Global Industry Analysts released the results of their comprehensive global report projecting the global mattress market will reach $24.65 billion by 2017. They attribute this outstanding to growing home ownership, huge pent-up demand from premium customers, and rising opportunities from niche markets.
Over recent years the mattress industry has metamorphosed from a dull, predictable and slow growth market into an aggressive, dynamic and lucrative marketplace with celebrity brand partnerships, innovation and high style. The market has experienced numerous product innovations and introductions resulting in a wide array of choices for consumers. There is something for everyone –ranging from general-purpose and specialized products to high priced/luxury bedding and economical products.
Sleep, as a measure of health and well being, is being increasingly looked upon as one of the most crucial necessities. Particularly in the present day harried and hectic life putting emphasis on the quality of a mattress. With the value of a good night’s sleep at a premium, consumers are more than willing to pay a higher price for quality mattress.
After years of steady growth, the global mattresses market experienced a decrease in overall sales in 2008 and 2009 mostly due to economic pressures, decline in consumers’ wealth and weak housing market. The decline was largely the result of the collapse of the construction industry, especially the fall in construction starts.
However, with economic conditions improving in 2010, the market staged a remarkable comeback and is now expected to experience healthy growth in the upcoming years. Increased discretionary spending, GDP growth, improvement in liquidity situation, softening of interest rates, continued urbanization, pent-up consumer demand, increased infrastructure spends, and expected recovery in the construction space by 2012 are key factors expected to put the growth momentum back on track. The mattresses industry will be a key beneficiary of rising home ownership, larger homes with more bedrooms, as well as various governmental initiatives such as the Home Improvements Revitalize the Economy (HIRE) Act of 2009. As the economy improves further in the short to medium term period, the global mattresses market will regain lost momentum, encouraged by the fact that good night’s sleep will continue to remain key factor in hospitality, residential retail, institutional and healthcare sectors.
A major portion of new mattress demand will come from premium bedding customers that deferred big ticket purchases during economic woes, as a result of which non-innerspring (specialty) segment is forecast to be the fastest growing segment in the post recession years. In the post recession period, mattress dealers are expected to focus on niche markets to remain competitive. As consumer returns to the trend for enhanced sleep experience and quality of life enhancement, demand for will continue to accelerate, adding more value and convenience with advanced technologies.
As stated by the market research report, the US continues to remain the largest regional market worldwide and Asia-Pacific the fastest growing regional market. Growth in the Asia Pacific market will be especially driven by rapid expansion in building and residential units in key developing nations such as China and India, increasing spending power among people, and presence of large relatively untapped regional markets.
Major players in this area include International Bedding, Comfort Solutions, Kingsdown Inc, Relyon Limited, Sealy Corporation, Simmons Bedding Company, Serta International, Spring Air International, Select Comfort Corporation, and Tempur-Pedic.
The research report titled “Mattresses: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, issues company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for product segments Traditional Innerspring, and Non-Innerspring (Specialty), across all major geographic markets including the US, Canada, Japan, Europe (France, Germany, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America, and Rest of World.
For more information, please visit www.strategyr.com.
About Global Industry Analysts, Inc.: GIA is a publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.