Smart Bed Market Analysis
The Business Research Company recently released a comprehensive report on the Global Smart Bed Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The smart bed market size has grown strongly in recent years. It will grow from $3.11 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to demand for personalized comfort, aging population and sleep disorders, growth in home healthcare and wellness, awareness of the importance of sleep, expansion of adjustable beds.
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Market Drivers and Trends:
The increasing use in the residential sector is expected to propel the growth of the smart bed market going forward. The residential sector refers to the portion of the real estate or property market that includes housing and living accommodations designed for individuals and families. Smart beds have the potential to significantly improve comfort, sleep quality, and overall well-being for individuals in residential settings. For instance, in October 2023, according to the United States Census Bureau, a US-based principal agency of the federal statistical system, the number of privately owned housing units approved by building permits in February was 1,524,000 on a seasonally adjusted yearly basis. This is 13.8% more than the January rate, which was corrected to 1,339,000. Therefore, the increasing demand in the residential sector is driving the growth of the smart bed market.
Major companies operating in the smart bed market are focusing on innovative products such as sleep and recovery system to drive revenues in their market. A sleep and recovery system are a combination of technologies, products, and practices designed to enhance the quality of sleep and aid in the body’s recuperation and rejuvenation during rest. For instance, in January 2023, ErgoSportive, a division of Ergomotion Inc. a US-based company that specializes in adjustable bed bases and motion furniture launched a first-of-its-kind sleep and recovery system. This system is to promote athletes’ and fitness enthusiasts’ health and well-being. The clever and cozy sleep system makes use of Garmin’s cutting-edge smart sensor technology to give customers personalized recovery advice along with round-the-clock insights into their health and sleep data. It includes advanced features such as anti-snore, which detects snoring and automatically elevates the sleeper’s head to reduce symptoms, and the NASA-inspired zero-G posture, which decompresses the spine and facilitates blood flow.
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Major Key Players of the Market:
Besco Medical Ltd.; BodiTrak Inc.; Hi-Interiors SRL; Hill-Rom Holdings Inc.; Invacare Corporation; Paramount Bed Co. Ltd.; Responsive Surface Technology LLC; Sleep Number Corporation; Eight Sleep Inc.; Stryker Corporation; Ultimate Smart Bed Inc.; BAM Labs Inc.; iNyx Inc.; Joerns Healthcare LLC; Linet Spol s.r.o.; Vista Medical Ltd.; Balluga Ltd.; Ascion LLC; Ergomotion Inc.; Luna Innovations Inc.; Retail Employees Superannuation Trust; Kingsdown Inc.; Simmons Bedding Company LLC; Tempur Sealy International Inc.; Leggett & Platt Inc.; Hilding Anders International AB; A.H. Beard Pty Ltd.; Silentnight Group; Arjo AB
Smart Bed Market 2024 Key Insights:
• The smart bed market size is expected to grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Residential Demand Fuels Growth In The Smart Bed Market
• Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
• North America was the largest region in the smart bed market in 2023.
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