Published on: November 22, 2019
Sofa, also known as couch, futon, or settee, is a partially or entirely upholstered piece of furniture that is primarily used for seating in a living room or lounge. Sofas are fitted with tailored cushions and springs for extra comfort and used for seating purposes in non-residential spaces such as hotels, waiting rooms, and commercial offices. Several sofa beds and futon manufacturers are incorporating features such as easy to clean sofa fabric, lightweight materials, and neutral upholstery to cater to the consumer preference for aesthetically pleasing design and longevity of the products. High-end home and office sofas are available for purchase in local home furnishing stores and online marketplaces.
We have categorized the global sofa market as a part of the overall home furnishing retail market, which covers companies that own and operate home furnishings retail stores. The market also includes companies specializing in residential furniture, home furnishings, housewares, and interior design. According to our analysis, the global sofa market is expected to witness considerable growth, which is attributable to factors such as improving living standards in urban areas, high penetration of organized retail sector, and rapidly growing real estate sector.
The global sofa market can be segmented into the following:
Various underlying factors might drive or impede the growth of the global sofa market during the forecast period. We have identified the following growth drivers for the market:
Several vendors in the global sofa market are launching new sofa products with a specific focus on ergonomics of style, utility, and features. The high demand for sofa variants such as recliner sofas and convertible sofas among millennials is attributable to factors such as higher disposable incomes and the growing need for multipurpose furniture. Thus, evolving product ergonomics will drive product prices and enhance the profit margins of vendors, which will drive the growth of the market as well.
There has been a considerable increase in the e-retailing of sofas, which is attributable to the increasing Internet penetration and the growing presence of e-commerce marketplaces. The shift from offline to online sales has widened the customer reach of sofa manufacturers and distributors, thereby resulting in higher sales and market growth.
There is an ever-growing demand for technologically advanced and multifunctional home furniture among consumers worldwide. Hi-tech furniture such as electrically operated and motion-controlled power recliner sofas offer greater comfort, convenience, and relaxation. Consequently, several vendors have added such hi-tech leisure sofa variants to their product portfolio. Thus, the growing number of new hi-tech product launches is expected to drive the growth of the global sofa market.
Meanwhile, the vendors operating in the global sofa market face numerous challenges in increasing their sales and improving profitability. The following are some of those challenges:
Raw materials used in manufacturing sofas include metals, filling materials, upholstery, wood, fabrics, carbon spring steel, and fiberboard. Also, leather is a material used in manufacturing leather and other recliner sofa variants. Thus, any surge in the prices of these raw materials along with varying import and export duties in different countries may contribute to an increase in procurement prices, delay the manufacturing process, and raise inventory costs of manufacturers.
Factors such as rising rates of urbanization and high prices of new sofa variants are contributing to the growing consumer preference for furniture rentals. Also, the growing presence of furniture rental startups is expected to accelerate the growth of the furniture rental market's growth, which will force the sofa manufacturers to lower their product prices. Thus, such factors have the potential to impede the growth of the global sofa market.
The millennials comprise a key consumer segment for the global sofa market. However, the growing demand for pre-owned or second-hand furniture among the millennial population residing in urban areas is expected to result in a decline in sales of new sofas, which will slow down the growth of the global sofa market.
Some of the trends that are expected to influence the market during the forecast period are listed below:
Several prominent global vendors are procuring Android-run AR apps to help customers visualize furniture items in their homes before making the final purchase. Some vendors are also leveraging the VR technology to help customers scan a room and create its digital version and try out new furniture and sofa sets.
The surging demand for multi-purpose furniture among the millennial and GenY population is expected to accelerate the growth of the global sofa market. Factors such as rising disposable incomes, increasing rates of urbanization, and preference for a luxurious lifestyle are encouraging millennials to spend more on luxury furniture products such as solid wood sofas, garden sofas, and recliner sofas.
The growing availability of private-label sofas is expected to intensify competition in the market. The private-label furniture products such as sofas are priced lower than their branded counterparts and are in huge demand in countries such as the US, the UK, Germany, China, and France.
Our reports encompass a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. In our global sofa market report, we have provided a detailed analysis of around 30 vendors, including several prominent players such as Bassett Furniture Industries, Inc., Bernhardt Furniture Company, Coaster Company of America, Klaussner Home Furnishings, and Universal Furniture.
The following are some of the key developments mentioned in our global sofa market report:
Backed with competitive intelligence and benchmarking, our global sofa market research reports are designed to provide entry support, customer and M&A assessment, as well as go-to-market strategy support.
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