New Delhi, June 16, 2022 (GLOBE NEWSWIRE) -- According to the study conducted by Astute Analytica, the Global Smart Bed Market was valued at US$ 5,273.3 Mn in 2021 and is projected to reach US$ 8859.9 Mn by 2027, registering a CAGR of 8.7% during the forecast period 2022-2027.
Smart beds are innovative advanced beds that come with advanced functionalities like automatic adjusting of settings of the beds as per the comfort or requirement of users. Sleep tracking, automatic mattress firmness adjustment, climate control, smart fabric technology, adjustable bases, anti-snoring feature, IoT, and smart home connectivity are just a few features of smart beds.
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Factors such as increasing adoption of smart and advanced technology, increasing demand for senior citizens’ health care needs, change in product preferences and rising demand for comfort, luxury, and personalized experience, and increasing awareness related to the importance of good sleep drive the growth in the global smart beds market over the forecast period. Smart beds are advanced technology with major scope in smart homes and hospitals due to their different features and offerings, as per the end-use. Also, customers are opting for smart beds because it offers control, customization, and ease along with luxury and health benefits. However, the high price of smart beds acts as a major restraint in the market growth. Furthermore, smart beds are part of a multitude of a new internet of things-connected home appliances–some of which have been criticized for failing to deliver good UX while overemphasizing data. In addition, the hospitality sector can act as a major driver of the global smart beds market during the forecast period.
Impact of COVID-19
Smart beds were part of essential commodities during COVID-19, hence witnessed high demand due to their supportive features that help in the treatment of COVID patients. Smart beds turned out to be a lifesaver in many cases where the hospital was able to identify deteriorating cases faster using the beds. Smart beds help healthcare staff by monitoring patients by maintaining a safe distance- which is required in the case of COVID-19 and on-time alarm notification is helping to save many lives. Hence, with major applications in treating COVID-19 patients, the market witnessed substantial growth even during the time of crisis. However, smart beds for residential and other sectoral purposes have witnessed a dip during COVID-19.
Market Insights
- Based on product type, the semi-automatic bed segment holds the highest share in 2021 and is also anticipated to grow at the highest CAGR during the forecast period due to its increasing adoption in the healthcare sector.
- In terms of end-users, the residential segment held the largest share in the market in 2021 owing to the growing trend of smart houses and the implementation of luxurious technology in the houses. Whereas, the hospitality segment is expected to grow at the highest CAGR during the forecast period.
- On the basis of distribution channel, the offline segment dominated the smart beds market in 2021 as buyers prefer to buy it from the offline stores wherein the safe delivery of the product is ensured. Moreover, the online segment is anticipated to hold the highest CAGR over the forecast period.
- By region, North America held the largest share in the global beds market in 2021. Increasing awareness related to sound sleep is driving the US smart beds market. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast period. China accounts for a major share in the regional market owing to major home improvement projects undertaken by consumers owing to rapid urbanization and the growing purchasing power of the people in the region.
Regional Analysis
- The US is the highest shareholder country in North America smart beds market in 2021. Whereas, Canada is expected to grow at the highest CAGR over the forecast period.
- Russia is projected to grow at the highest CAGR in the Europe smart beds market during the forecast period. Whereas the UK dominated the Europe smart beds market in 2021.
- China holds the largest share in Asia Pacific Smart Beds Market in 2021. Whereas, India is projected to grow at the highest CAGR over the forecast period.
- UAE holds the largest market share in 2021 and is also anticipated to grow at the highest CAGR over the forecast period in the MEA smart beds market. Offline home centers are the major channel of distribution of smart beds in the MEA region.
- Brazil holds the largest market share in 2021 and is also anticipated to grow at the highest CAGR over the forecast period in the South America smart beds market.
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| Report Attribute | Details |
| Market Size Value in 2021 | US$ 5,273.3 Million |
| Market Outlook for 2027 | US$ 8859.9 Million |
| Expected CAGR Growth | 8.7% |
| Historic Data | 2017-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Top Market Players | Paramount Bed Co. Ltd., Stryker, Invacare Corporation, Hill- Rom Holdings, Inc., Arjohuntleigh AB, Ergomotion Inc., and Hilding Anders among others |
| Segments Covered | By Product Type, By End-User, By Distribution Channel, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Customization Options | Get your customized report as per your preference. Ask for customization |
Competitive Insight
Global Smart Beds Market is highly competitive in nature. Some of the key players operating in the market include Paramount Bed Co. Ltd., Stryker, Invacare Corporation, Hill- Rom Holdings, Inc., Arjohuntleigh AB, Ergomotion Inc., and Hilding Anders among others.
Segmentation Overview
The global smart bed market is sub-divided into different categories in order to get a holistic view of the global marketplace. Following are the different segments of the Global Smart Bed Market:
By Product Type Segment of the Global Smart Bed Market is Sub-Segmented into:
- Manual
- Semi-automatic
- Fully automatic
By End User Segment of the Global Smart Bed Market is Sub-Segmented into:
- Residential
- Healthcare
- Hospitality
- Transportation
- Others
By Distribution Channel Segment of the Global Smart Bed Market is Sub-Segmented into:
- Offline
- Brand Stores
- Home Centers
- online
By Region segment of the Global Smart Bed Market is sub-segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Spain
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/smart-bed-market
About Astute Analytica
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