Mattress Market: Local Players Give Competition to Global Players with Competitive Prices
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As per estimates presented by TMR, the global mattress market will rise at a CAGR of 6.5% for the forecast period between 2017 and 2024 to reach a valuation of US$43.43 bn by the end of 2024. The market was evaluated to be worth US$27.87 bn in 2017.
The innerspring mattress product type held the leading share in 2015, and going forward the segment is expected to progress at a significant CAGR between 2017 and 2024. Asia Pacific is expected to hold promise for the global mattress industry with the region accounting for more than 38.0% share in 2015.
Revival of Global Economy Boosts Sale of Mattresses
The global mattress market is expected to be driven by a number of factors in the coming years. Increasing home refurbishment pursuits and increasing number of home ownership are driving sales of mattresses. The revival of the economy in countries of Europe and North America post the economic slump of 2008 is witnessing upward trend for sale of new homes. All these factors are expected to lay a strong foundation for the growth of the global mattress market.
Economic development in several countries of Asia Pacific, Africa, and Latin America have upped domestic and commercial construction over the past few years. This is expected to boost the demand for mattress for residential and commercial spaces. Moreover, rising disposable incomes has been a key factor for spending on premium mattresses that offer excellent comfort and sound sleep. Aggressive migration from rural to urban areas in these countries for work opportunities is fuelling the demand for mattress.
The growth of the hospitality industry across the world is also having a positive bearing on the global mattress market. Some of the large hotel chains in the world display demand for made to order mattresses that are high in comfort and offer sound sleep.
This, along with the availability of a wide range of products in terms of style, size, thickness, firmness is helping the global mattress market tread a growth path.
Fluctuating Raw Material Prices and Hike in Labor Cost Trouble Vendors
However, on the flip side, consistent increase in price of raw materials is increasingly becoming a concern for mattress manufacturers for the manufacture of high quality products. Not only this, scarce availability of some raw materials that are obtained from natural resources is resulting in suppliers to raise prices in the middle of a heightened demand. These factors are leading cost sensitive consumers in emerging markets to switch to local products. Moreover, escalating labor cost leading to hike in prices is negatively impacting the global mattress industry.
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However, the booming construction industry and population growth in developing countries is expected to set the tone for growth of the world mattress market.
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