Mattress Market Shows Healthy 6.5% CAGR from 2016 to 2024, and Rise to a Valuation of US$43.43 bn by 2024

Rising disposable incomes in developing countries and post-recession economic stability across developed ones are playing a central role in the positive development of the global market for mattresses presently. 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. With the availability of a wide range of product varieties in terms of sizes, styles, and a range of firmness, the global mattress market is rapidly changing into a dynamic and innovative marketplace.

Transparency Market Research states that the market, which held an opportunity of US$24.70 bn in 2015, will rise at a healthy 6.5% CAGR from 2016 to 2024, and rise to a valuation of US$43.43 bn by 2024.

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Queen-sized, Innerspring Mattresses Rule Consumer Choices

In terms of product varieties, the segment of innerspring mattresses is the clear leader in the global mattress market, accounting for a share of nearly 80% in 2015. The segment is expected to expand at a healthy 6.1% CAGR over the period between 2016 and 2024 and retain its dominance in the global market. Increasing prevalence of a number of health concerns arising from sleep disorders and uncomfortable sleeping surfaces are propelling the demand for innerspring mattresses across the globe. The rising base of affluent consumers across developing countries is also driving the increased adoption of high-end mattress varieties with innerspring technology.

In terms of size of mattress, the segment of queen size mattress held the largest share of 33.1% in the overall market in 2015. The segment of full or double sized mattresses accounted for a 21.6% share in the market in 2015 and is expected to witness a moderate rise by 2024; the space-friendly and cost-effective nature of queen sized mattresses will work in their favor. However, the segment of twin XL mattresses is expected to expand at the fastest CAGR of 8.2% over the period between 2016 and 2024, enabling the segment’s share to rise from 5.1% to 5.8% in the market by 2024.

Rising Construction Activities across Emerging Economies to Stimulate Consumption of Mattresses

Asia Pacific is presently the largest contributor to the overall revenues of the global mattress market and holds the most promising growth opportunities as well. The region has witnessed a huge surge in construction activities across the commercial as well as domestic sector, majorly owing to the strengthening economies in the past few years. Rising urbanization and a flourishing hospitality industry is leading to the increased demand for high-end mattresses across affluent households and luxury and semi-luxury hotels. Other emerging countries across regions such as Latin America and Middle East and Africa are also expected to fare well on these fronts, leading to sustainable demand for a variety of mattresses in the next few years.

North America and Europe are presently the second- and third-largest contributors to the overall revenues of the global mattress market, respectively, and are expected to present lucrative growth opportunities for the market across the forecasting horizon. The stabilizing economies post the economic depression of 2008 in these regions are encouraging homeowners to undertake renovation activities at an increased frequency.

Local Products and Regional Vendors to Give Tough Competition to International Companies

The competitive landscape of the global mattress market features a mixed level of consolidation and fragmentation. The top three companies, Sealy Corporation, Simmons Bedding Company LLC, and Serta, Inc., account for over half of the global market, while a large number of small and medium-sized companies rule regional markets. Local vendors operating in regional markets further intensify the competition through their economic and customized offerings.

Some of the market’s most influential vendors are Southerland Bedding Co., Tempur-Pedic International, Inc., Simmons Bedding Company LLC, Spring Air Company, Select Comfort, Kingsdown, Inc. and King Koil, Inc., Zhejiang Huaweimei Group Co. Ltd., Silentnight Group, and Relyon Limited.

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