Market Research Report
Asia-Pacific Mattress Market - Growth, Trends, COVID-19 Impact and Forecasts (2022 - 2027)
|Asia-Pacific Mattress Market - Growth, Trends, COVID-19 Impact and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
Asia-Pacific is the largest user of mattresses in 2020 owing to the large population of India, China, and Indonesia. The mattress market is driven by an increase in the number of households, a shift in consumer preferences, an increase in innovative technologies, an increase in demand for hybrid and gel-filled mattresses, favorable government policies, an increase in disposable income, and a shift in lifestyle. Spring mattresses accounted for most of the revenue in the Asia Pacific mattress market, followed by foam mattresses.
Due to a scarcity of raw materials for mattresses, the price of premium items rises. Price increases on premium products encourage price-sensitive customers to buy goods from local merchants, limiting the market growth. The market's expansion is further hampered by the small number of players who sell organic mattresses.
Increasing product innovation expenditures, as well as the availability of various types of mattresses in emerging economies, as well as ever-changing consumers' sleeping patterns and changing demand for different types of mattresses, are expected to drive growth in the mattress market during the forecasted period. The expansion of the hospitality industry around the world is fuelling the mattress market's expansion. The desire for high-quality mattresses that aid in comfort and healthy sleep has piqued the interest of international hotel chains.
Asia-Pacific mattress demand was negatively impacted in 2020 because of the COVID-19 pandemic. Manufacturers were harmed by quarantines and partial industrial closures. During the pandemic, this resulted in a shortage of raw materials and finished products, which had a substantial impact on the mattress industry's growth. Manufacturers have changed their strategy to recover from the current circumstances by introducing novel innovations like antivirus mattresses. In addition, after 2021, the sleeping mattress industry is predicted to rebound.
Even though the Asia Market is growing in trend with the global trends, India proves the other way round. The growth of the Indian mattress market has been propelled by a rise in income levels, increased health awareness, and growth in the real estate and hospitality industries. A noticeable shift in consumer perception has been noted, with the focus now being on the product's comfort and functionality. Mattress manufacturing enterprises, which comprise both offline and online merchants, have developed new techniques to assure consumer happiness by changing times. The demand for customized and luxury mattresses is predicted to grow, and organizations may develop new methods to better utilize their resources and technologies. Mattresses are no more just consumer goods; they are a measure of one's quality of life. With increased awareness of mattress types and brands, demand for residential and institutional construction is increasing in India. Indian start-up firms, such as Oyo Rooms and Fab Hotels, are contributing to the expansion of the mattress market by opening low-cost hotels that can be booked online.
The Asia Pacific is among the fast-growing and most promising areas for online mattress sales. Consumers are more comfortable making big purchases over the internet, which is constantly changing the way people think about buying durable consumer products such as mattresses. By selling directly to the consumers, the companies eradicate the middlemen and control costs by avoiding sales commissions and showroom fees. The growth is driven by the booming Chinese market accounting for nearly 80% of the total. With a high e-commerce penetration of over 20%, South Korea is the second-largest market for online mattress sales across the region. The interest in this area is also growing among foreign players. Emma-The Sleep Company announced in October 2020 the intention to invest about USD 90 million in Asia and India.
The Asia Pacific mattress market is highly fragmented, with major international corporations competing alongside tiny local ones. The market is highly competitive, because of the presence and expansion of these several local competitors, who are leveraging the potential demand for the mattress. The primary players are concentrating their efforts on introducing organic mattresses manufactured from natural and environmentally friendly raw materials like wool, natural latex, and organic cotton. Some of the key players in the Asia-Pacific mattress market are Tempur-Pedic International Inc., Serta Inc., Sealy Corporation, Select Comfort, King Koil Inc., Paramount Bed Holdings Co. Ltd, Kingsdown Inc., Springwel, Sleepwell, Kurlon Enterprise Limited, and Other prominent players.