Sleeper Sofa Market Size, Share, Growth, And Industry Analysis, By Type (Twin Sofa Beds, Full Sofa Beds, Queen Sofa Beds, Others), By Application (Household, Commercial), Regional Insights, and Forecast From 2024 To 2031

Sleeper Sofa Market Report Overview

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The global sleeper sofa market size was USD 5000.0 million in 2021 and is expected to reach USD 8143.89 million in 2031, exhibiting a CAGR of 5.0% during the forecast period.

Sleeper sofa represents couch that can be converted into a bed by pulling out the mattress. The mattress could either come out or roll out and is typically hidden. A sleeper sofa's comfort and design can vary, and the mattress also. Despite taking up the space of a typical bed, a sleeper couch is a terrific option to add more sleeping space. They can usually accommodate at least 2 people comfortably and are available in a range of designs, costs, sizes, and mattress options.

COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with sleeper sofa 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.

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many markets were been affected from this because the main focus was on the respiratory issues. The market growth is expected to rebound from the shock over the forecast period.

Latest Trends

"Technology Development in the Home Furnishing to Intensify Market Magnification"

Technology development in the home furnishing sector is anticipated to open up new growth opportunities in the upcoming years. The furniture sector is benefiting from advances in augmented reality, 3D printing, and computer vision to support its expansion. Applications for augmented reality aid in improving the sleeper sofa purchase experience. It is anticipated that the market for sleeper couches would see new business prospects as a result of these developments. A large portion of the market's revenue is also coming from the expansion of numerous end-use industries. The market is anticipated to see new opportunities for investment as the travel, leisure, and hospitality sectors grow.

Sleeper Sofa Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into twin sofa beds, full sofa beds, queen sofa beds, others

Twin sofa beds are the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into household, commercial

Household are the leading part of the application segment

Driving Factors

"Elevation in Consumer Spending Power to Boost Market Share "

The increase in consumer spending power is what is driving the global sleeper sofa market. Additionally, rising home furnishing costs combined with a rise in desire for high-end furnishings are predicted to increase interest in sleeper sofas. Additionally, rising standards for standard comforts and settings, along with the emergence of online merchants offering sleeper couches at affordable prices, are encouraging consumers to prefer sleeper sofas. In the next years, this is also anticipated to increase demand for sofas.

"Hefty Demand for Multi-Purpose Home Furnishings to Expand Market Forwarding "

Integrating innovation into home furnishings might be a potentially persuasive suggestion for manufacturers to satisfy consumer demand. The sleeper sofa market with user-friendly technology integrated that raises consumer comfort levels is expanding.

Additionally, there is a hefty desire for multi-purpose home furnishings, especially among buyers for homes, and sleep sofa are one of them. These customers tend to be homeowners who wish to maximize the use of their living areas. The sleeper sofa market share is expected to rise in the next years as a result of a growing demand among urban consumers.

Restraining Factors

"Increased Tendency of Renting Furniture to Deplete Market Advancement "

The sleeper sofa market is being threatened by the growing tendency of renting furniture rather than buying it. Renting furniture has become a more sensible alternative to owning furniture as a result of the increase in millennials moving abroad for employment.

As a result, various websites that focus on renting furniture have started to emerge. As a result, there are now fewer opportunities to purchase sleep sofa, thereby restricting the sleep sofa market growth to a significant degree.

Sleeper Sofa Market Regional Insights

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"Appealing Marketing Tactics to Foster Market Growth in Asia Pacific"

Asia Pacific dominates the sector as a whole and is responsible for the largest portion of global revenue. Because of the increase in consumer spending power and the number of local sleep sofa producers, growing regions that include Asia Pacific are anticipated to have considerable growth in the near future.

To meet the growing demand for sleep sofa, manufacturers are also making investments in Asia Pacific. During the forecast period, it is predicted that the Asia Pacific region will grow at the fastest rate. The Asia Pacific market is expected to grow quickly due to factors like quick urbanization and appealing marketing tactics used by international players. For sleep sofa product offerings, key manufacturers in the area continued to broaden their geographic and retail footprints, frequently in conjunction with promotional discount activities. 

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

LIST OF TOP SLEEPER SOFA COMPANIES

• Joss and Main (U.S.)
• Tuft and Needle (U.S.)
• DHP (India)
• One Kings Lane (U.S.)
• Zinus (U.S.)
• Leah Supreme Comfort (India)
• Rivet (U.S.)
• Birch Lane (U.S.)
• Urban Outfitters (U.S.)
• Plushy Comfort (India)
• Ashley (U.S.)
• Stone and Beam (U.S.)
• IKEA (Netherland)
• Serta (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.