According to a new market report published by Transparency Market Research titled “Mattress & Mattress Component Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global mattress and mattress component market is expected to reach US$ 83.6 Bn and US$ 30.2 Bn by 2026, expanding at a CAGR of 6.5% and 5.2% from 2018 to 2026. Asia Pacific held the dominant share in the mattress and mattress component market in 2017.
With growing consumer preference and huge market potential, the mattress market is expected to witness considerable growth in the coming years. Globally, innerspring mattress type dominates the market in terms of revenue. Innerspring mattress segment held the largest share in the global mattress market. Innerspring mattress constituted majority share in terms of revenue in the Asia Pacific mattress market in 2017 and this trend is expected to continue over the forecast period. Growing health issues due to sleep disorder among consumers are propelling the demand for good quality mattresses.
With the increasing disposable income, most customers are ready to pay extra for health benefits as well as luxury bedding products for luxurious, comfortable sleep. Apart from this, the increasingly busy schedules of people are inducing mental tiredness in them, making sound sleep a compulsion. All these factors are anticipated to drive the mattress and mattress component market during the forecast period.
In terms of mattress size, queen size mattress occupied the largest market share in the overall mattress market in 2017 and this trend is expected to continue over the forecast period. Queen size mattresses are the most cost effective size. These mattresses are an ideal choice for couples who are looking for floor space-friendly as well as cost-effective mattresses. Hence, demand for this particular mattress size is on the rise and is anticipated to maintain its position during the forecast period from 2018 to 2026.
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Growth in the mattress industry is driven by rise in construction activity influenced by economic development. Both commercial and residential construction is on the rise globally especially in the U.S. Housing and hospitality sectors are primarily supporting this growth. The commercial sector, which includes hotel industries, offices, and institutions, and healthcare industry, has seen robust growth in the past few years and is expected to witness similar growth in the coming years. Growing construction expenditure in emerging markets such as Asia Pacific will further strengthen demand. In addition, considerable growth in the hotel industry was observed in the Asia Pacific region with almost 350 new hotels and around 90000+ rooms opened in 2017.
Majority of homeowners are undertaking home improvements to refurbish and to add value to their houses. Remodeling homes is the most popular renovation followed by wallpapering, painting, and carpeting among others. Consumers spend lavishly on home renovation in developed regions such as the U.S. and the U.K due to improved economic conditions. During home renovations, different shapes and sizes of mattresses (square, circular and semi circular, polygon or hexagon, and triangular among others) are purchased. Thus, it is expected to increase the demand for mattresses in these regions over the forecast period.
Asia Pacific held the largest market share in the mattress market and acquired more than 37% share in 2017. It is anticipated to be the most swiftly developing region due to rising adoption of health beneficial mattresses in the developing economies of China and India. China was the major contributor to the growth of the Asia Pacific mattress market. Moreover, China is the largest mattress market globally followed by the U.S. Asia Pacific was followed by the markets in North America and Europe.
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Asia Pacific is the largest as well as the fastest growing regional market owing to rising number of health conscious people who are ready to pay considerable amounts for products that are beneficial to health. All these factors have propelled the growth of the mattress market in this region. Other developing regions such as the Middle East and Latin America are expected to become new revenue generating areas for large mattress dealers.