$33+ Billion Recliner Sofa Market - Global Outlook & Forecast (2019-2024): Growing Demand for Fully Furnished Apartments - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 5, 2019--The “Recliner Sofa Market - Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global recliner sofa market is anticipated to reach revenues of more than $33 billion by 2024, growing at a CAGR of over 6% during 2018-2024.
The report considers the present scenario of the global recliner sofa market and its market dynamics for the period 2019-2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Market Growth EnablersGrowing Demand for Luxury and Premium Sofas Burgeoning Middle-Class Population Rapid Urbanization Growing Demand for Fully Furnished Apartments YoY Impact of Market Growth Enablers Impact of Market Growth Enablers on Regions
Market Growth RestraintsChanging Consumer Preferences and Lifestyles Volatility in Raw Material Prices and Increased Labor Costs Threat From Substitutes and Low Penetration YoY Impact of Market Growth Restraints Impact of Market Growth Restraints on Regions
Opportunities & TrendsIncreasing Investment in Construction and Real-Estate Sectors Innovative Marketing and Promotional Methods Increasing Adoption of Online Distribution Channels Growing Tourism and Hospitality Industries Impact of Market Opportunities & Trends on Regions
This market research report includes a detailed segmentation of the market by type, design, material, control, distribution, end-user, and geography. The global recliner sofa market by seat type is segmented into single-seater and multi-seater.
Single-seater segment dominated more than half of the total market share, growing at a CAGR of around 6% during the forecast period. The growing number of single-person households is one of the primary drivers of the growth of this segment in the global market. Western markets such as the US, the UK, Germany, France, and Italy are the largest revenue generators in the multi-seater segment in the global recliner sofa market.
The design segment in the global recliner sofa market is classified into casual, traditional, contemporary, and others. Casual designs are the fastest growing segment in the worldwide market, at a CAGR of approximately 7% during the forecast period. The growing demand for casual designs in both the domestic and commercial set is augmenting the growth of this segment in the global market. The different style preferences of the millennial and Gen X population is driving the demand for contemporary style furniture in the market.
APAC is the fastest growing region in the other style segment in the global market. The global recliner sofa market by the material is categorized into leather, fabric, and others. Leather segment occupied the largest market share in 2018, growing at a CAGR of over 7% during the forecast period. The premium quality and durability associated with leather goods is driving the growth of this segment in the global market.
The manufacturers are offering engineered textiles with enhanced performance capabilities to attract new consumers in the market. Some of the other popular materials used in the global market are faux leather, micro-fiber, and vinyl. The control type segment in the global recliner sofa market is divided into manual and power.
Power control type is the fastest growing segment in the global market, at a CAGR of around 7% during the forecast period. Power sofas offer the benefit of easy to move the various component of the sofa according to one’s function and usage. The considerable demand for stationary recliner sofas made of fabric and other materials will contribute to the profits in the global market.
The global recliner sofa market by end-users is segmented into domestic, corporates, and others. Domestic segment dominated the majority of the market share in 2018, growing at a CAGR approximately 6% during the forecast period. The increasing demand for home furniture with a perfect blend of luxury and comfort is fueling the growth of this segment in the global market. Hotels & resorts, restaurants, airports, cinema theaters, hospitals, parlors and salons, and malls are some of the other end-users in the global market.
The distribution segment in the global recliner sofa market is divided into specialty stores, supermarkets & hypermarkets, branded stores, online channels, discount stores, and others. The online segment is revolutionizing the distribution network in the global market. Specialty stores dominated the total market share in 2018 and are considered as a one-stop destination for all kinds of home furnishing products across the global market.
Key Vendor Analysis
The global recliner sofa market is witnessing intense competition among the leading players operating the space. The top vendors are focusing on continuous innovations and upgrades to meet the dynamic consumer demands in the global market. The companies are competing on the basis of features, quality, and technology in the market. The players are investing in the development of new technology to sustain the competition level in the global recliner sofa market.
The major vendors in the global market are:Ashley Furniture Industries Man Wah Holdings La-Z-Boy Steinhoff International
Other prominent vendors include: American Leather, Anji Jinkun Furniture Co. Ltd., Ekornes ASA, Haverty Furniture Companies, Jackson Furniture Industries, Jaymar, Klaussner Home Furnishings, and Natuzzi.
For more information about this report visit https://www.researchandmarkets.com/research/7dxhhh/33_billion?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190205005550/en/
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Related Topics:Chairs and Seats
INDUSTRY KEYWORD: HOME GOODS RETAIL
SOURCE: Research and Markets
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PUB: 02/05/2019 07:57 AM/DISC: 02/05/2019 07:57 AM