Global Leather Sofa Market By Type (Artificial leather sofa, Half leather sofa, and Whole leather sofa), By Application (Household, Office, and Public Place), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021-2030 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Leather Sofa Market By Type (Artificial leather sofa, Half leather sofa, and Whole leather sofa), By Application (Household, Office, and Public Place), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2021-2030 (Includes Business Impact of COVID-19)
Trusted Business Insights has published a comprehensive market research report on, Global Leather Sofa Market by Product Type (Artificial Leather Sofa, Half Leather Sofa, Whole Leather Sofa), By Application (Household, Office, Public Place), and by Region -Global Forecast to 2030, which offers a holistic view of the global Leather Sofa market through systematic segmentation that covers every aspect of the target market.

The global Leather Sofa market is projected to be US$ 22,637.7 Mn in 2020 to reach US$ 66,147.9 Mn by 2030 at a CAGR of 11.4%.

Leather is manufactured by preparing the hide of animals, including cow, sheep, or lamb, through the process of tanning. It is majorly used in the manufacturing of furniture, car interiors, and various clothing products such as gloves and jackets, as is becomes softer and more comfortable over time. The leather used in the furniture is a byproduct of the meat industry. Leather products are used as a cover for dining chairs, as it is easy to maintain and do not absorb the odor of food coupled with increasing investments in the development of advanced processes of artificial leather manufacturing are significant factors influencing growth of the global leather sofa market. However, the high cost of leather sofa as compared to fabric sofa is a major factor expected to hamper growth of the global leather sofa market to a certain extent.

Growing Consumer Preference- Increasing consumer preference towards luxury furniture and an increasing number of commercial spaces including restaurants, hotels, hospitals, and offices in various developing countries is projected to enhance demand for leather sofas.


Global Leather Sofa Market Revenue (US$ Mn), 2019“2029


However, increasing environmental awareness and concerns regarding animals, coupled with rules and regulations and initiatives associated with concerns and sentiments related to animal-based products is driving focus on synthetic products, which are identical and can offer more improved performances over animal-derived ingredients and avoid animal cruelty. These are major factors expected to hamper the global market growth over the forecast period. Nonetheless, increasing investments activities for infrastructural development in the residential and commercial sector coupled with a rising number of innovations in the design of sofas are factors expected to create a new opportunity for manufacturers operating in the global leather sofa market.

Global leather sofa market is segmented on the basis of product type, application, and region. On the basis of product type, the market is segmented into the artificial leather sofa, half leather sofa, whole leather sofa. The artificial leather sofa segment accounts for the majority share and is expected to register highest growth over forecast period. On the basis of Application, the market is segmented into household, office, public place. The Household segment accounts for a majority share in the global leather sofa market.


Global Leather Sofa Market by Formulation, 2019


On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. The APAC holds the majority of share in the global Leather Sofa market owing to changing lifestyles and rapid urbanization. APAC is followed by North America owing to rising consumer preference for well-furnished homes. Regions such as Europe, MEA, and South America are expected to register stable growth over the forecast period.

The research report on the global Leather Sofa market includes profiles of some of the major companies such as Inter Ikea Holding B.V., Ashley Furniture Industries, Inc., B&B Italia S.p.A., La-Z-Boy Incorporated, Jason Furniture (Hangzhou) Co., Ltd., Man Wah Holdings Limited.


Key Market Segments:

By Type

  
Artificial leather sofa
  
Half leather sofa
  
Whole leather sofa

By Application

  
Household
  
Office
  
Public Place


Key Market Players included in the report:


  
American Leather
  
Ashley Furniture Industries Inc.
  
B&B Italia S.p.A.
  
Broyhill
  
Cheer Sofa
  
Drexel Heritage
  
Flexform
  
IKEA
  
Inter Ikea Holding B.V.
  
Jason Furniture (Hangzhou) Co. Ltd.
  
Jisi Group
  
KUKA
  
LandBond
  
La-Z-Boy Incorporated
  
Man Wah Holdings Limited.
  
Norwalk Furniture
  
Q&U Furniture Group
  
Quanyou
  
Rowe Furniture
  
Sofology
  
Steel-Land
  
Thomasville Furniture Industries
  
Zuoyou Sofa


Below are the key development related to Leather Sofa Market in 2020 and 2021.


