The innerspring segment dominated the Global Mattress Market, by type, and is projected to reach usd 18,308.3 million by 2024. This can be attributed to the high sales of innerspring mattresses due to their affordability and comfort. However, the hybrid segment is projected to be the fastest-growing during the forecast period.
North America dominated the market, accounting for the largest share of the market in 2017, and the regional market is expected to register a CAGR of 6.50% during the review period. The market in Asia-Pacific was the second-largest in 2017. It is projected to reach USD 15,557.5 million by the end of 2024, with China being the leading market.
The global mattress market is estimated to be valued at USD 49,498.8 million by 2024 and is expected to register a CAGR of 7.21% during the forecast period.
The global mattress market has been segmented on the basis of type, end user, and region. On the basis of type, the market has been divided into memory foam, hybrid, innerspring, latex, gel-filled, and others. The innerspring segment held the majority market share in 2017. However, the hybrid segment is projected to be the fastest-growing, followed by the gel-filled mattress segment. Optimal pressure relief, healthy weight distribution, temperature regulation, high durability, and suitability to all sleep positions are some of the features boosting the popularity of gel-filled mattresses around the world.
On the basis of end user, the market has been divided into residential and commercial. The residential segment accounted for the larger market share in 2017. The demand for mattresses in residential applications is increasing significantly due to the growing population and increasing number of households in emerging economies. However, the growing number of hotels, motels, five-star resorts, hospitals, schools, and commercial facilities is directly influencing the demand for mattresses for commercial use across the globe. Commercial-use mattresses are offered in custom sizes and sold in bulk.
Key Findings of the Study
- The global mattress market is projected to reach USD 49,498.8 million by 2024 at a 21% CAGR during the review period of 2018 to 2024.
- North America accounted for the largest market share with the US being the major contributor to the growth of the market.
- The hybrid type segment is projected to register the highest CAGR of 7.74% during the forecast period.
- Key manufacturers are adopting geographic expansion, corporate acquisitions, and product launches as growth strategies. Moreover, they are focusing on improved material use and online retail channels.
Geographically, the global mattress market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, North America was the largest market for mattresses in 2017 and is expected to remain dominant during the review period. Asia-Pacific accounted for a significant market share in 2017 and is projected to be the second-largest market during the forecast period. The rising demand for hybrid and gel-filled mattresses is a key trend gaining traction in the US mattress market. The US accounted for the largest share of 69.97% of the North American market in 2017 and the country-level market is projected to register a CAGR of 6.32% during the forecast period.