Recliner Sofa Market: Introduction
- Recliner sofas are proven to be a good option for resting an individual’s back while sitting. These sofas have different reclining positions to adjust as per need. Luxury recliner sofas have gained wide popularity in the last couple of years.
- Power recliner sofas with power headrest, storage drawer, USB charging points, and attached audio and Bluetooth speakers are getting quite popular. Additionally, drop down tables, LED touch reading lights, wireless charging pads, and cooling cup holder are some of the added luxuries that are becoming trending in the market.
Key Drivers of Global Recliner Sofa Market
- The global recliner sofa market is driven by surge in disposable income, owing to growth in dual-income households worldwide. Increase in expenditure on home furnishing needs coupled with rise in demand for premium home furnishing is anticipated to boost the demand for recliner sofas.
- Additionally, improvement in living standards and living conditions coupled with advent of online portals providing recliner sofas at affordable rates is helping end-users to opt for recliner sofas. This is expected to boost the growth of the recliner sofa market.
- In addition, growth of various end-use industries is also helping in generating substantial revenue for the recliner sofa market. Growth of travel and tourism industry, recreational industry, and hospitality industry is anticipated to create new investment opportunities for the recliner sofa market.
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Increase in Adoption of Augmented Reality to Offer Attractive Opportunities
- Technological advancement in the home furnishing industry is anticipated to create new growth opportunities during the forecast period. Augmented reality, 3D rendering, and computer vision are helping furniture industry to fuel its growth. Augmented reality apps help enhance the shopping experience of recliner sofas. Growth of such technologies is anticipated to create new business opportunities for the recliner sofa market.
Renting Furniture to Hamper Growth of Recliner Sofa Market
- Increase in trend of renting furniture instead of buying is posing serious threat for the growth of recliner sofa market. Additionally, increase in migration of millennials for job purpose to different places has prompted renting furniture as an affordable option rather than buying furniture. This has resulted in advent of many online platforms specialized in renting furniture. This results in lack of opportunity for purchase of new recliner sofas, thereby restraining the recliner sofa market up to a substantial extent.
Asia Pacific has Growth Avenues for Global Recliner Sofa Market
- Geographically, the global recliner sofa market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- Regions such as Europe and North America have strong market for recliner sofas globally. Countries in these regions are the highest importers of furniture worldwide. Additionally, the U.S., Germany, the U.K., France, and Canada are some of the top furniture importing countries.
- However, developing regions such as Asia Pacific and South America are anticipated to have a substantial growth in the next few years, owing to increase in purchasing power and rise in number of regional recliner sofa manufacturers. Countries such as China and Vietnam are expected to be highly lucrative markets for recliner sofas in the next few years.
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Key Players Operating in Global Market:
The global recliner sofa market is a fragmented market. Barriers to entry are very low, owing to presence of abundant raw materials suppliers. New players are also entering in order to cater niche market for premium recliner sofa. A few of the key players operating in the global recliner sofa market are:
- American Leather
- American Signature, Inc.
- Ashley Home Stores, Ltd.
- Christies Home Living
- Coaster Fine Furniture
- Divano Furniture
- Heritage Home Group
- Homelegance, Inc.
- La-Z-Boy Incorporated
Global Recliner Sofa Market: Research Scope
Global Recliner Sofa Market, by Product Type
Global Recliner Sofa Market, by Material Type
- Polyvinyl Chloride
- Others (Faux Leather, Velvet etc.)
Global Recliner Sofa Market, by Distribution Channel
- Company Owned Portals
- E-Commerce Portals
- Supermarkets & Hypermarkets
- Specialty Stores
- Other Retail-based Stores
Global Recliner Sofa Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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.