April 2021: Herman Miller to acquire Knoll for $1.8 billion. ZEELAND, Mich. and EAST GREENVILLE, Pa., - Herman Miller Inc. has entered into a definitive agreement to acquire Knoll Inc. in a cash and stock transaction valued at $1.8 billion. Announced April 19, the transaction is expected to close by the end of the third quarter of calendar year 2021, subject to customary approval of closing conditions. Upon completion of the transaction, Herman Miller shareholders will own approximately 78% of the combined company and Knoll shareholders will own approximately 22%. The acquisition combines two of the top 5 contract furniture makers in North America. According to a statement from Herman Miller and Knoll, the combined company will have pro forma annual revenue of approximately $3.6 billion and pro forma adjusted EBITDA of approximately $552 million, based on each company’s respective last reported 12 months and including the anticipated $100 million of cost synergies, implying adjusted EBITDA margins of approximately 16%. Herman Miller is ranked #4 overall in the FDMC 300 list of largest North American wood products producers, and second in the segment. Knoll currently ranks 14 overall and #5 in the market. The companies cited the pandemic and new work models as factors in the decision. Source

March 2021: Synchrony and Ashley HomeStore Renew Consumer Financing Program Agreement. Synchronys customized solutions continue to enable independent Ashley HomeStore licensees to convert more prospects and expand customer loyalty and engagement. ARCADIA, Wis. and STAMFORD, Conn., Synchrony (NYSE: SYF), a premier consumer financial services company, and Ashley HomeStore, Ltd., the number one selling U.S. home furnishings company, announced a multi-year extension of their consumer financing program agreement, which began in 2010. Synchrony offers Ashley HomeStore customers competitive financing, subject to credit approval, for purchases made online or the nearly 500 Ashley HomeStores across the U.S. Synchronys strong relationship with Ashley enables the company to manage the financing program at a national level while providing customized financing solutions for independent Ashley HomeStore licensees. The solutions, including support in sales, marketing, data analytics, point of sale technology, and training, are designed to empower Ashley HomeStore licensees to grow their business and expand customer loyalty. Synchronys financing solutions enable Ashley HomeStores to meet their customers at the moments that matter most in their purchasing journey. Integrating Synchronys offers throughout the consumer spending life cycle supports Ashley HomeStores omni-channel customer journey and experience. Synchrony and Ashley HomeStore continually evaluate program enhancements. One solution they are considering is contactless commerce. The pandemic has accelerated consumer demand for a touchless point of sale experience. Synchronys digital payment technology solutions enables Ashley HomeStore customers to shop and apply for credit when, where, and how they want without touching cash, cards, or keypads. Source

September 2020: Ingka Centres Acquires 6X6 Building in Downtown San Francisco. The new retail destination will be anchored by IKEA and complemented with mixed-use offerings. SAN FRANCISCO Ingka Centres, part of the Ingka Group (which also includes IKEA Retail and Ingka Investments), has acquired the 6X6 building in downtown San Francisco from MSP Property LLP, a company controlled and owned by Alexandria Real Estate Equities Inc. and TMG Partners. The company will transform and redesign the 6X6 building at 945 Market Street into a new retail destination thats anchored by IKEA and complemented with mixed-use offerings that are uniquely suited for San Franciscans and their lifestyle. The IKEA store and first phase of redevelopment are slated to open in fall 2021. The acquisition is Ingka Centres first in the U.S., representing a milestone for the company, which in 2018 announced a new strategic vision and investment of €7.3bn (approximately $8.6bn
) to transform its business in response to the changing retail environment. 6X6 will be Ingka Centres second mixed-use project in a downtown location, following the companys acquisition of Kings Mall in Londons
 Hammersmith earlier this year. The company is evaluating opportunities within 40 major cities across Europe
, Russia
, North America
, Asia
 and Oceania to introduce their vibrant, urban destinations. In the U.S., the company is actively targeting sites for similar projects in New York City
, Los Angeles
 and Chicago
. All anchored by IKEA stores, these urban projects are designed to complement the IKEA Retail U.S. strategy of opening smaller format stores within city centers in response to global urbanization trends, changing customer behavior and the digitalization of retail. Source