Global Recliner Sofas Market 2019-2023 | 7% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Feb 11, 2020--
The recliner sofas market size is poised to grow by USD 9.03 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has published a new market research report on the recliner sofas market from 2019-2023. (Graphic: Business Wire)
Consumers prefer products that offer luxury and comfort, which has encouraged vendors in the market to launch products focused on product ergonomics, utility, and features. Moreover, the increasing millennial population and rising disposable income are driving the demand for furniture with advanced features. The consistent demand along with the availability of innovative, differentiated, and high-end products have led to premiumization of recliner sofas. Thus, evolving product ergonomics will drive product prices and enhance the profit margins of vendors and give a boost to the global recliner sofas market.
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As per Technavio, the growing adoption of augmented reality for enabling recliner sofa sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Recliner Sofas Market: Growing Adoption of Augmented Reality for Enabling Recliner Sofa Sales
Technological advancements such as augmented reality in the global furniture market have fostered strong demand for visual technologies in the selling process of recliner sofas. Augmented reality (AR) is expected to gain prominence in the global recliner sofas market. For instance, vendors such as IKEA and Wayfair are adopting android-run AR apps that help customers visualize furniture items such as recliner chairs and sofa sets among others in their homes. In January 2018, Wayfair introduced an AR feature in its mobile app for Android that enables customers to visualize furniture on their smartphones ahead of the actual purchase. Thus, the growing adoption of augmented reality is expected to drive the growth of the market.
“Vendors in the market are also leveraging virtual reality (VR) technology to help customers scan a room and visualize new furniture and recliner sets in a digital version. Harvey’s Furniture is one of the companies which has leveraged its VR to enable customers to digitally experience new furniture. The growing adoption of visual technologies, including VR and AR apps, is expected to support the growth of the market during the forecast period,” says a senior analyst at Technavio.
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Recliner Sofas Market: Segmentation Analysis
This market research report segments the recliner sofas market by retail formats (furniture and furnishing stores, hypermarkets, e-retailers, and other retailers) and geographical regions (APAC, EMEA, and Americas).
The Americas led the market in 2018, followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the evolving product ergonomics in terms of style, utility and features and increasing emphasis on online retailing. However, the EMEA region will account for the highest incremental growth in the global recliner sofas market throughout the forecast period.
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Five Forces Analysis
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SOURCE: Technavio Research
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