New York, NY, July 10, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Mattress Market by Product (Memory foam, Gel, Innerspring, Water bed, Air bed, Latex Mattress, and Adjustable bases), by Size (King size, Double size, Queen, Twin XL, Twin), by End-User (Hotel industry, Household, Hospitals, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’ . According to the report, global mattress market was valued at around USD 27 billion in 2017 and is expected to reach approximately USD 43 billion in 2024, growing at a CAGR of slightly above 6.5% between 2018 and 2024.
Mattresses are placed on top of the bed base that may be solid as in the case of a platform bed. Mattresses can also be filled with water or air, or a variety of natural fibers that includes futons. Kapok is a common mattress material used in Southeast Asia as coir in South Asia. Traditional spring mattresses are made from connected springs along with the border of wire that provides additional support. As the springs are connected, it provides support to the entire sleeping area.
Browse through 42 Tables & 32 Figures spread over 110 Pages and in-depth TOC on "Global Mattress Market Size & Share 2017: Industry Trends, Growth, Segments, Analysis and Forecast, 2024”.
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Luxury hotels and its chains offer the best comfort and services to their customers by pleasant and comfortable room mattress. In 2016, travel and tourism accounted for USD 7.6 trillion in the global economy along with providing 292 million jobs. This revenue comprises 10.2% of global GDP. Further, 1 in every 10 jobs is attributed to the travel & tourism industry. Leisure travel accounted for 77% of people’s spending, whereas business and corporate travel accounted for the rest of the 23% revenue generation. Overall contribution to the GDP by the industry increased by 3.1% in 2016. Till 2027, the industry is expected to account for 11.4% of global GDP coupled with employment of 380 million jobs. This indicates that the industry will outperform the global economy in the coming years.
Mattresses are majorly used for household purposes. An average size of household increased from 2.73 to 2.75 persons between 2011 and 2016. Average size varied as per the household type. The number of households comprising of cohabiting couples along with children has increased by 25.6% or 14,068 between 2011 and 2016. While a number of persons residing in those households have grown by 28.7% or 59,196. As per statistics of April 2016, over 399,800 people were living alone. Rising concept of nuclear families and live in relationships have increased the number of houses, which has fostered the global mattress market.
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The global mattress market is classified according to its products as memory foam, gel, innerspring, water bed, air bed, latex mattress, and adjustable bases. Innerspring is projected to dominate the global mattress market over the forecast period. The significant share of the segment is attributed to rising incidence of back disorders, related to uncomfortable sleeping surfaces. Increasing number of affording customers in emerging nations are demanding premium innerspring technology mattress.
Based on the size, global mattress market is categorized as king size, double size, queen, twin XL, and twin. Queen size mattress is anticipated to have maximum revenue share that is most suitable for apartments and are popular in metropolitan cities. Double size mattress is projected to witness maximum gains over the forecast timeframe. Various end-use industries deploying mattress are hospitals, household, hotel, and others. The household is estimated to contribute majorly in demand of mattress owing to the rising number of household and nuclear family trends.
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Key players in global mattress market are Paramount Bed Holdings Co. Ltd., KING KOIL Inc., Sealy Corporation, Southerland Bedding Co., Kingsdown Inc., Select Comfort, Spring Air Company, Simmons Bedding Company LLC, Serta Inc., and Tempur-Pedic International Inc.
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Regional Growth In-Depth Analysis:
The Middle East and Africa are projected to witness significant gains in the global mattress market over the forecast timeframe owing to its increasing number of hotels for international tourists. The region is enormously diverse in terms of its geography and cultural heritage. In 2016, travel and tourism industry in Africa for all of its 54 countries have contributed nearly USD 66.4 billion, accounting for 3.1% of the GDP in the economy. In the Middle East, the industry contributed 3.3% to its GDP with a revenue generation of USD 81.4 billion. In 2016, overall MEA travel and tourism industry accounted for 6.4% of the global economy. Largest economies in terms of travel and tourism in the region are Morocco, South Africa, and Egypt with the global ranking of 42 nd , 40 th , and 39 th respectively in terms of their travel and tourism contribution to GDP of their economy.
The Asia Pacific will lead in terms of demand in the global mattress market till 2024 owing to its rising number of households. Escalating construction activities in emerging countries such as China and India along with increasing adoption of the innovative construction process is driving infrastructural sector in the region. Furthermore, rising adoption of ready to mix concrete coupled with increasing FDI in real estate sector will offer tremendous opportunities for the regional construction industry. The construction industry is at its peak owing to rising demand for redevelopment and new construction activities being undertaken in specific nations. The necessity of sufficient housing for the ever increasing population in the region is fueling residential construction; this, in turn, is fostering construction in all the areas of the region. China accounts for more than 60% of the regional construction market, with an anticipated 7.45% CAGR between 2018 and 2023. Enhancement in economic conditions of the region has improved the financial status of the customers, leading to boost in demand for infrastructural activities and buildings.
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North America will register a substantial growth in the global mattress market over the forecast timeframe owing to its positive outlook on the hotel industry. As per TravelClick, combined average daily rate across all the travel segments was up by 4.2% in second quarter of 2015 as compared to same period last year. Revenue per available room and reserved occupancy have also increased by 5.6% and 0.8% respectively in the same time period. The number of tourists in North America was above 95 million in 2015 as compared to 59 million in 2003.
In 2012, Central America witnessed an increase of 7.3% in its number of tourists as that of the previous year. This was the highest growth registered in the overall Americas region. In 2012, the region registered more than 7 million additional tourists, accounting for a growth of 4.6%, more than the global average of 4.0%. The total number of tourists in Central America was 163 million in 2012. Certain countries in the region have shown substantial growth. For instance, Guatemala grew by 6.5%, Cost Rica 6.9%, Panama 9.1%, Belize by 10.7%, and Nicaragua by 11.3%. Some of the South American countries witnessed double-digit growth such as Paraguay with 10.6%, Ecuador with 11.5%, Chile with 13.3%, and Venezuela by 19.3%.
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The report segments the global mattress market as follows:
Mattress Market: Product Segment Analysis
- Memory foam
- Gel
- Innerspring
- Water bed
- Air bed
- Latex mattress
- Adjustable bases
Mattress Market: Size Segment Analysis
- King size
- Double size
- Queen
- Twin XL
- Twin
Mattress Market: End-User Segment Analysis
- Hotel industry
- Household
- Hospitals
- Others
Mattress Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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