The global
mattress market is envisaged to be moderately consolidated in the
upcoming years, as per a recent publication by Transparency Market
Research (TMR). Simmons Bedding Company LLC, Serta Inc., and Sealy
Corporation are the top three names in the global mattress market
that collectively held more than 50% of the market in 2015. These
companies in commanding position could also be steering development
trends in the overall mattress market.
As per estimates presented by TMR, the global mattress market will
rise at a CAGR of 6.5% for the forecast period between 2016 and 2024
to reach a valuation of US$43.43 bn by the end of 2024. The market
was evaluated to be worth US$24.70 bn in 2015.
The innerspring mattress product type held the leading share in 2015,
and going forward the segment is expected to progress at a CAGR of
6.1% between 2016 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.
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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 along development path.
Fluctuating Raw Material Prices and Hike in Labor Cost Trouble
Vendors
However, on the flip side, perpetual 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.
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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The review presented here is based on the findings of a report by
Transparency Market Research, titled “Mattress Market (Product Type
- Memory Foam, Hybrid, Innerspring, Latex Mattresses; Product Size -
Twin or Single Size Mattress, Twin XL Size Mattress, Full or Double
Size Mattress, Queen Size Mattress, King Size Mattress) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 -
2024.”
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