As per the report published by Allied Market Research, the global smart bed market generated $2.28 billion in 2020, and is expected to reach $3.83 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
Rapid innovation in sleeping mattresses, urbanization and rapid expansion of the hospitality industry, and rapid growth in infrastructure investments in residential and commercial sectors drive the global smart bed market. Moreover, the surge in inclination of customers toward modular furniture supplements the market growth. However, counterfeit products and environmental restrictions associated with deforestation hinder the market growth. On the contrary, advent of health monitoring through smart beds and growth in the e-commerce sector present new opportunities for the market players in the future.
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According to CXOs, significant increase in adoption of smart furniture accessories among consumers lead to growth in popularity of the smart bed market. With the aim to build energy efficient buildings and ensure maximum health hygiene, commercial and residential sectors significantly contribute toward demand for smart beds.
North America accounts for a dominant market share of 60.2% in the global smart bed market in 2020, owing to its widespread application in the existing residential and commercial sectors. However, Asia-Pacific is expected to exhibit the fastest growth rate of 6.0% during the forecast period, owing to increase in commercial infrastructural investments, growth in disposable income of consumers, and rise in desire for smart and energy efficient residential homes. Moreover, increase in rate of migration from rural areas and urbanization are expected to foster growth of commercial and residential sectors, which propels growth of the smart bed market.
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On the basis of application, the healthcare segment is estimated to portray the highest CAGR of 5.4% from 2021 to 2030. However, the residential segment dominated the market in 2020 in terms of revenue, contributing to nearly two-fifths of the market.
The global smart bed market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for around three-fifths of the market. However, Asia-Pacific is estimated to register the highest CAGR of 6.0% during the forecast period.
The global smart bed market report includes an in-depth analysis of the prime market players such as ArjoHuntleigh AB, Hi-Interiors SRL, BodiTrak, Invacare Corporation, Hill Rom Holdings Inc, LINET spol. s r.o., Joerns Healthcare LLC, Sleep Number Corporation, Paramount Bed Co., Ltd, and Stryker Corporation.
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Key Finding
- North America held the major share of 60.0% in 2020
- Specailty Stores Segment held the major share of 65.0% in 2020
- Healthcare Segment witnssed a major growth rate of 5.4%
- Automatic segment would witness the fastest growth, registering a CAGR of 5.3% during the forecast period.
- Manual segment held the highest share, accounting for 39.0% of the global smart bed market.
- Residential segment held the major share of 38.0% of the market.
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