Pune, India, May 24, 2021 (GLOBE NEWSWIRE) — The global mattress market size is projected to reach USD 42.84 billion by 2028, exhibiting a CAGR of 4.8% during the forecast period. The launch of novel products by companies, providing convenience and comfort to the consumers, is expected to fuel market growth. Fortune Business Insights™ mentions this information in its report titled "Mattress Market, 2021-2028."
The demand for the product has remained steady over the years as it is a very common furnishing commodity. Companies have launched a new range of under-the-bed in-box range that is slim and convenient to use. For example, Kingsdown announced the launch of a new type of mattress named "Boxed-Bed'' in January 2021.
In addition, the rising awareness among the consumers for e-commerce home furnishing is responsible for the escalation of product sales through online sites. For example, as per the annual report of Legget and Platt, the sales of the product will likely experience a two-fold increase of over 30% from e-commerce websites by 2022.
Furthermore, companies aim to launch smart beddings using advanced sensors in beds to study the sleeping patterns and use cases of the consumers to tune the bedding's setting to offer a comfortable experience to the users. For example, Xiaomi Inc., with the help of crowdfunding, announced an 8H Smart Mattress in China in July 2021 that helps the user adjust the softness of the product through their smartphone by using the MiApp. The technological enhancements and availability of comfortable products are expected to propel the market for the foreseeable years.
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Impact of COVID-19
Rising Product Demand from Healthcare Sector to Fuel Market Growth
This market is positively affected during the COVID-19 pandemic because of the rising demand for the product in hospitals. The rising cases in several regions are expected to boost the need for the product to provide comfort to the patients. For example, Kingsdown announced the expansion of its manufacturing activities because of the rising demand from hospitals to provide beds to the patients suffering from COVID-19.
In addition, the company is focusing on improving its Care Xpress Program for providing medically certified bedding to patients. Hence, despite the pandemic, the market is expected to boom in the healthcare sector.
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