Technavio’s latest report on the global mattress market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global mattress market is forecast to showcase a compound annual growth rate of almost 7% and reach a value of USD 36.8 billion by 2021. The Asian-Pacific region leads the market with a share of over 43%, and 65% of the incremental growth will be from this region.
Innerspring mattresses held a majority of the global mattress market in 2016 with 70.41% of the market share—and are expected to continue their dominance through the forecast period. These mattresses are typically the most traditional and affordable type of mattress, which are the key factors behind its popularity. These mattresses are available at different levels of firmness and comfort levels, thereby catering to a larger demographic.
According to Technvaio, the top three emerging trends driving the global mattress are:
1. Preference for Customized Mattresses
With the global mattress market witnessing an increased demand for customized mattresses, major players in the market have started offering such mattresses that are made to the specifications provided by the end-user. Vendors offer customizations in the size, shape and design aspects for the customer.
“Retailers also offer a range of firmness and layering options,” explained Poonam Saini, one of the lead analysts at Technavio for furniture and home furnishing research. “Serta, one of the key vendors in the mattress market, offers custom-made mattresses exclusively for its retail partners. Vendors also offer couples the option to customize each side of a single mattress depending on their individual needs. All these factors are increasing the demand for customized mattresses, which will have a positive impact on the growth of the market during the forecast period.”
2. Growing Demand for Eco-Friendly Mattresses
There is a growing trend globally towards environmentally friendly products, and the mattress market is also experiencing an increasing demand for eco-friendly product offerings. Major players in the market are seeing an increased amount of investments made in the development of eco-friendly mattresses made of natural and affordable materials. The demand for this type of mattresses is increasing because of the growing awareness among people about the harmful effects of the chemical and synthetic products used in regular mattresses.
Additionally, the cooling gels and fabrics used in these eco-friendly mattresses are driving more consumers to adopt eco-friendly mattresses. These mattresses eliminate the heat produced from memory foam beds and offer better support and comfort, which is important to most of the people. This growing demand for organic mattresses will propel the growth of the market in the next five years.
3. Need for Multi-Functional Beds
With an increasing inclination toward unique home décor pieces, many consumers find multi-functional beds as a very attractive option. Multi-functional beds can be adjusted as per consumers' requirement, offering the added utility of being folded and used as sofas and recliner chairs. For example, HiCan multimedia beds are designed with large retractable HD projection screens, LED reading lights, built-in PCs and full multimedia consoles, along with a home theater screen sliding down at the foot of the bed. With the growing adoption of multi-functional beds, the demand for mattresses that can be used with them will increase, thus fueling the growth of the mattress market during the forecast period.
“The percentage of people living in urban spaces is increasing and this increase is seeing an evolution in the way residential buildings are designed,” Poonam continued. “Modern urban living spaces try and make maximum utility with every little space available, and most spaces have more than one function. One of the most common adaptations observed is the addition of some much-needed storage space to living-room and bedroom furniture.”
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About Technavio: Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers and end-users. Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends and more.