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Seize the night - Bonafide Research
Nov, 28
2020

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Seize the night - Bonafide Research

 

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With the human evolution, the mattress also became an integral part of daily life and thus evolving itself to provide a better comfort. The report on Global Mattress Market Overview, 2020-25, by Bonafide Research is a balanced blend of factual based information, valuable insights, and implementable recommendations for both, the existing companies in the industry as well as the potential new entrants. The overall mattress market was recorded at USD 28.54 Billion in the year 2014 and is expected to grow with a CAGR of more than 7%. Increased incidences of back problems caused mainly by uncomfortable sleeping surfaces are likely to play a major role in the growth of specialty mattresses such as airbed, waterbed, and foam-based mattresses. It is majorly used by new hospitals, along with renovated old healthcare institutions, that have contributed significantly to the demand for such mattresses to provide comfort to in-patients, out-patients, and caretakers.

Willingness to explore newer options is the reason for the growth of the different types of mattresses. Even though the market seems to be opportunistic, the challenges of less spacious houses and a high dominance of the unorganized market in the developing countries hamper the growth. The purchase decision for a good mattress depends on many factors such as price, availability, and the material. This has a huge impact on the type of mattress preferred by buyers. Being the oldest form of mattress, the innerspring mattresses are common across the world, holding up to a share of more than 50% in the market.

Hotels are the main end-users of mattresses in the commercial segment as they change the mattresses more often than residential users. On an average, residential users change their mattresses in 9-10 years, whereas it takes a maximum of 5-6 years for the hospitality sector to change their mattresses. This incline in the hotel industry has a great influence on the mattress market. Commercial grade mattresses are designed for the extra abuse that hotels and resorts get. Highly dominated by offline retailers, the online mattress market is at comparatively a preliminary stage. As the millennial customer are more attracted towards the online shopping methods, that provides added discount and free trials, the online mattress retails is expected to grow with a CAGR of more than 20%, by the forecasted period.