“Global Leather Sofa Market: Products, Materials, Applications, Growth Rates and Shares, and Forecast: 2020 – 2029” is the title of one of the recently produced reports by research team at Market.US. The global leather sofa market is projected to reach a value of approximately US$ 59,000 Million in 2029, from a value of around US$ 20,000 Million in 2019. The global market is projected to register a steady growth rate of 11.4%.
Leather is manufactured by preparing the hide of animals including cow, sheep, or lamb, through the process of tanning. It is majorly used in the manufacturing of furniture, car interiors, and various clothing products such as gloves and jackets, as is becomes softer and more comfortable over time. The leather used in the furniture is a byproduct of the meat industry.
Leather products are used as a cover for dining chairs, as it is easy to maintain and do not absorb the odor of food coupled with increasing investments in the development of advanced processes of artificial leather manufacturing are major factors influencing growth of the global leather sofa market. However, high cost of leather sofa as compared to fabric sofa is a major factor expected to hamper growth of the global leather sofa market to a certain extent. In addition, increasing investments in infrastructural development activities in residential and commercial sector is expected to create lucrative opportunities in the next coming years. Moreover, regional expansion of leading manufacturers to strengthen market presence is an ongoing trend observed in the target market in the near future.
Increasing consumer preference towards luxury furniture and growing number of commercial spaces including restaurants, hotels, hospitals, and offices in various developing countries is projected to enhance demand for leather sofas. Changing consumer buying patterns owing to changing lifestyles and rapid urbanization is another factor expected to drive growth of the leather sofa market during the forecast period. Growing demand for artificial leather sofa made of PVC or PU foamed or coated on various fabrics or non-woven fabrics is another major factor expected to drive growth of the target market during the forecast period. Sofa made from artificial leather can be processed according to different strengths, colors, gloss, patterns, etc. Moreover, these sofas are cost-efficient as compared to the whole leather sofa and exhibit good waterproof performance are among other factors expected to support growth of the global market.
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Increasing disposable income and rising consumer preference for well-furnished homes, coupled with increasing investments in advanced processes of artificial leather manufacturing are other factors expected to support the global market growth over the forecast period. Leather sofas are long-lasting and are easy to clean as compared to fabric is another factor expected to support growth of the global leather sofa market. Increasing investments activities for infrastructural development in residential and commercial sector coupled with increasing number of innovations in the design of sofas are factors expected to create new opportunity for manufacturers operating in the global leather sofa market. For instance, according to U.S. Census Bureau in 2018, total investment in the construction industry, which includes public and private construction, is around US$ 1,310 Bn. Additionally, according to the European Commission, construction investment in Europe is projected to grow over 3% in 2018 and 2019, owing to the growing demand for residential buildings and increasing infrastructure development through government initiatives. Also, according to Research Institute of Construction and Economy, Japan’s construction investment in 2016 was around US$ 476.5 Mn, which includes US$ 191.5 Mn from government, and US$ 285.0 Mn from the private sector. Moreover, construction investment in 2017 is expected to rise by 1.2% as compared to 2016.
Major key players are focusing on mergers & acquisitions, joint ventures, and regional expansion, providing lower-cost residential furniture and strengthen the market presence and create revenue growth opportunities.
In May 2019, Ashley Furniture HomeStore (Ashley) in Mexicali celebrated the grand opening and ribbon cutting of its new 12,000 sq. ft. showroom located on Baja California Norte
In August 2018, IKEA expands distribution network with new customer fulfillment center in Lakeland, FL
In August 2018, IKEA Group opened its first retail store in Hyderabad, India. The company aims to have 25 outlets across the country by 2025
In May 2018, Ashley HomeStore in Reynoldsburg, on Route 256, celebrated the opening of its new 27,000 sq. ft. furniture showroom which includes a 5,000 sq. ft. Better Sleep Shop, Reynoldsburg
In November 2017, IKEA, expanding its presence in the US by opening its second Virginia store with company representatives
The global leather sofa market is segmented into by type, by application, and by region. Among type segments, the artificial leather segment is estimated to account for major revenue share in the global market. This is attributed to various advantages offered by artificial leather sofa such as they are easy to clean and cost-efficient as compared to the whole leather sofa. Based on application, the household segment accounts for highest revenue share owing to increasing investments for home decor in developed and developed countries owing to high spending power of individuals. Based on the region, the Asia Pacific market is estimated to account for highest revenue share and is projected to dominate the leather sofa market in the near future, followed by North America and Europe respectively. This is attributable to the rising demand for luxury furniture in household and commercial applications, coupled with increasing disposable income of individuals in the countries in this region.
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