The global smart bed market size is anticipated to reach USD 3.1 billion by 2027, expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Rising prominence for gaining a healthy sleep through the infusion of sensor-based advanced technology is the growing demand for smart beds. In addition, rising penetration of smart homes across regions is also paving way for technologically integrated household products, thereby paving the way for increased growth of the market.
The rapid development of smart home technology and their penetration across developed nations of America and Europe is positively impacting the demand for the product. According to the European Commission in 2017, Europe’s smart home revenue is expected to reach USD 19.0 billion by 2021, through its massive markets in the U.K. and Germany. Additionally, useful features compiled in the product such as customized mattress firmness that can sense and react to body temperature, tracking breathing, heart rates, and restfulness is gaining consumer’s attention.
Increasing instances of sleeping disorders among individuals particularly in the U.S. is deriving higher traction in the industry. According to American Sleep Association (ASA), insomnia is the most common sleep disorder, with short term issues reported by about 30.0% of adults and chronic insomnia by 10.0% in the country as of December 2019. In addition, 37.0% of those among 20–39-year-olds, and 40.0% of those among 40–59-year-olds expressed short sleep duration. While 35.3% of adults reported less than 7 hours of sleep during a typical day. These instances have raised the need for healthy and quality duration of sleep among consumers, thereby driving product demand in various application segments including households, hospitals, and hospitality.
In terms of application, the residential segment held a dominant position in the market in 2019. Lifestyle inflation among low, middle as well as high-income individuals are paving the way for increased spending among consumers towards relaxation and comfort, thereby scaling the demand for smart beds. Also, new innovations led by manufacturers in the industry with new product launches are likely to ramp up the sales for the product. For instance, in February 2019, Eight Sleep introduced a new biometric-monitoring smart bed.
The specialty stores segment accounted for a dominating revenue-based share of 66.5% in 2019. These stores provide training to their employees to assist customers and few of them also offer price-matching guarantees. In addition, major retail chains are focusing on establishing new stores with innovative layout, which is projected to support the growth of this segment in the coming years.
North America dominated the market with a revenue share of 60.2% in 2019. Increasing penetration of home automation in the region is also boosting the demand for smart furniture such as smart beds. According to the European Commission in 2017, smart home revenue in the U.S. is expected to grow over three-fold between 2016 and 2021, exceeding USD 32.0 billion. Additionally, various sleep-related disorders prevalent in the U.S. is triggering higher demand for quality sleep patterns among individuals. According to the American Sleep Association, 50–70 million adults in the U.S. have a sleep disorder. Also, around 25.0 million adults in the U.S. have obstructive sleep apnea.
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Further key findings from the study suggest:
- The hospital application segment is expected to reach USD 628.4 million by 2027 and is anticipated to witness a CAGR of 5.2% from 2020 to 2027
- The specialty stores segment was valued at USD 1.4 billion in 2019 and is expected to reach USD 2.1 billion by 2027
- In Asia Pacific, the market is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 5.6% from 2020 to 2027.