Mattress Market: Rising Construction Activities across Emerging Economies to Stimulate Consumption of Mattresses

Sleep is a biological need that plays a vital role in maintaining metabolic homeostasis. Consumers are becoming aware of the importance of having good quality sleep as it helps in regulating metabolism, immune function, and influencing memory and other body functions. Owing to these reasons, demand for good quality sleeping mattresses has seen an increase in the past few years and is expected to grow at a considerable rate over the forecast period. In past years, mattresses were made of straw, hair and feather etc. Currently, mattresses are made of flexible polyurethane foam, latex and innerspring among others. In last few years, there has been a shift in consciousness about mattresses and people are ready to pay something extra on luxury bedding products to get comfort sleeping.

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.

Download Brochure for technological Insights at
http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1727

Growing housing, hospitals and hotel industries are the major factors for the growth of demand for mattress globally. In addition, growing concern towards good quality mattress and bedding accessories for sound sleep is further propelling the growth of the market. Apart from this, increasing demand for customized and premium mattresses are promoting the growth of the market. Innerspring mattresses are the most popular mattresses among customers across the world. In some countries, memory foam and latex mattresses have observed significant growth and this market trend is expected to continue over the forecast period.

Growth in Construction Sector and Rising Frequency of Home Renovation Activities Stimulate Demand for Mattresses

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.

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.

View Report: http://www.transparencymarketresearch.com/mattress-market.html

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.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.