NEW YORK, Jan. 25, 2021 /PRNewswire/ -- Construction spending in the U.S. was $1.324 trillion in November 2019, which was 4.1% more than the $1.271 trillion in 2018, says the U.S. Census Bureau. This boom in infrastructure development activities is expected to drive the U.S. mattress market from $15,728.8 million in 2019 to $22,519.9 million in 2030, at a 3.5% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence.
In addition, the spending on residential construction in the country witnessed a 2.7% growth between 2018 and 2019. This is helping the U.S. mattress market grow, as, with the increasing sales of houses, the demand for mattresses is rising too. As per the January 2020 report of Wells Fargo, the Housing Market Index in the country witnessed an increase.
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The U.S. mattress industry has witnessed a watershed during the COVID-19 pandemic, as the lockdowns in various states have halted the manufacturing and supply of these products. Moreover, a large number of people have lost their jobs, while several others have been furloughed or are working on reduced salaries. This is why people are focusing on purchasing only essential products, which has led to a drop in the mattress demand in 2020.
Till now, the U.S. mattress market has been dominated by the innerspring category, on the basis of product. Innerspring is the most popular type of mattress in the country, as it offers adequate body support, which helps relieve physical stress.
The higher revenue in the U.S. mattress market is generated by the offline bifurcation, based on distribution channel. As people prefer to see the mattress and try it before buying, physical stores are more popular than online channels.
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In the past, the queen size category made the largest contribution to the U.S. mattress market, under the mattress size segment. Even though queen-size mattresses provide ample space for two people, they do not occupy large portions of the bedrooms, which is an advantage if the room is small.
The U.S. mattress market was the most productive in the southern part of the country, historically. In the years to come, the highest CAGR in the industry is predicted to be witnessed by the western region. The key reasons for both these developments are the increasing construction activities, urbanization rate, and population in these regions.
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In recent times, mergers, acquisitions, and partnerships have been found to be the strongest strategic measures in the U.S. mattress market, as they are allowing the players to:
- Eliminate the competition, by assimilating its operations into their own
- Gain access to wide distribution networks
- Develop antiviral mattresses
- Increase sales of entry-level products
- Expand their product portfolio
The most significant companies competing in the U.S. mattress market are Kingsdown Mattress, Spring Air International, Serta Simmons Bedding LLC, Sleep Number Corporation, Casper Inc., Tempur Sealy International Inc., Saatva Inc., Purple Innovations Inc., Corsicana Mattress Company, and Leesa Sleep LLC.
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Geographically, the North American mattress market was very prosperous in the years gone by and this trend will continue in the coming years as well. The surging disposable income of people in Canada and the U.S. would propel the sales of mattresses in the region in the future years.
Canada Mattress and Accessories Market
The Prairie and Central Canada regions are predicted to observe major demand for bedding accessories and mattresses as compared to the other regions in the country during the coming years.
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SOURCE P&S Intelligence