The global recliner sofas market 2019-2023 is expected to post a CAGR of more than 7% during the forecast period, according to the latest market research report by Technavio.
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Technavio predicts the global recliner sofas market to post a CAGR of more than 7% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is evolving product ergonomics in terms of style, utility, and features. Given evolving customer preferences in terms of factors such as luxury and comfort, there has been a significant increase in new product launches focused on the product ergonomics, utility, and features. As a result, many vendors are increasingly focusing on product ergonomics by differentiating their products by including additional features and designs. 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.
This market research report on the global recliner sofas market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing adoption of augmented reality for enabling recliner sofa sales as one of the key emerging trends in the global recliner sofas market:
Global 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 a technology that is expected to gain prominence in the global recliner sofas market because of which vendors such as IKEA and Wayfair are rallying behind android-run AR apps intended to 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 actual purchase. IKEA also launched an AR app in 2017 that enables customers to visualize the furniture right from home. Similarly, Harvey’s Furniture, a part of Steinhoff International Holdings, leverages its VR to enable customers to scan a room and create a digital version of it. Thus, the growing adoption of visual technologies, including VR and AR apps, are expected to support the growth of the market over the forecast period strongly,” says a senior analyst at Technavio.
Global recliner sofas market: Segmentation analysis
This market research report segments the global recliner sofas market by retail formats (furniture and furnishing stores, hypermarkets, e-retailers, and other retailers) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of more than 37%, 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.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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