The global smart bed market size was valued at USD 2.17 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. Increasing investments in sleep technology owing to the higher adaption of well-being are resulting in demand for smart beds. In addition, the growing penetration of smart homes is also driving the market. The increasing importance of quality sleep among adults is paving way for prominent investment towards advanced sleep products. The right kind of sleep helps prevent illness, eases pain, increases productivity, and makes people happier. Higher incidences of sleep disorders among adults are a vital factor that is drawing a great deal of attention towards the concept of quality sleep, thereby offering high scope for smart beds. For instance, pervasive sleep disorders in the U.S. constitute a public health epidemic. According to the Centers for Disease Control and Prevention (CDC), one in three adults do not get adequate sleep. Also, according to the University of Pennsylvania, one in four adults in the U.S. develops insomnia each year.
Rising adoption of technology-driven devices that provide valuable information about wellbeing is driving the adoption of smart beds. According to CES research, 59.0% of millennials have been interested in sleep technology. Smart beds combine advanced features coupled with technology that aids in comfortable adjustments while sleeping and connectivity. These features include sleep tracking, automatic mattress firmness adjustment, climate control, smart fabric technology, adjustable bases, anti-snoring feature, IoT, and smart home connectivity.
In terms of revenue, the residential application segment dominated the market with a share of 72.0% in 2019. Higher consumer spending on comfort and relaxation owing to lifestyle inflation among generations X, Y, and Z are fueling the residential application of smart beds. According to research conducted by the Federal Reserve Bank of New York in September 2019, lifestyle inflation is common among low, middle as well as high-income individuals. An average American head of the household aged 35 to 44 years carries a non-housing debt of over USD 100,000. New innovations led by manufacturers in the industry with new product launches are likely to ramp up the sales for smart beds. For instance, in February 2019, Eight Sleep introduced a new biometric-monitoring smart bed.
In addition, major retail chains are focusing on establishing new stores with an innovative layout which is projected to support the growth of this segment. For instance, in 2018, Sleep Number established its new store in the Flatiron district. The store experience includes a large digital map showcasing how people across New York are sleeping. The Sleep Number store experience combines the latest in technology with the expertise of its sleep professionals, to deliver value-added products.
The smart bed market is segmented on the basis of application, distribution channel and region. By application the market is divided into Residential, Residential, Hospital, Hospitality, Others. By distribution channel the market is divided into Supermarket/Hypermarket, Specialty Stores, Online, Others.
North America dominated the market with a share of 60.2% in 2019. Growing adoption of the internet in North America has boosted the demand for smart home furniture including smart beds in the region. Factors such as increasing penetration of smartphones, rising in mobile cellular subscriptions, and increasing internet use are driving the demand for smart beds in the region.
According to the World Bank, 87.6% of the population in North America used the internet in 2018. 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.
PARAMOUNT BED CO. LTD.; ReST; Sleep Number Corporation; Ascion, LLC.; Hi-Interiors srl; Ultimate Smart Bed; Stryker Corporation; The BodiTrak; Hill Rom Holdings Inc.; Invacare Corporation.
- Distribution Channel
- Specialty Stores
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America