Press release
Mattress Market: Growing Trend of Home Renovations & Tremendous Demand from Hospitality Industry to Augment Market Growth
According to the research study, in 2015, the global mattress market was worth US$24.70 bn and is anticipated to reach a value of US$43.43 bn by the end of 2024. The market is estimated to register a 6.50% CAGR between 2016 and 2024.
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Furthermore, the rising trend of renovations and redecoration among homeowners is estimated to accelerate the growth of the global mattress market in the next few years. The rising disposable income among consumers, especially in developing nations, is further driving the market. Moreover, key players spending an enormous amount on advertising and marketing activities are estimated to fuel the growth of the market.
Increasing Purchasing Power of Consumers to Bolster Asia Pacific Mattress Market
From the geographical viewpoint, Asia Pacific is presently leading the global mattress market and is expected to witness robust growth in the coming few years. This region is expected to remain in the leading position and account for a 39.8% share in the global market by the end of 2024. The rising purchasing power of consumers is encouraging them to spend more on better quality mattresses. In addition, the tremendous rise in construction activities across Asia Pacific is expected to encourage the growth of the market in the near future. Brazil, India, and China are anticipated to contribute extensively towards the growth of the mattress market in Asia Pacific.
Among the key products, in 2015, the innerspring segment led the global mattress market and is expected to remain in the top position throughout the forecast period. This segment is projected to hold a massive share of 77.3% in the global market by 2024. “The high growth of innerspring mattresses can be attributed to the comfort they offer,” says a TMR analyst. In addition, these mattresses are comparatively affordable than the other types, which is one of the primary reasons driving the demand for innerspring mattresses across the globe.
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Potential Opportunities Offered by Developing Nations to Encourage Growth
In contrast, the high cost of mattresses is one of the key factors obstructing the growth of the global mattress market. The fluctuating prices of raw materials are projected to curtail the growth of the overall market. In addition, the implementation of strict mattress regulations by Consumer Product Safety Commission (CPSE) of the U.S. has resulted in high manufacturing cost, which is estimated to impede market growth across the globe. Nevertheless, promising opportunities through new product development and innovations in developing economies are anticipated to fuel the growth of the market in the near future.
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