The growing economic stability post-recession and the rising disposable income of the people in developing countries have increased the willingness of consumers to pay extra for premium mattresses. Affluent consumers across the globe are ready to spend on mattresses that promise sound sleep and more comfort, thus driving the mattresses market towards growth. Additionally, the availability and option to choose from a wide variety of mattresses, varying in size, style, and firmness have helped the market to grow. According to a report published by Transparency Market Research (TMR), the global mattress market is expected to rise from US$24.70 bn in 2015 to US$43.43 bn by 2024 expanding at a 6.5% CAGR from 2016 to 2024.
TMR analysts shed light on three important questions that companies operating in the mattress market have:
Q. What are the recent developments reported by companies operating in the mattress market?
In January 2016, Simmons Bedding Company LLC, introduced twelve new models to its premium Beautyrest® product range. These new models contain Micro-Diamond™ Memory Foam, which banks on the conductive property of diamond particles to move heat away from the surface of the mattress. These mattresses also feature BlackICE™ Memory Foam, which is designed to keep the sleeper cool and comfortable when sleeping.
Serta Inc. is set to launch its new collection of iComfort mattresses in winter 2016 in the Las Vegas market. These mattresses are expected to feature an advanced material infused with millions of gel beads, which respond to an individual’s need for support and comfort.
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Q. What are the factors challenging the growth of the market?
The rising cost of raw materials is particularly a serious problem for the manufacturers of premium mattresses. There are many raw materials which are becoming increasingly scarce, thus compelling market players to increase the price of mattresses. An increase in the labor cost is another factor that is pushing companies to raise the price of mattresses. Cost-sensitive customers in emerging nations are thus the first demographic to adversely respond to a price hike of mattresses by turning to local mattresses made from cotton fillers.
Q. How are emerging nations contributing to the growth of the mattress market?
The growing urbanization in the emerging nations of Asia Pacific is leading to an increased demand for mattresses. The thriving hospitality industry in emerging nations is creating a heightened demand for high-end or premium mattresses from both luxury and semi-luxury hotels. A rise in the population of people in countries such as China and India is aiding the growth of the market. A surge in the construction and renovation activities both in the domestic and commercial sectors is encouraging the demand for mattresses. Emerging nations in the Middle East and Africa and Latin America are also expected to witness a significant demand for mattresses from the hospitality sector.