The global mattress market revenue is expected to rise from $32,875.3 million in 2020 to $64,045.5 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 7.0% from 2021 to 2030 (forecast period). The market is being driven by the booming tourism industry, which is causing a massive rise in tourist footfall and propelling mattress sales, in several countries. Additionally, the rising health concerns of consumers are driving the demand for various everyday items, such as mattresses.
Besides the aforementioned factors, the growing disposable income of people and the implementation of government policies regarding real estate development are also propelling the home ownership rate all over the world, which is, in turn, fueling the expansion of the mattress market. As per the Organisation for Economic Co-operation and Development (OECD), government initiatives and the surging average annual growth rate in disposable income, which is more than 2%, are making housing affordable for the masses.
The other major factor fueling the demand for mattresses is the increasing migration of people from rural to urban areas, especially in the Asia-Pacific (APAC) and Middle Eastern regions. As per the World Urbanization Prospects report published by the United Nations (UN), nearly 55% of the global population resided in urban areas in 2018, and this share is expected to rise to approximately 68% by 2050. Depending on distribution channel, the market is divided into offline and online.
The major players operating in the mattress market are focusing on product launches in order to consolidate their position. For example, Tempur Sealy International Inc. launched a new line of mattresses, that leverage the ultra-responsive coal technology and memory foam for providing enhanced support and durability, in February 2021. Furthermore, Serta Simmons Bedding LLC announced the launch of its new iComfort Hybrid mattress collection in January 2018 at the Winter 2018 Las Vegas Market.
Hence, the sales of mattresses will soar in the coming years, mainly because of the rising disposable income of people, rapid urbanization, and surging tourist footfall in various countries.
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