United States Mattress Market to Surpass USD 18.3 Billion by 2028
Published | 01 September 2022
United States Mattress Market is flourishing owing to the nation's burgeoning hotel and tourist sectors, as well as its growing construction sector along with the customers' rising health concerns, which have increased demand for everyday items like beds.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Mattress Market was worth USD 14.20 billion in the year 2021. The market is projected to grow at a CAGR of 3.5%, earning revenues of around USD 18.34 billion by the end of 2028. The United States Mattress Market is booming due to the expansion of the tourism sector, which has led to an increase in hotels and, in turn, a rise in mattress sales. Additionally, rising health concerns among customers have increased the demand for commonplace goods like beds. Additionally, as people's disposable income increases, they are prepared to pay more for products that improve their health. Moreover, escalation in demand for foam mattresses, which offer more comfort compared to other types of mattresses, are frequently used by persons with orthopedic conditions, such as joint difficulties. Additionally, these variations are utilized in the business sector because of their affordability and ease of availability. However, increasing public consciousness of the toxic materials in mattress foams may act as a huge restraining factor for market growth.
Expanding Construction, Hospitality, and Tourism Industries
According to the U.S. Census Bureau, the amount spent on construction nationwide in November 2019 was $1.324 trillion, up 4.1% from the $1.271 trillion spent in the same month in 2018. In November 2019 compared to the same month in 2018, private construction spending rose 1.6%. Similarly, compared to the same month last year, residential building investment rose by 2.7% in November 2019. All of these signs point to the nation's construction industry experiencing tremendous growth, particularly in residential buildings, which has aided in the expansion of the U.S. mattress market. Because of the country's growing tourism industry and increase in international visitors, the U.S. mattress industry is growing. These elements all promote growth.
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Increasing Disposable Income and Beneficial Government Policies
Rising discretionary income and favorable government policies are driving mattress purchases. Homeownership rates have risen as a result of rising disposable income and government real estate development plans, which are fueling the mattress industry's growth. According to the Organization for Economic Cooperation and Development (OECD), housing is becoming more accessible as a result of government initiatives and a global average annual growth rate of disposable income of more than 2% in 2019. The tourism industry is also supported by increased disposable income, which benefits the hospitality industry and increases the demand for beds.
Restraints
Increased Product Life Cycle Length Restricted Growth
Challenges are presented to new and prospective market players by a developing and fast evolving competitive landscape, where internationally recognized and domestic enterprises compete primarily based on product quality and durability. A longer product lifespan is one of the most significant factors impacting consumer purchase decisions in brick and mortar stores and online marketplaces countrywide. While offering trustworthy and high-quality products helps brands survive, it can also lead to a low rate of repeat business. This factor mostly affects a company's long-term growth. In addition, the abundance of unbranded, inexpensive products is reducing American consumers' desire for branded, pricey, and luxury goods.
Segmental Coverage
United States Mattress Market - By Distribution Channel
Based on distribution channel, the United States Mattress Market is segmented into Specialty Stores, Departmental Stores, Hypermarkets/Supermarkets, Online, and Others. The supermarkets/hypermarkets segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). Because customers may get advice from salespeople and choose from a range of mattresses after trying them out first. Additionally, customers choose offline businesses since they offer faster delivery than online platforms and more reliable aftersales.
Impact of COVID-19 on United States Mattress Market
The COVID-19 outbreak has significantly impacted the growth of the U.S. mattress market. The unprecedented outbreak forced manufacturers to delay new product launches and make cost reductions in the face of declining consumer demand for pricey sleep products. International product sales are anticipated to be hampered shortly by trade disputes and trade protectionist policies in the United States or other trading partners. On the other hand, the COVID-19 pandemic has opened up tremendous business opportunities for both domestic and global businesses. Although the COVID-19 crisis has had an impact on offline sales, online sales have held steady. After COVID-19, customer relationships are advantageous for Direct-to-Consumer (DTC) sales.
Competitive Landscape
The leading market players in the United States Mattress Market are Serta Simmons Bedding LLC, Tempur Sealy International Inc, Casper Inc, Purple Innovations, Leesa Sleep LLC, Spring Air International, Sleep Number Corporation, Saatva Inc, Kingsdown Mattress, Corsicana Mattress, and other prominent players.
The United States Mattress Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Mattress Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Mattress Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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