The global mattress market is expected to increase from $24,675.7 million in 2015 and reach $38,078.1 million by 2022, growing at a CAGR of 6.5%. The increasing population which is leading to increasing rate of home ownership is the key growth driver for the global mattress market. The demand for housing is mainly driven by migration of consumers from rural to urban areas. The high demand for new houses is observed mainly in the emerging regions including the Middle East and Asia-Pacific, where young consumers among the population are laying severe pressure on housing supply. The consumers’ preference towards customized mattresses is one of the major trends witnessed in the global market.
The increasing population and growing numbers of nuclear families is increasing the demand for houses and consequently the market for mattress globally. The increasing migration of people from rural to urban areas, mainly in the Middle East and Asia-Pacific regions is also propelling the demand for mattresses. Owing to the surging property prices, home ownership is becoming one of the factors for social recognition in highly populated countries, such as India and China. The governments in several countries have also considered home ownership as an important policy goal, and consequently they incentivize it by creating mortgage interest payments.
The different mattress consumers have separate needs for them, and according to their needs they are categorized into five groups, as sleep sufferers, mattress involveds, healthy and content, brand selectors, and apathetics. Sleep sufferers are the consumers not able to get a good sleep and experience many sleeping problems. Healthy and content category includes the consumers generally over 60 years of age having least chances that their children are less than 18 years of age. Mattresses of this category include the consumers who are young and have higher incomes, so as to pay for a premium mattress. Brand selectors are the consumers who believe that the quality of a mattress largely depends on its brand name. The apathetics category generally includes males with lower income, who use the mattresses for longer period, as compared to other categories.
The demand for mattresses is also being propelled by the growing health concern of consumers. The increasing busier day schedules of the people are inducing mental tiredness in them, thus necessitating the need of a sound sleep. The focus on sleep quality is becoming important in the developed countries, which is resulting in increasing adoption of premium mattresses in these countries. On the other hand, the Asian consumers are increasing their mattress budget to use technologically advanced mattresses, as compared to their traditional cotton-filler mattresses. These factors are emerging as opportunity for market players in the industry.
The major companies operating in the global mattress market include Tempur Sealy International Inc., Simmons Bedding Company LLC, Spring Air International Inc. LLC, Select Comfort Corporation, Kingsdown Inc., Reylon Beds, Southerland Bedding, and Corsicana Bedding Inc.
News Courtesy: P&S Market Research