly in demand of mattress owing to the rising number of household and nuclear family trends.
The global mattress market is divided into prominent regions such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America is projected to register maximum gains till 2024 due to customer inclination towards best quality mattress along with brand consciousness. Growing incidence of sleeping disorders is also enticing spending on comfortable mattresses in the region.
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Key players in global mattress market are Paramount Bed Holdings Co. Ltd., KING KOIL Inc., Sealy Corporation, Southerland Bedding Co., Kingsdown Inc., Select Comfort, Spring Air Company, Simmons Bedding Company LLC, Serta Inc., and Tempur-Pedic International Inc.
The report segments the global mattress market as follows:
Mattress Market: Product Segment Analysis
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