"Global Leather Sofa Market: Products, Materials, Applications, Growth Rates and Shares, and Forecasts: 2020 to 2029" is the title of a report recently produced by the Market.US research team. The global leather sofa market value is expected to grow from approximately US$20 billion in 2019 to approximately US$59 billion in 2029. The global market is expected to grow steadily by 11.4%.
Leather is made by preparing animal leather through a tanning process, including cows, sheep or lambs. It is mainly used to make various clothing products such as furniture, car interiors and gloves and jackets, which become softer and more comfortable over time. The leather used in furniture is a by-product of the meat industry.
Leather products are used as the cover of dining chairs because it is easy to maintain and does not absorb the smell of food, coupled with the increasing investment in the development of advanced technology for artificial leather manufacturing are the main factors affecting the growth of the global leather sofa market. However, it is related to fabrics. Compared with sofas, the high cost of leather sofas is the main factor that is expected to hinder the growth of the global leather sofa market to a certain extent. In addition, increased investment in infrastructure development activities in the residential and commercial sectors is expected to create profitable opportunities in the next few years. In addition, the regional expansion of leading manufacturers to strengthen market share is a continuing trend observed in the target market recently.
More and more consumers' preference for luxury furniture and more and more commercial spaces, including restaurants, hotels, hospitals and offices in various developing countries, are expected to increase the demand for leather sofas. Due to lifestyle changes and rapid urbanization, changes in consumer purchase patterns are another factor that is expected to drive the growth of the leather sofa market during the forecast period. The growing demand for artificial leather sofas foamed by PVC or PU or coated on various fabrics or non-woven fabrics is another major factor that is expected to drive the growth of the target market during the forecast period. Sofas made of artificial leather can be processed according to different strengths, colors, glosses, patterns, etc. In addition, these sofas are cost-effective compared to the entire leather sofa, and have good waterproof performance, these factors are expected to support the growth of the global market.
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Increasing disposable income and increasing consumer preference for refined homes, coupled with increased investment in advanced processes for artificial leather manufacturing, are other factors that are expected to support the growth of the global market during the forecast period. Compared with fabrics, leather sofas are durable and easy to clean, which is another factor that is expected to support the growth of the global leather sofa market. The increase in investment activities in infrastructure development in the residential and commercial sectors, as well as the increase in the number of sofa design innovations, are expected to create new opportunities for manufacturers in the global leather sofa market. For example, according to 2018 data from the U.S. Census Bureau, the total investment in the construction industry, including public and private buildings, is approximately $1.310 billion. In addition, according to data from the European Commission, due to the increasing demand for residential buildings and government initiatives to increase infrastructure construction, construction investment in Europe is expected to increase by more than 3% in 2018 and 2019. In addition, according to data from the Institute of Construction Economics, Japan’s construction investment in 2016 was approximately US$476.5 million, including US$191.5 million from the government and US$285 million from the private sector. In addition, construction investment in 2017 is expected to increase by 1.2% compared to 2016.
The main players focus on mergers and acquisitions, joint ventures and regional expansion, provide low-cost residential furniture and strengthen market share 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 square foot showroom in Baja California Norte
In August 2018, IKEA expanded its distribution network with a new customer fulfillment center in Lakeland, Florida
In August 2018, the IKEA Group opened its first retail store in Hyderabad, India. The company’s goal is to have 25 outlets nationwide by 2025
In May 2018, Ashley HomeStore in Reynoldsburg on Route 256 celebrated the opening of its new 27,000-square-foot furniture showroom, including the 5,000-square-foot Better Sleep Shop in Reynoldsburg
In November 2017, IKEA expanded its business in the United States by opening a second Virginia store with company representatives
The global leather sofa market is segmented by type, application and region. Among the types of market segments, the artificial leather segment is estimated to account for the main revenue share of the global market. This is attributed to the various advantages provided by artificial leather sofas, for example, they are easy to clean and cost-effective compared to whole leather sofas. According to the application, due to the high personal consumption power, the investment in home decoration in developed and developed countries has increased, and the household sector has the highest income share. From a regional perspective, the Asia-Pacific market is expected to occupy the highest revenue share and is expected to dominate the leather sofa market in the near future, followed by North America and Europe. This is due to the growing demand for luxury furniture in households and commercial applications, as well as the increase in personal disposable income in countries in the region.
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