Global Sofas and Armchairs Market Size study & Forecast, by Product (Standard Sofas and Armchairs, Sectional Sofas, Reclining Sofas and Armchairs, Sleeper Sofas, Loveseats), by Material (Leather Sofas and Armchairs, Fabric Sofas and Armchairs, Synthetic S

Global Sofas and Armchairs Market Size study & Forecast, by Product (Standard Sofas and Armchairs, Sectional Sofas, Reclining Sofas and Armchairs, Sleeper Sofas, Loveseats), by Material (Leather Sofas and Armchairs, Fabric Sofas and Armchairs, Synthetic Sofas and Armchairs), by Distribution Channel (Online Retail, Offline Retail, Direct Sales) and Regional Analysis, 2023-2030

Global Sofas and Armchairs Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Sofas and armchairs are types of furniture commonly found in living rooms, lounges, and other seating areas in homes, offices, and public spaces. They are designed to provide comfortable seating for individuals or groups of people. The Sofas and Armchairs market is fueled by several driving factors that shape consumer demand and contribute to market growth. Evolving consumer lifestyles and preferences have emphasized the importance of comfort, style, and personalization, leading to increased demand for sofas and armchairs that meet these criteria. The growth of the real estate and housing construction sectors has further propelled the market, as new homes and apartments require furnishing with seating options. Urbanization and rising disposable income levels have also played a significant role, with urban dwellers seeking compact and space-saving furniture while having the means to invest in higher-quality and aesthetically appealing pieces. Interior design and home decor trends have sparked consumer interest in sofas and armchairs that align with their preferred design styles and color schemes.

Government across the world are taking initiatives to launch smart cities projects across thw world, which is driving the growth for the market. For instance, as per the International Trade Administration, in 2021, the government of Germany funded USD 400.23 million in the smart city project and launched a project the 2020 Smart City Model Projects Program, in which 32 projects were selected which includes inter-municipal consortiums, cities and counties. Along with this, the boost of COVID-19, Germany is adding USD 571.75 million for the smart city development. According to Indian Brand equity foundation organization and for the “Smart City mission” In 2020, the government of India has allotted the investment of US $28.31 billion of which 5,331 projects worth US $24.31 billion have been tendered in 2020. For 4,540 projects worth US$19.33 work orders have been made and 2,122 projects worth US$4.83 billion work have been completed. Thus rising development of smart city projects is catering the market growth Additionally, as per the IDC, smart city spending by the government of Canada is expected to reach USD 3 billion in 2022. The growing trend of smart homes in Canada is also increasing the demand for the Sofas and Armchairs Market over the forecasted period. However, the high cost of Sofas and Armchairs stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Sofas and Armchairs Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is a dominating market for Sofas and Armchairs, driven by the high demand for furniture in residential and commercial sectors. The United States and Canada are the key contributors to the market in this region, with a strong presence of established furniture manufacturers and a growing e-commerce sector. Factors such as rising disposable income, housing construction activities, and changing consumer preferences for stylish and comfortable furniture influence market growth. In 2022, the Asia Pacific region is fastest growing in the Sofas and Armchairs market, primarily fueled by countries such as China, Japan, India, and South Korea. Rapid urbanization, increasing disposable incomes, and a booming real estate sector have contributed to the market growth in this region. The market is characterized by a growing middle class, changing lifestyles, and a preference for modern and stylish furniture options.

Major market player included in this report are:
Ashley Furniture Industries, LLC
La-Z-Boy Incorporated
Inter IKEA Systems B.V
Steelcase Inc.
Man Wah Holdings Limited
Natuzzi S.p.A.
Rooms To Go Incorporated
Haworth Inc.
Heritage Home Group LLC
American Leather Holdings, LLC

Recent Developments in the Market:
In October 2020, Herman Miller introduced an expansion to its gaming series by unveiling the Special Gaming Edition Sayl Chair. This particular chair is specifically designed to prioritize performance and comfort, catering to the needs of gamers.

Global Sofas and Armchairs Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product, Material, Distribution Channel, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product:
Standard Sofas and Armchairs
Sectional Sofas
Reclining Sofas and Armchairs
Sleeper Sofas
Loveseats
By Material:
Leather Sofas and Armchairs
Fabric Sofas and Armchairs
Synthetic Sofas and Armchairs
By Distribution Channel:
Online Retail
Offline Retail
Direct Sales

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Ashley Furniture Industries, LLC
La-Z-Boy Incorporated
Inter IKEA Systems B.V
Steelcase Inc.
Man Wah Holdings Limited
Natuzzi S.p.A.
Rooms To Go Incorporated
Haworth Inc.
Heritage Home Group LLC
American Leather Holdings, LLC

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.