The Blanket Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Blanket Global Market Report 2024, The blanket market size has grown steadily in recent years. It will grow from $7.77 billion in 2023 to $8.14 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to increasing demand for home comfort products, rise in popularity of weighted blankets, rise in online retail sales, rise in demand for luxury and premium blankets, and growth of e-commerce.
The blanket market size is expected to see strong growth in the next few years. It will grow to $10.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to growing awareness of eco-friendly products, increasing global demand for decorative blankets, rising shift towards comfort, increasing demand for personalized products, and increasing urbanization. Major trends in the forecast period include technological advancements, integration of smart technology, sustainable materials, sustainable packaging, and travel-friendly blankets.
The expansion of the hospitality industry is expected to propel the growth of the blanket market going forward. The hospitality industry encompasses various services and businesses that provide travelers and guests with lodging, food and beverage, recreation, and entertainment. The expansion of the hospitality industry is due to a surge in global travel, rising disposable incomes, and a growing demand for diverse and unique accommodations. Blankets are used in the hotel rooms to offer comfort and warmth, enhance guest satisfaction, and contribute to a cozy and inviting atmosphere. For instance, in January 2023, according to the American Hotel and Lodging Association, a US-based hotel association, Hotel occupancy rates experienced a significant increase, rising to 62.7%, which is a 9% improvement from 2021. Further, the projections estimate this figure will climb to 63.8% in 2023. Therefore, the expansion of the hospitality industry is driving the blanket market.
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The blanket market covered in this report is segmented –
1) By Product Type: Electric Blanket, Regular Blanket
2) By Material Type: Wool, Cotton, Polyester, Other Material Types
3) By Sales Channel: Hyper markets Or Super markets, Specialty Stores, Multi Brand Stores, Independent Stores Retailers, Online Retailers, Other Sale Channels
4) By End User: Commercial, Residential
Major companies operating in the blanket market are focused on developing innovative products, such as smart electric blankets, to enhance consumers’ comfort, convenience, and energy efficiency. Smart electric blankets are advanced bedding products with technology that allows for precise temperature control, programmable settings, and integration with smart home systems to enhance comfort and energy efficiency. For instance, in October 2023, Xiaomi Inc., a China-based consumer electronics company, launched the Mijia Smart Electric Blanket, which offers advanced features and smart home integration. The blanket provides precise temperature control through a smartphone app, allowing users to customize their comfort settings remotely. It also includes a quick-heating function, ensuring rapid warmth on demand.
The blanket market report table of contents includes:
1. Executive Summary
2. Blanket Market Characteristics
3. Blanket Market Trends And Strategies
4. Blanket Market – Macro Economic Scenario
5. Global Blanket Market Size and Growth
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32. Global Blanket Market Competitive Benchmarking
33. Global Blanket Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Blanket Market
35. Blanket Market Future Outlook and Potential Analysis
36. Appendix
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