China will maintain its dominance in the furniture market due to the increased production of upholstered furniture, including recliner sofa
Arizton’s recent market research report on the global recliner sofa market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product types (single-seater and multi-seater), designs (casual, traditional, contemporary, and others), material types (leather, fabric, and others), control types (manual and power), distribution channels (specialty stores, supermarkets & hypermarkets, branded stores, online channels, discount stores, and others), end-user type (domestic, corporate, and others), and geography (North America, APAC, Europe, Latin America, and ROW). The market has further been offers detailed competitive analysis.
The global recliner sofa market is projected to reach revenues of more than $33 billion by 2024, growing at a CAGR of over 6% during 2019−2024.
The global furniture market is segmented on the basis of furniture types such as chairs, tables, bedding, and sofas. In the global furniture market, the upholstered sofas segment accounted for a market share of 16% in 2018. Recliner sofas are the sub-segment of the upholstered sofa segment. China will maintain its dominance in the furniture market due to the increased production of upholstered furniture, including recliners. The improving real estate and housing market, high demand for premium products, rapid urbanization, and the rising demand for furnished apartments are the main factors driving the growth of the furniture market and recliner sofa market.
The top three drivers and trends propelling the global recliner sofa market are discussed below:
Growing demand for luxury and premium recliner sofas among the middle-class population
The increase in disposable income in developing economies is expected to generate potential demand for premium products in the furniture market. The rapid economic growth in developing countries such as China, India, the UAE, and Brazil has increased disposable income among the middle-income population, which has emerged as the target population for premium consumer goods, including recliner sofas over the last few years. A recent study on the emerging consumer behavior residing in developing economies suggests that middle-income consumers are willing to spend more on leading and intermediate brands.
The demand for recliner sofas is expected to be generated by the high- and middle-income population. The magnitude of opportunities in the emerging class has already induced multinational players to target emerging countries such as India, China, and Brazil with their products. In 2016, the middle-class spending was about $35 trillion globally; the high spending power of this population is expected to be a major contributor to the global recliner sofa market, which, in turn, will drive the growth of global furniture market.
Urbanization and growing demand for furnished apartments
Urbanization is expected to reach 68% by 2050. In 2018, approximately 55% of the global population lived in urban areas. The growing urban population is expected to propel the growth of upholstery furniture, including recliner sofas, which, in turn, will drive the overall demand for the furniture market. The development of better infrastructure, commercial office spaces, airports, and hospitals will demand better furniture, which will boost the revenue of the global recliner sofa market. North America is the most urbanized region with 82% of its population living in urban regions and Africa reported the lowest urbanization with 43%.
The demand for fully furnished apartments is rising globally. Millennial and baby boomers are mostly renting apartments as they are changing their lifestyles. Furnished apartments play a pivotal role in the process. Most furnished apartments are equipped with recliner sofas due to their comfort and mobility. Mobility, location, upscale décor, and flexible leases are the driving factors for recliner sofas to be installed in furnished apartments.
Growing tourism and hospitality industries
A booming tourism and hospitality sector is propelling the demand for premium furniture, including recliner sofas. Globally, the hotel industry accounted for a share of around 15% in the global recliner sofa market in 2018. The rising disposable income among the population and the high preference among millennial to spend on luxury services rather than goods are mainly driving the growth of the furniture market. The integral part of customer satisfaction in the hospitality industry is achieved by using luxury and premium furniture and equipment for a better experience and pleasant stay.
Ashley Furnitures Industries, Man Wah Holdings, La-Z-Boy, and Steinhoff International are the leading vendors in the global recliner sofa market.
The complete overview of the latest market research report on the global recliner sofa market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and also provides the market size and forecast for major geographical regions and key countries.
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