The global Mattress
Market features a moderate level of consolidation, with the
top three companies accounting for more than half of the overall
market in 2015, observes a recent report by TMR. Sealy Corporation,
Simmons Bedding Company LLC, and Serta, Inc., the leading three
vendors in the global mattress market, thus command a prominent
position in the market and are the key determinants of the market’s
overall development.
The rest half of the
market is fragmented, with international players attempting to expand
their consumer base amid intense competition from local vendors
across key regional markets. Price is a vital factor affecting the
overall sales of mattresses, especially in cost-sensitive emerging
markets. In the next few years, the rising costs of mattresses owing
to rising raw material and labor costs are expected to grant more
power to local players over international mattress vendors and the
competition is expected to further intensify.
Growth in
Construction Sector and Rising Frequency of Home Renovation
Activities Stimulate Demand for Mattresses
Rise in the number
of new homeowners, expansion of the hospitality industry,
construction in the commercial sector, and home renovation activities
are the primary factors leading to the increased consumption of
mattresses across any region. In the past few years, stabilizing
economies of North America and Europe post the economic depression of
2008 have had a substantial positive impact on the development of
these sectors. The sales of new homes are seeing an upward trend
across developed countries in these regions, rising from 5,50,000 in
2014 to 6,66,600 through the first half of 2015 in the U.S. alone.
In emerging regions
such as Asia Pacific, Latin America, and parts of Africa,
strengthening economies have led to considerable rise in commercial
and domestic construction activities in the past few years. In 2013,
over 190 new hotels and around 47,350 new rooms were added to Asia
Pacific’s hotel industry.
Rising disposable
incomes of the population in these regions are enabling homeowners to
undertake home renovation activities more frequently. Migration from
rural to urban areas and rise in home ownership owing to the rising
population are also emerging as high-impact drivers for the mattress
market in emerging economies.
Rising Costs of
Mattresses to Lessen Appeal Among Cost-sensitive Masses
The constant rise in
the base costs of raw materials crucial for manufacturing high
quality mattresses is worrying mattress manufacturers. In the past
few years, the world prices of steel and polyurethane have witnessed
vast fluctuations. Other raw materials acquired from a variety of
natural resources are becoming increasingly scarce, forcing suppliers
to ramp-up prices amid vast rise in demand. Additionally, rise in
labor costs are also leading to increased prices of mattresses in the
global market. Cost-sensitive consumers in emerging economies are the
first and foremost demographic to respond to price hikes by switching
to economic, local products made with cotton fillers.
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Emerging economies
hold the most promising growth opportunities for the mattress market
owing to the vast population and flourishing growth in the
construction sector. As such, high prices and their effect on reduced
sales in emerging economies will have a major impact on the overall
growth of the global mattress market in the next few years.
In terms of product
type, the segment of innerspring mattresses is presently the largest
contributor to the overall revenues of the global mattress market,
accounting for nearly 80% in 2015. The segment is expected to rule
consumer choices in the next few years as well, their market expected
to expand at a favorable 6.1% CAGR over the period between 2016 and
2024. Asia Pacific led the market in terms of geographical
segmentation, accounting for over 38% of the market in 2015.
On a whole, the
global mattress market is expected to expand at a 6.5% CAGR over the
period between 2016 and 2024. The market, which had a valuation of
US$24.70 bn in 2015, is anticipated to rise to US$43.43 bn by 2024.
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