Growing Consumer Interest in Home and Bed Furnishing in Europe to Impel Market Demand.
Fort Collins, Colorado, April 02, 2024 (GLOBE NEWSWIRE) — The Europe Pillow Market size was valued at USD 3.7 Billion in 2023 and is expected to reach USD 5.6 Billion By 2032 at a CAGR of 4.8%.
The European region’s booming tourism and hospitality sector is driving the europe pillow market growth. The increase in disposable income, consumer confidence, and general economic conditions of European counterparts primarily drive the growth in the overall travel and tourism sector. According to HOTREC, the hospitality sector involves over two million businesses. It contributes to around 3% of the GDP of the EU.
The majority of European families refrained from buying luxury and high-quality pillows earlier. However, with the rise in disposable incomes, the upper and middle-income groups spend more on their lifestyles. According to data from the European Union, furnishing and household equipment spending amounted to around 6% of the total household expenditure in the EU.
Pillow material innovation and sensor technology development to conform to consumer demands present growth avenues for prominent market players and can contribute to increased demand during the forecast period. Smart pillows have integrated sensors that monitor sleep patterns and movements throughout the night. These pillows have features like cervical spine heating, built-in speakers, automatic height, and AI sleep monitoring. Besides, advancements in materials such as hypoallergenic pillows, eco-friendly pillows, and cooling technology pillows.
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Segmentation Overview:
Europe pillow market has been segmented into product, application, sales channel, and region. The polyester pillow segment held a dominant market share based on the product. Based on application, the residential segment held a significant market share in 2023. With the rising household incomes driven by economic growth, the purchasing power is anticipated to increase across all consumer groups, encouraging the upper and middle classes to spend more on their lifestyle products.
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Europe Pillow Market Report Highlights:
- The europe pillow market growth is anticipated at a CAGR of 4.8% by 2032.
- A substantial increase in organized retailing coupled with a wide range of electronic media campaigns and promotions is presumed to boost the market for pillows. These are prominent factors contributing to the market growth.
- Germany accounted for a significant market share in 2023. This can be attributed to the emerging trend among the country’s population to invest in bed furnishings, which in turn drives the demand for pillows.
- Some prominent players in the Europe Pillow market report include Frette, JohnCotton, Wendre, DYKON A/S, Pacific Coast Feather Company, Richard Behr & Co. GmbH, PENELOPE, PATEX, Latexco and Magniflex.
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Europe Pillow Market Segmentation:
By Product: Polyester Pillow, Cotton Pillow, Down Pillow, Memory Foam Pillow, Latex Pillow, and Others
By Application: Commercial and Residential
By Sales Channel: Online and Offline
By Country: U.K., Germany, France, Rest of Europe.
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