Function Sofa Market Size, Share, Growth, and Industry Analysis by Type (Single Chair and Multi Chair) By Application (Online and Offline) Regional Forecast From 2024 to 2031

Updated On: 29 April 2024

Function Sofa Market Report Overview

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The global function sofa market size expanded rapidly in 2022, as per our research, the market is expected to generate substantial revenue by 2031, with a robust CAGR during the forecast period.

 The global COVID-19 pandemic has been unprecedented and staggering, with the function sofa market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

After the dining table was eliminated, the sofa has become the center of family life. After a long day of fighting, one can lie comfortably on the sofa and gaze up at several. The only area in the home where everyone can comfortably sit in a pile and watch TV is on the sofa. Function couches are pieces of furniture featuring modern features like steering, massage, and posture adjustment that may be operated electrically or manually, allowing users to change between various sitting and reclining positions.

The rise of the function sofa market is fueled by a number of causes, including rising disposable incomes, expansion in the housing and hospitality industries, changes in the commercial building sector, and rising demand for high-end and luxury furnishings globally. Also, during the projected period, there is anticipated to be a rise in capital investments in office infrastructure, mostly due to the establishment of regional hubs in various nations. According to the Economic Impact Report that the Building Owners and Managers Association of the United States (BOMA) commissioned for 2020, there will be a rise in the number of commercial offices built in the country.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Both consumer behavior and manufacturing trends in the function sofa market were significantly impacted by the COVID-19 epidemic. Consumers were unwilling to spend on non-essential things, such as home interiors, as a result of the resulting financial limitations, which led to a decline in residential furniture demand. Following the COVID-19 pandemic, housing projects have slowly but surely recovered, and customers are once again willing to spend money on household goods, which will increase demand for function sofas during the projection period.

LATEST TRENDS

"Online Shopping Platforms to Boost Market Growth"

Having access to online platforms has made furniture shopping simpler. Businesses are using online furniture showrooms to assist clients in making purchases as internet shopping grows in popularity. Before making a purchase, customers can interactively browse a variety of furniture options in virtual furniture showrooms. Online buyers have already taken to this new trend, and it is anticipated that its appeal will only increase going forward. Increasing consumer desire for portable, adaptable products that fit readily in tiny places and have multiple uses is also propelling function sofa market expansion. The global demand for portable and space-saving furniture goods is a result of the rise in the number of nuclear households. The demand for function sofa is expected to increase as a result of this reason.

Function Sofa Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Single Chair and Multi Chair. The Single chair segment dominates the function sofa market share.

• By Application Analysis

Based on application, the market is segmented as follows: Online and Offline. The online segment is anticipated to dominate the function sofa market share.

DRIVING FACTORS

"Increased Demand for Premium Furniture to Facilitate Market Development"

The expansion of the function sofa market is being fueled by factors like increased demand for luxury and premium furniture due to an increase in population disposable income and government investments in infrastructure development. The emergence of low-cost furniture by nations like China and Vietnam opens up the function sofa market to attractive growth potential. Additionally, it is projected that the advent and spread of smart furniture would present market expansion opportunities. For instance, the International Data Corporation predicts that by 2022, investments in technology will total around $158 billion across all smart city projects worldwide.

"The Shift in Consumer Preference to Promote Industry Progress"

A major element fueling the expansion of the function sofa category is the shift in consumer preference towards high-end furniture products as a result of technology advancements in the home furnishings sector. The growing trend of millennials purchasing houses, especially older homes that need more renovation, is accelerating the expansion of the function sofa market globally. HomeAdvisor research shows that millennials invest more annually on home improvement projects than people of other ages. Throughout the anticipated period, this might aid the function sofa market growth.

RESTRAINING FACTORS

"Lack of Transportation Service to Hinder Market Growth"

Virtual furniture stores provide many advantages, but there are still some difficulties. Businesses must take care to make their online furniture showrooms user-friendly and simple to use, which is one challenge. Businesses also face the problem of developing interesting and educational content for their online furniture shops. Throughout the projected period, factors such as a lack of better transportation infrastructure and a labor shortage are anticipated to limit the function sofa market growth.

Function Sofa Market Regional Insights

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"Increase in Demand to Propel Market Progress in Asia"

In 2021, Asia had the highest revenue share of over 35%. The rising disposable income of the upper- and middle-class population might be blamed for this rise. Additionally, it is anticipated that rising demand for living room furniture, followed by bedroom, kitchen, and dining furniture, will speed up function sofa market expansion. The burgeoning real estate market as well as housing initiatives started by the government also contribute to the function sofa market growth. Moreover, industry growth is anticipated to be boosted throughout the projection period by the region's growing urbanization and expanding IT sector.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• La-Z-Boy (U.S.)
• Nattuzi (Italy)
• Chateaud'AX (Italy)
• FARRELL (U.S.)
• Nicoletti (U.S.)
• Markor Furniture (China)
• UE Furniture (China)
• KUKA (Germany)
• Manwah Holding (China)
• Sleemon (China)
• Zuoyou Sofa (China)
• Quanyou (China)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.