LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global mattress market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global mattress market is forecast to showcase a CAGR of almost 7% and reach a value of USD 36.8 billion by 2021. APAC leads the market with a share of over 43%, and 65% of the incremental growth will be from this region.
Based on product segmentation, this market is divided into innerspring, memory foam, latex, and other types of mattresses. Innerspring mattresses hold a majority 70.41% (2016 figures) of the global mattress market and are expected to continue its dominance through the forecast period. These mattresses are the most traditional and affordable type of mattress, which are the key factors behind its popularity. These mattresses are available at different levels of firmness and comfort levels, thereby catering to a larger demographic.
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The top three emerging trends driving the global mattress market according to Technavio research analysts are:
- Preference for customized mattresses
- Growing demand for eco-friendly mattresses
- Need for multi-functional beds
Preference for customized mattresses
With the global mattress market witnessing an increased demand for customized mattresses, major players in the market have started offering such mattresses that are made to the specifications provided by the end-user. Vendors offer customizations in the size, shape, and design aspects for the customer, along with options to customize the mattress to suit bolsters, yachts, windows, and V-berths, or even for products such as T-cushions, L-cushions, and chair cushions.
“Retailers also offer a range of firmness and layering options. Serta, one of the key vendors in the mattress market, offers custom-made mattresses exclusively for its retail partners. Vendors also offer couples the option to customize each side of a single mattress depending on their individual needs. All these factors are increasing the demand for customized mattresses, which will have a positive impact on the growth of the market during the forecast period,” says Poonam Saini, one of the lead analysts at Technavio for furniture and home furnishing research.
Growing demand for eco-friendly mattresses
There is a growing trend globally towards environmentally friendly products, and the mattress market is also experiencing an increasing demand for eco-friendly product offerings. Major players in the market are seeing an increased amount of investments made in the development of eco-friendly mattresses made of natural and affordable materials. The demand for this type of mattresses is increasing because of the increasing awareness among people about the harmful effects of the chemical and synthetic products used in regular mattresses.
Additionally, the cooling gels and fabrics used in these eco-friendly mattresses are driving more consumers to adopt eco-friendly mattresses. These mattresses eliminate the heat produced from memory foam beds and offer better support and comfort, which is important to most of the people. This growing demand for organic mattresses will propel the growth of the market in the next five years.
Need for multi-functional beds
“The percentage of people living in urban spaces is increasing, and this increase is seeing an evolution in the way residential buildings are designed. Modern urban living spaces try and make maximum utility with every little space available, and most spaces have more than one function. One of the most common adaptations observed is the addition of some much-needed storage space to living-room and bedroom furniture,” says Poonam.
With an increasing inclination toward unique and fascinating home décor pieces, many consumers find multi-functional beds as a very attractive option. Multi-functional beds can be adjusted as per consumers' requirement, and it comes with the added utility of being folded and used as sofas and recliner chairs. HiCan multimedia beds, for instance, are designed with large retractable HD projection screens, LED reading lights, built-in PCs, and full multimedia complemented with game and entertainment consoles, along with a home theater screen sliding down at the foot of the bed. Hence, with the growing adoption of multi-functional beds, the demand for mattresses that can be used with them will increase, thus fueling the growth of the mattress market during the forecast period.
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