Faux leather furniture is synthetic or artificial furniture that includes chairs, sofas, and headboard upholstery. Rising consumer preference toward home decoration with proper furniture is triggering the growth of the global faux leather furniture market. Faux leather furniture lasts longer than traditional furniture. Faux leather furniture is made of vegan leather that consists of tightly woven microfibers which helps to increase durability; this is advantageous especially in families that have young children. The synthetic materials that are used in the manufacture of faux leather furniture prevent degradation and the damage that can happen during the accidental spill of animal saliva or beverages. Faux leather can be cleaned with damp towels to remove stains and other marks.
Additionally, faux leather furniture does not fade or crack when exposed to sunlight. Such furniture also has waterproof features which make it perfect to use as outdoor furniture. Manufacturers are focused on developing new faux leather furniture products to satisfy the changing consumer tastes and preferences related to proper home decoration. In addition to this, with rising consumer awareness about animal safety and environment protection, consumers prefer to purchase faux leather furniture as they reduce the unnecessary cruelty associated with the killing of animals. Thus faux leather furniture is eco-friendly and prevents unnecessary killing of animals.
The global faux leather furniture market has been segmented based on types and application. On the basis of type, the global faux leather furniture market has been segmented into bonded leather upholstery, leather match upholstery, vinyl upholstery, genuine leather and others. By application, the global faux leather furniture market has been segmented into commercial and household. Commercial sector accounts for a larger share of the global faux leather furniture market owing to rising adoption rate among consumers.
The global faux leather furniture market is mainly driven by its economical properties. The high cost of real leather drives consumers toward faux leather furniture. Purchasing faux leather furniture saves money compared to the purchase of original leather furniture. Additionally, faux leather mimics the appearance of genuine leather, thus encouraging consumers to buy faux leather furniture.
Moreover, manufacturers over the years are inclining toward manufacturing faux leather furniture due to its low production cost. However, faux leather, like real leather is not tear resistant and this is restraining the global faux leather furniture market. In addition, faux leather products such as ultra suede do not prevent dust from entering the cushions of the furniture, thus making it difficult for people who suffer from allergies.
Strong retail networks and rising number of manufacturers of faux leather furniture are likely to generate opportunities for this market during the forecast period.
In the region-wise study, the global faux leather furniture market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America which comprises the U.S. and Canada dominated the global faux leather furniture market owing to the rising consumer preference toward home decor with fashionable furniture. Asia Pacific is expected to show the fastest growth during the forecast period due to the rising number of manufacturers of faux leather furniture. Rise in population coupled with the increase in disposable income in countries such as China, Vietnam, and Thailand is expected to drive the global faux leather furniture market.
Key players of the faux leather furniture are fragmented in nature and are focused on developing new products in order to satisfy the changing consumer tastes and preferences towards purchasing furniture. Some of the global participants in the faux leather furniture are Steel Case (United States), HNI Corporation (United States), National Office Furniture (Jasper, Indiana), and Cronwell (Denmark), among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.