The growing demand for household and home furnishing products will encourage the industry’s growth during the forecast period. The increasing number of houses in developed and developing nations will contribute positively to industry growth. As per the Housing Statistical Release of 4 July 2019, in England, completions of new houses totaled 169,770 till March Quarter 2019, which increased by 6% compared to the same period in the previous year. Furthermore, the increasing trend for luxurious home décor will enable speedy expansion of the industry. Likewise, the growing demand for kids beds will uplift the mattress industry share. For instance, Sleep Number’s SleepIQ Kids k2 bed is equipped with the DualAir adjustability and SleepIQ technology that allows the bed to adjust, thus allowing the child to sleep comfortably easily. These aforementioned factors are expected to support the growth of the industry.
High Demand for Bedding Products to Push Growth in Asia Pacific
The industry in Asia Pacific stood at USD 12.80 billion in 2020. The growing demand for bedding products in China, India, and Indonesia will foster growth in Asia Pacific. For instance, as stated by the Indian Sleep Products Federation’s Comfort Time Magazine issue of July 2019, China was one the topmost importer of mattresses in 2018 accounting for a share of 85.4%. The demand for bedding products can have an excellent effect on the mattress industry in the region. The increasing number of residential buildings will consequently increase the growth of the industry in Asia Pacific. North America is expected to expand radically during the forecast period. The demand for high-value and luxury products will spur opportunities for the industry in the region.
Moreover, the surging tourism industry will have an incredible impact on the industry in North America. The high demand for single-sized beds and mattresses will influence the healthy growth of the industry. For instance, as per the U.S. International Trade Commission’s Publication 4842 of November 2018, in the U.S., the apparent consumption of bedding products in 2017 was 16.3% greater than in 2015.
The global mattress industry size is expected to reach USD 42.84 billion in 2028, exhibiting a CAGR of 4.8% during the forecast period. The increasing consumer purchasing of bedding products through online channels will stimulate the industry growth during the forecast period. The industry size stood at USD 30.36 billion in 2020.
Requisite for Hospital Beds to Elevate Industry amid Coronavirus
The high demand for hospital beds due to the surging COVID-19 cases will boost this industry. For instance, in April 2020, Kingsdown announced to expand its operations in response to the escalating requirements for recovery beds due to the high number of COVID-19 cases. The company increased its Care Xpress program, through which it can provide medical-grade bedding products. Moreover, renowned companies’ development of innovative products to curb the spread of coronavirus will incite the healthy growth of the industry during the pandemic. For instance, in July 2020, Serta Simmons announced to develop a new antiviral bed material to help the fight against coronavirus.
Spring/Coil Mattresses to Hold the Largest Share
Based on material, the industry is divided into spring/coil, foam, latex, and others. Spring/Coil segment is expected to hold the largest share during the forecast period. They are preferred due to their inherent properties, such as better load-bearing capacity and easy adaptability to body postures.
Based on the size, the industry is classified into queen, full, twin, and others. Queen-size is expected to hold a significant share during the forecast period.
Based on application, the industry is classified into household and commercial. The higher consumption of bedding product in residencies will bolster the growth of the household segment.
Geographically, the industry is classified into Asia Pacific, North America, Europe, South America, and the Middle East and Africa.
January 2020: Serta Simmons, a leading producer of mattresses, launched a new product line for Gen Z and the Millennial population.
The Research Lists the Key Companies in the Industry:
Serta Simmons Bedding, LLC (Georgia, U.S.), Tempur-Sealy International, Inc. (Kentucky, U.S.), Sleep Number Corporation (Minnesota, U.S.), Paramount Bed Holdings Co., Ltd. (Tokyo, Japan), Kingsdown Inc. (North Carolina, U.S.), Grupo Pikolin (Zaragoza, Spain), Sheela Foam (Uttar Pradesh, India), King Koil Mattress Co. (Illinois, U.S.), Greiner AG (Kremsmünster, Austria), Suibao Group (Guangdong, China), and Others.