The sofa is a crucial piece of furniture in which a customer can relax after a long day at work. Genuine leather or synthetic leather is used to make leather sofas. Leather sofas are more robust than cotton sofas and can last for years. A high-quality leather sofa will retain its shape and appearance for many years. With a fast wipe and a little dusting, the leather gets cleaned quickly. The expansion of homes, growth in disposable income, and rapid urbanization in consumers are increasing the demand for leather sofa. Leather provides a shiny texture and gives an aesthetic look. Consumers opt for leather sofas to fulfill their esteem needs. With the advent of the COVID-19 pandemic, the demand for leather sofas has decreased; as the consumers have shifted their interest toward essential amenities to survive the harsh situation.
COVID-19 Impact Analysis
- There was a negative effect on the leather sofa marketdue to the COVID-19 pandemic. As inventories and distribution channels were not available, demand for the leather couch has declined. The companies couldn't receive the appropriate amount of raw materials in processing into a final product.
- The demand for leather couches from residential, commercial, and other sectors has thus reduced as a result of the rigorous lockdown.
- The client with large discretionary revenue and interest in sofas turned their interest into the necessary facilities that will assist him or her to endure the lock-in period. Day-to-day foodstuffs and medicinal goods have substituted for the individual need for luxury products.
Top Impacting Factors
- The growing middle-class population, the increase of high disposable income, the high investment towards the hotel and hospitality industry, the change preferences of consumers as well as their change in taste and lifestyle are the major driving factor in the growth of the leather sofa market. Consumer inclination towards a high standard of living and developing an interest in luxurious pieces of furniture will also boost the demand for leather sofas.
- The availability of inferior and low-quality fabric sofas in the market is an alternative to the leather sofa that acts as a restraint of growth for the leather sofa market. The demand for fabric sofas will give rise to intense competition, which results in the downfall of demand for leather sofas.
- The introduction of e-commerce is an opportunity for consumers to explore the desired products and buy according to their preference. The leather sofa companies should introduce new designs of the sofa, which will attract consumers.
Market Trends
New product launches to flourish the market
Leading market companies have developed new goods with enhanced capabilities. They have taken the efforts necessary to amplify the quality and functionality. Comfort air technology is the most popular leather recliner sofas with American Leather's colossal technical improvement. This technology depends on the person's movement and style. Comfortable leather recliner sofas can swing up to 360 degrees to flip in any direction with no button and no lever pull. It offers a sense of floating in the air with optimum chair balance minimizes the possibility of back discomfort, regardless of the way a person is sitting on it and leaning on it.
Online service companies are helping in the growth of the leather sofa market
Online service companies such as Urban Company is providing after-sales services that are helping the frontline furniture companies to increase their sales. The Urban Company offers its professional employees for the installation and fixation of furniture or other pieces of equipment. The assurance for receiving the best service on the request is encouraging the consumers to shop for leather sofas and other furniture. In future, the furniture companies can collaborate with the service companies that will make the purchase more convenient for the consumers. The collaboration is expected to open new doors for the leather sofa market and boost the growth of sales and demand.
Key Benefits of the Report
- This study presents the analytical depiction of the leather sofa industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the leather sofa market share.
- The current market is quantitatively analyzed to highlight the leather sofa market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed leather sofa market analysis on the basis of competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Who are the leading market players active in the leather sofa market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Leather Sofa Market Report Highlights
| Aspects | Details |
 By Type |
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 By Price-Point |
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 By Application |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Inter Ikea Holding B.V., B & B Italia S.p.A, Man Wah Holdings Holdings Limited, Jason Furniture (Hangzhou) Co., Ltd, Ashley Furniture Industries Inc, Divano Furniture, Co., Homelegance, Inc, American Signature, Inc., Ashley Homestore, Ltd, Heritage Home Group |
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