Press release
The Impact of COVID-19 on the Recliner Sofa Industry's in 2020
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.
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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.
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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.
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.
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