Dublin, Feb. 05, 2019 (GLOBE NEWSWIRE) -- 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 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 growth 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 in the market.
The global recliner sofa market is driven by the surge in the middle-class median income, their expenditure trend, home furnishing needs, and the demand for premium furniture. The boom of commercial office space and new corporate offices in developed and emerging economies will fuel the growth of the market. The market research report provides in-depth market analysis and segmental analysis of the global recliner sofa market by type, design, material, control, distribution, end-user, and geography.
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.
Recliner Sofa Market - Dynamics
The growing income among the population in developing economies is expected to generate potential demand for premium products. The rapid economic growth in developing countries such as China, India, the UAE, and Brazil has resulted in high disposable income among the middle-income population. Large retailers and multinational corporations from developed nations mainly focus on high-income consumers in the developing countries. The demand for fully furnished apartments is rising globally. Although furnished apartments were majorly targeted at business professionals and people in transition, the landscape is now changing.
Millennials and baby boomers are mostly renting apartments as they are changing their lifestyles. Most of the baby boomers and millennials are shedding and not accumulating possessions and responsibilities to embrace a hands-free lifestyle of mobility and adventure. The recliner sofas are high-involvement products; the market vendors need to connect with their audience on a personal level to position their products and assure the potential customers of their relevance. This makes promotional activities a critical factor for the growth of this market. To connect with their audience, prominent vendors have content published on social media sites, magazines, and websites. The information related to recliner sofas is available in the form of pictures and videos to assist their buyers.
Recliner Sofa Market - Segmentation
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.
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
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Growing demand for luxury and premium sofas
8.1.2 Burgeoning middle-class population
8.1.3 Rapid urbanization
8.1.4 Growing demand for fully furnished apartments
8.1.5 YOY Impact of Market Growth Enablers
8.1.6 Impact of Market Growth Enablers on Regions
8.2 Market Growth Restraints
8.2.1 Changing consumer preferences and lifestyles
8.2.2 Volatility in raw material prices and increased labor costs
8.2.3 Threat from substitutes and low penetration
8.2.4 YOY Impact of Market Growth Restraints
8.2.5 Impact of Market Growth Restraints on Regions
8.3 Market Opportunities & Trends
8.3.1 Increasing investment in construction and real-estate sectors
8.3.2 Innovative marketing and promotional methods
8.3.3 Increasing adoption of online distribution channels
8.3.4 Growing tourism and hospitality industries
8.3.5 Impact of Market Opportunities & Trends on Regions
9 Global Recliner Sofa Market
9.1 Market Overview
9.2 Market Size & Forecast 2018-2024
9.3 Porter's Five Forces Analysis
10 By End-Users
10.1 Market Overview
10.2 Domestic
10.3 Corporates
10.4 Others
11 By Material
11.1 Market Overview
11.2 Leather
11.3 Fabric
11.4 Others (Faux Leather, Micro-fiber, and Vinyl)
12 By Control Type
12.1 Market Overview
12.2 Power Recliner Sofas
12.3 Manual recliner sofas
13 By Design
13.1 Market Overview
13.2 Casual Style
13.3 Traditional Style
13.4 Contemporary Style
13.5 Other Styles
14 By Seat Type
14.1 Market Overview
14.2 Single-Seater
14.3 Multi-Seater
15 By Distribution Channel
16 By Geography
Key Company Profiles
- Ashley Furniture Industries
- Man Wah Holdings
- La-Z-Boy
- Steinhoff International
Other Prominent Vendors
- American Leather
- Anji Jinkun Furniture
- Ekornes ASA
- Haverty Furniture Companies
- Jackson Furniture Industries
- Jaymar
- Klaussner Home Furnishings
- Natuzzi
For more information about this report visit https://www.researchandmarkets.com/research/9j3vdt/global_recliner?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.