According to the latest market research study released by Technavio, the global recliner sofas market is expected to grow at a CAGR of around 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global recliner sofas market based on retail formats:
Global recliner sofas market by retail format 2015
|
Furniture and Furnishings Stores |
64.16% |
|
Hypermarkets, Supermarkets, and Department Stores |
16.19% |
|
E-retailers |
8.87% |
|
Other Retailers |
10.78% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Furniture and furnishings stores
The global recliner sofas market by furniture and furnishings stores was the largest segment in the market and accounted for more than 64% of the total market share during 2015. The increasing popularity of specialty and lifestyle furniture stores will be the primary driver of market growth for this sector. Manufacturers and distributors can operate their retail stores as per their requirements and offer services to customers on a personalized level. Some of the popular stores in the market include Ashley Furniture, La-Z-Boy, Man Wah (Cheers), Nebraska Furniture Mart, Havertys, Rooms To Go and Raymour & Flanigan.
“Manufacturers and distributors can plan their budgets for marketing, advertising, promotions, brand building, training, and IT support by operating through furniture and furnishings stores. The ability to run their own operations allows retailers to attract consumers and offer services and products that are not depend on third party retailers. These stores enable more personalized services offered by manufacturers and allows them to understand the consumer taste and preferences,” says Brijesh Kumar Choubey, a lead analyst at Technavio for research on toys and baby products.
Hypermarkets, supermarkets, and department stores
The global recliner sofas market by hypermarkets, supermarkets, and department stores occupied around 16% of the total market share during 2015. The rising opportunities of business expansion and the increasing number of stores of major retailers will help in the growth of this distribution channel. These stores have a wider reach and enable furniture manufacturers to increase and extend their consumer base. Hypermarkets, supermarkets, and department stores have the benefit of geographically diverse and large store networks that help vendors increase their global footprint and gain a larger market share. These stores have individual departments, which have designated cash registers and separate sales associates, assigned for each type of merchandise providing a better shopping experience to the consumers.
E-retailers
The global recliner sofas market by e-retailers occupied almost 9% of the total market share during 2015. The increasing penetration of internet, growing number of smartphone users, the change in customer buying patterns, and convenience of shopping online will drive the market growth of this segment over the period of next four years. These stores provide a better and larger options to consumers to choose from and accessibility of online stores across the globe at comfort of one’s home is appealing to a larger consumer base. Some of the popular vendors offering their services online are Wayfair, Amazon, Alibaba, JD.com, and Overstock.
The top leading vendors operating in the global recliner sofas market are:
- Ashley Furniture Industries
- Heritage Home Group
- La-Z-Boy
- Man Wah Holdings
- Steinhoff International
Other prominent vendors in this market include American Leather, Anji Jinkun Furniture, Ekornes, Haverty Furniture Companies, Jackson Furniture Industries, Jaymar Furniture, Klaussner Home Furnishing, Macy’s, Natuzzi, and Palliser Furniture Upholstery.
A more detailed analysis is available in the Technavio report titled, ‘Global Recliner Sofas Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Bedroom Furniture Market 2016-2020
- Global Home Furnishings Market 2016-2020
- Global Office Furniture Market 2016-2020
- Global Luxury Furniture Market 2015-2019
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