The global recliner sofa market size will reach USD 33 billion by 2024, growing at a CAGR of 6% during 2019-202. The exponential growth of the furniture industry due to the stabilizing economy and increasing consumer confidence across developed and emerging nations will augment the growth of the global recliner sofa market shares. The increasing spending on home furnishing products will boost the demand for recliners in the worldwide market. The growing disposable income, higher standards of living, rapid urbanization, rise in dual-income households, and growing need for comfort and convenience are some of the primary factors attributing to the growth. The increasing availability of cheap labor and abundant raw materials across China, India, Vietnam, Indonesia, and Malaysia is encouraging the vendors to set-up production facilities in these countries. The extensive use of these recliner sofa sets across cinema theaters, waiting for lounges at airports, salons, spas, and massage parlors will contribute to the growing revenues.
The rapid change of lifestyle, improvement in living conditions, high-spending sentiments, awareness of the latest technology, reduced insecurity, and greater confidence will fuel the growth of the global market. The development of the travel and tourism industry and other related sectors such as hospitality, food and beverages, retail, real estate, and logistics industries will create new investment avenues for growth.
The rising trend of fully furnished apartments is changing the industry landscape and driving the transformation of the global recliner sofa market. Millennials and baby boomers are now focusing on renting furniture that helps them embrace a “hands-free” lifestyle of mobility and adventure. Furnished apartments offer that solution and match the latest trends of modern furniture styles desired by the end-users. The market witnessed higher demand for a power recliner sofa, which allows the consumer to relax comfortably and can move the arms and footrest according to their convenience. Communities are offering furnished apartments majorly targeting the mobile consumer group and offering more flexible leases.
INSIGHTS BY TYPE
Single-seater models across airports, lounges, and other waiting areas will drive the global market.
The single-seater segment dominated more than half of the total 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. The increase in disposable income and affinity towards luxury and stylish products will encourage the consumers to invest in these products in the market. The rising number of airports, lounges, and other waiting areas will drive single-seater sofas. In the US, the total number of single-head households was estimated at 36% in 2018. Such changes in the lifestyle will contribute to the growth of this segment.
INSIGHTS BY DESIGN
Consumers are matching their home décor with causal style furniture in the global recliner sofa market.
Casual designs are the fastest-growing segment at a CAGR of approximately 7% during the forecast period. The growing demand for casual systems in both the domestic and commercial set is augmenting the growth of this segment. The consumers who are doing interior designing for their homes and matching the recliners with the home color and interiors prefer designer variants. North America contributes the highest revenues for causal designs in the global market.
INSIGHTS BY MATERIAL
Leather sofas the most popular and highest demanded products globally
The leather segment occupied the largest share in 2018, growing at a CAGR of over 7% during the forecast period. The premium quality and durability associated with leather goods are driving the growth of this segment. The increasing popularity and higher demand among consumers are fueling the profitability of the leather material segment. The leather is considered a sustainable material and naturally lasts much longer than any other material. Moore & Giles, Universal Leather, Conneaut Leather, and Crest Leather are major leather suppliers for furniture.
INSIGHTS BY CONTROL
The trend of premiumization is fueling the demand for power-controlled furniture in the global recliner sofa market.
The power control type is the fastest-growing segment, 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 growing trend of automation and a desire for more convenience is fueling the demand for these products in the global market. The rising trend of premiumization is contributing to the revenues of this segment. The developed regions such as the US, the UK, Germany, and Japan have the highest demand for power-controlled furniture.
INSIGHTS BY USERS
The exponential boom of the housing industry will create lucrative opportunities in the global recliner sofa market.
The domestic segment dominated most of the share in 2018, growing at a CAGR of 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. With the availability of a wide range of styles and fabrics, vendors can attract the maximum number of consumers. The growing number of housing colonies, coupled with the booming housing industry, will propel the development of the global market.
INSIGHTS BY DISTRIBUTION
Online channels emerge as the game changers in the global recliner sofa market shares.
The online segment is revolutionizing the distribution network in the global market. The increasing penetration and significant benefits such as cost, product features, brand reputation, and post-sale services are augmenting the growth of this segment. The online channel is a game-changer for the distribution of these products worldwide. Amazon, a global online retailer, had a 37% retail e-commerce market share in the US in 2017, projected to reach 50% by 2021. Specialty stores dominated the total share in 2018 and are considered as a one-stop destination for all kinds of home furnishing products across the global market.
INSIGHTS BY GEOGRAPHY
Westernization and the growing impact of social media across APAC will fuel development in the global recliner sofa market.
APAC is one of the fastest-growing regions, at a CAGR of around 8% during the forecast period. The growing disposable income, westernization, and the increasing impact of social media are the key factors attributing to the growth of the APAC region. The increasing awareness about various furniture will encourage leading vendors to invest in the APAC region. The higher spending on home furnishing, interior decoration, luxurious products, and entertainment across the APAC region will fuel the growth of the global market.
The rise in the number of hospitals and the growing premium furniture market in North America will contribute to the growing revenues. The UK, France, Spain, Italy, and Germany are the leading European regions globally.
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 dynamic consumer demands. The companies are competing based on features, quality, and technology in the market. The players are investing in the development of new technology to sustain the competition level.
- Ashley Furnitures Industries
- Man Wah Holdings
- Steinhoff International
The recliner sofa market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Specialty Stores
- Supermarkets & Hypermarkets
- Branded Stores
- Online Channels
- Discount Stores
- North America
- Latin America
- Middle East & Africa