The soaring home ownership rate in several countries, on account of the growing disposable income of people and the implementation of favorable government laws regarding home ownership, is causing a sharp surge in the sales of mattresses across the globe. As per the Organization for Economic Co-operation and Development (OECD), housing has become highly affordable in many countries, mainly because of the rise in the average annual growth rate of the disposable income of people.
The organization also found
that the disposable income of people is registering an average annual growth
rate of more than 2%. Additionally, the enactment of favorable policies in the
real estate sector by the various governments is also pushing up the global home
ownership rates. The Chinese government’s joint ownership housing scheme, the
Indian government’s ‘Housing for All’ scheme, and the British Government’s
affordable home ownership program are some of the laws that are fueling the
surge in home ownership.
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Apart from the aforementioned
factors, the growing migration of people from rural areas to urban centers,
especially in the Middle East and Asia-Pacific (APAC) regions, is also
propelling the demand for housing. This is, in turn, pushing up the requirement
for mattresses. As per the World
Urbanization Prospects report published by the United Nations, nearly 54% of
the people all over the world lived in urban areas in 2014 and this share would
rise to almost 66% in 2050.
Hence, with the rising
migration of people to cities and towns, the home ownership rates would boom.
This would, in turn, cause the advancement of the global mattress market.
The revenue of the market is predicted to surge from $31.1 billion to $38.9
billion from 2017 to 2023. Moreover, the market would exhibit a CAGR of 3.8%
from 2018 to 2023. Between the organic and chemicals-based mattresses, the
sales of the former will be higher in the future.
This would be a result of
the growing public awareness about the harmful effects of chemicals-based
mattresses. Among organic mattresses, the demand for latex mattresses is
predicted to rise significantly in the coming years. Depending on end-use, the mattress market is divided into residential and commercial categories. Of these, the
commercial category recorded higher growth in the market in the past years.
This is because of the frequent changing of mattresses and other bedding
products in hotels.
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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, as per the estimates of
the market research firm, P&S Intelligence. 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. Besides this, the rapid construction of hotels in
the U.S. is also pushing up the sales of mattresses.
Thus, it is safe to say
that the demand for mattresses would skyrocket all over the world in the near
future, mainly because of the rising home ownership rates and the increasing
tourism activities around the world.
