Recliner Sofa Market Insight
The Recliner Sofa market is projected to grow at the rate of 6.4% during the forecast period 2018 to 2023. Growing demand for luxury furniture and changing pattern in the standard of living have led to progressive growth in recliner sofa market trends. The need for a recliner sofa varies with consumer taste and preferences with add-on features will be one of the factors that will have a positive impact on the market growth of the recliner sofa market. Many manufacturers are focusing on the product innovation regarding style, utility and features will boost the demand for market revenue of recliner sofa sales. Moreover, furniture manufacturers are focusing on innovation of luxury furniture designs with controlled and adjustable power buttons operated to attract the consumers which are likely to play a major role in recliner sofa market growth in upcoming years. Companies like Golden Technologies offers the recliner sofa with three motor mechanism. This power reclining sofa is the most popular among the consumers that promote health, wellness, and relaxation for the body as well as the mind. As consumers are showing a keen interest in materializing their aspirations of luxury living are also growing is one of the critical factors which directly is responsible for the growth of the recliner sofa industry market. Luxury lifestyle has given birth to the Recliner Sofa with premium pricing. Rise in hospitality and infrastructure industry in developing economies is playing a key role to drive the demand of recliner sofa furniture from office and hotel segment.
Nevertheless, the entry of private labels enables consumers to avail of the same products at comparatively lower prices restrains the market growth. Fluctuation in raw materials pricing plays a critical role in product pricing which restraints the growth of recliner sofa market. Additionally, stringent government regulations on the import of leather are expected to restrain the global luxury furniture market growth to some extent in upcoming years. The rise in eco-friendly and multifunctional furniture is supporting the market growth in developed economies.
Power Recliner Sofas to Witness Significant Growth during the Forecast Period
The introduction of innovative products by the vendors to attract more customers will drive the growth of this market during the forecast period. Power recliner sofa is mainly operated by electricity giving an ultimate reclining comfort to consumers. Growing popularity of luxury indoor furniture is likely to boost the sales of power recliner sofa in the product segment. Additionally, increasing expenditure on luxury furniture products has influenced the demand for recliner sofa products, this is likely to provide an opportunity for the growth of the global luxury furniture market during the forecast period.
Increasing Popularity of Recliner Sofa and Rise in Online Retail Stores to Drive Sales
Improvement in distribution channels has enabled the industry to reach out to a wider customer base. Online retail stores are the fastest growing segment due to the high penetration of Internet services, time-saving and cost-effective purchasing products among young millennial. The growing number of online websites with the availability of a wide range of recliner sofa will drive the sales over the forecasted year.
The increase in popularity of offline retail store which has self-operated outlets is the prime growth for this market. Some the vendor customized the product as per the individual's choice. These vendors provide such facilities to attract more customers and build a strong brand image.
Increasing Popularity of Recliner Sofa in North America Region
North America accounts for the largest share of the global recliner sofa market. Further, the US dominates the North America region owing to increasing purchasing power of consumers and the rising number of organized retail stores are the major driving factors for this market. Advancement of technology and high adaptability of modern designs among young millennial are the driving factors of recliner sofa. On the other hand, Asia-Pacific holds the significant market share for the recliner sofa market due to the adoption of healthier lifestyles among consumers.
Key Developments in the Recliner Sofa Market
- April 2018: Ikea, Swedish furniture retailer opened its retail store in Hyderabad by visiting over 1,000 homes in India with varied income levels and lifestyles to understand their needs and plan to expand in Mumbai, Bengaluru, Delhi, Ahmedabad, Pune, Chennai and others.
- April 2016: La-Z-Boy, has introduced rechargeable lithium batteries for power recliner sofa. It provides wireless power option that allows for carefree operation and the flexibility to place power reclining furniture anywhere in a room, without the need to be plugged into a wall outlet.
- July 2014: Man Wah Holdings, announced a product made of an innovative fabric i.e. LEATH-AIRE material named Calf Suede fabric recliner sofa.
Competitive Landscape of Recliner Sofa Market
Major Key Players are Ashley Furniture Industries, Heritage Home Group, La-Z-Boy, Man Wah Holdings, Inter IKEA Systems B.V, American Leather, Anji Jinkun Furniture, Ekornes Asia Pte Ltd, Natuzzi and Williams-Sonoma.
Reasons to Purchase Recliner Sofa Market Research Report
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst supports, along with the Market Estimates sheet in excel
Customization of the Recliner Sofa Market Research Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
1.1 Scope of Study
1.2 Study Deliverables
1.3 Study Assumptions
1.4 Research Phases
2. Recliner Sofa Market Insights
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness – Porter’s Five Forces Analysis
2.3.1 Bargaining Power of Suppliers
2.3.2 Bargaining Power of Consumers
2.3.3 Threat of New Entrants
2.3.4 Threat of Substitute Products and Services
2.4.5 Degree of Competition
3. Recliner Sofa Market Dynamics
4. Recliner Sofa Market Segmentation
4.1 Product type
4.1.1 Power recliner sofas
4.1.2 Manual recliner sofas
4.2 Distribution Channel
4.2.1 Online stores
4.2.2 offline Stores
5. Recliner Sofa Market by Geography
5.1 North America Recliner Sofa Market Size (2018-2023)
5.1.1 US Recliner Sofa Market Size (2018-2023)
5.1.2 Canada Recliner Sofa Market Size (2018-2023)
5.1.3 Mexico Recliner Sofa Market Size (2018-2023)
5.1.4 Rest of North America Recliner Sofa Market Size (2018-2023)
5.2 Europe Recliner Sofa Market Size (2018-2023)
5.2.1 Spain Recliner Sofa Market Size (2018-2023)
5.2.2 UK Recliner Sofa Market Size (2018-2023)
5.2.3 Germany Recliner Sofa Market Size (2018-2023)
5.2.4 France Recliner Sofa Market Size (2018-2023)
5.2.5 Italy Recliner Sofa Market Size (2018-2023)
5.2.6 Russia Recliner Sofa Market Size (2018-2023)
5.2.7 Rest of Europe Recliner Sofa Market Size (2018-2023)
5.3 Asia-Pacific Recliner Sofa Market Size (2018-2023)
5.3.1 China Recliner Sofa Market Size (2018-2023)
5.3.2 Japan Recliner Sofa Market Size (2018-2023)
5.3.3 India Recliner Sofa Market Size (2018-2023)
5.3.4 Australia Recliner Sofa Market Size (2018-2023)
5.3.5 Rest of Asia-Pacific Recliner Sofa Market Size (2018-2023)
5.4 South America Recliner Sofa Market Size (2018-2023)
5.4.1 Brazil Recliner Sofa Market Size (2018-2023)
5.4.2 Argentina Recliner Sofa Market Size (2018-2023)
5.4.3 Rest of South America Recliner Sofa Market Size (2018-2023)
5.5 Middle East & South Africa Recliner Sofa Market Size (2018-2023)
5.5.1 South Africa Recliner Sofa Market Size (2018-2023)
5.5.2 Saudi Arabia Recliner Sofa Market Size (2018-2023)
5.5.3 Rest of Middle East & Africa Recliner Sofa Market Size (2018-2023)
6. Recliner Sofa Market Competitive Landscape
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
7.1 Company Profiles
7.1 Ashley Furniture Industries
7.2 Heritage Home Group
7.4 Man Wah Holdings
7.5 Inter IKEA Systems B.V.
7.6 American Leather
7.7 Anji Jinkun Furniture
7.8 Ekornes Asia Pte Ltd
7.11 American Signature, Inc