Smart Pillows Market to Grow at 21.3% CAGR by 2031 owing to Increasing Prevalence of Sleep Disorders: PMR
NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Global sales of smart pillows were valued at US$ 645.7 Mn in 2020 and are projected to attain a valuation of US$ 5,319 Mn by 2031, with the market expanding at a CAGR of 21.3% from 2020 to 2031, mostly driven by growing popularity of the additional features embedded in these pillows.
Increased awareness of the significance of sleep and sleep deprivation as a result of hectic lifestyles is driving the sales of smart pillows. These pillows can track sleeping patterns and detect restlessness and other problems. As a result, smart pillows can assist in addressing medical difficulties well before they become a severe health issue for a person.
Intense innovation & research has helped manufacturers formulate an internal mechanism that allows users to effortlessly detect and control snoring. Technological improvements & innovations increase their efficiency, resulting in an increase in demand. The design is also appealing and convenient for consumers, especially elderly people, resulting in increased sales.
New products with improved capabilities have been introduced by major players in the market. They have also taken the necessary steps to improve the accuracy and overall functionality of smart pillows.
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- For instance, in 2020, Huawei launched the Smart Choice MOK PLANET Smart Latex Pillow. This pillow can automatically start monitoring data such as heart and breathing rates when the user lies down.
- In 2020, MAETEL launched its official pillow product on Kickstarter. The team came together with the vision to create customizable sleep products that work for all, but are not a one-size-fits-all. After four years of development, MAETEL introduced ZEREMA's sophisticated features such as auto-height adjusting and anti-snore smart pillows.
Key Takeaways from Market Study
- Demand for smart pillows is expected to sure at a CAGR of 21.3% through 2031.
- Increasing awareness about smart pillows among the elderly and individuals suffering from sleep deprivation, blood pressure, and body pain is a major contributing factor toward market growth.
- North America leads market revenue share at 29.8%.
- In terms of application, the residential sector is contributing highly to the growth of the smart pillows market.
"With hectic and intense lifestyles, demand for health-improving products such as smart pillows is on the rise in today's modern era. In addition, promotional activities portray these products as premium, which has been an appealing factor, thereby driving market growth," says an analyst at Persistence Market Research.
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Impact of COVID-19
The COVID-19 pandemic adversely affected sales of smart pillows during the first quarter of 2020. A majority of companies has to suspend production across several countries to comply with government regulations and prevent the spread of the virus
However, the industry gained momentum in the first quarter of 2021. To overcome various challenges, sellers started free shipping and delivery to offline stores in countries with low COVID-19 cases. This strategy helped them to clear huge stocks from their warehouses.
Other factors contributing to the expansion of the industry during COVID-19 were work from home policies and rising trend of online buying.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the smart pillows market, along with the highlights of the differential strategies used by manufacturers.
Some of the key players identified across the value chain include Advanced Sleep Technologies, Tempur-Pedic North America LLC, SleepSmart Pillow, Smart Nora, REM-Fit, Sunrise Smart Pillow, 10minds, ADVANSA, MOONA, MAETEL Pillows, GioClavis Co. Ltd., and isense LLC.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the smart pillows market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product, fill material, application, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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