People these days have become increasingly conscious regarding their health, along with which, work-related stress has increased as well. The schedule has become busier as companies are increasingly stressing on increased productivity and efficiency. Along with all this, the disposable income of people has also increased considerably over the past few years, due to strong economic growth. It is because of all these factors that the demand for mattresses has increased significantly. As the focus on sound sleep is rising, because of mental tiredness, people have started invested in mattresses of good quality, thereby leading to the growth of the mattress market.
These people are also investing in customized mattresses, which is major driving factor for the domain. Since different people have different preferences when it comes to comfort, the requirement for personalized products has risen substantially. Owing to this, mattress manufacturers, including Tempur Sealy International Inc., have started providing people with customization option, where they can modify the firmness, size, and thickness of the mattress as per their convenience. Because of such offerings, people with different weight and height can choose the product that suits their needs.
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In addition to this, standard sized mattresses do not always fit in customized beds, which is why people are increasingly opting for customized products. The demand for mattresses has further been increasing due to the increasing migration rate form rural to urban areas, majorly in Asia-Pacific and Middle East. As per a report by the United Nations, World Urbanization Prospects, approximately 54% of the worldwide population lived in urban areas in 2014, and the percentage is expected to increase to 66% by 2050. As people have increased disposable income these days, they are willing to spend on luxurious items, such as mattresses.
The global mattress market is projected to reach a value of over $38.9 billion by 2023, rising from $31.1 billion in 2017, and it is predicted to advance at a 3.8% CAGR during the forecast period (2018–2023). On the basis of size, the market is divided into king size mattress, single size mattress, queen size mattress, and double size mattress, among which, the queen size mattress category accounted for the largest share of the market in the past. Queen-sized mattress is preferred the most, as it is ideal for two people and doesn’t take much space in the room, which is an importance aspect for smaller bedrooms.
In terms of end user, the mattress market is divided into commercial and residential, between which, the residential division is predicted to advance at a faster pace during the forecast period. This is owing to the rising disposable income of middle-class families. Geographically, North America dominated the market in the past, as per a report by P&S Intelligence. This is because of the increased disposable income of people and the rising construction of hotels in the region. Asia-Pacific is expected to progress at the fastest pace during the forecast period, owing to the rising population in India and China.
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In conclusion, the demand for mattresses is growing due to the increasing disposable income, rising migration from rural to urban areas, and provision of customized services and products.
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