Faux Leather Furniture Market Scope
Faux leather furniture is made up artificially by using vegan leather that further increases the durability of the leather. Increasing disposal income in the Asian countries leads to the changing customer inclination towards home decoration. Also, the low operating cost of the faux leather furniture reduces the overall cost of the product and the rising popularity of faux leather furniture due to its wide range of benefits including, does not crack or fade in sunlight, waterproof features and others. However, fluctuation in the prices of raw material and the presence of alternative in the operating market are the factors that have been limiting the overall growth of the market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Steelcase (United States), HNI Corporation (United States), AURORA (Australia), Lamex Trading Co. Ltd.S (Hong Kong), Guangzhou Shengsheng Guanmei Furniture Co., Ltd. (China), VICTORY (China), UB Group (United States), Kinwai Furniture Decoration Co.,Ltd (China), CJC FURNITURE (United Kingdom) and Comwell (Australia) |
CAGR | 4.4% |
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market.The Vendors having a strong hold in the market are Steelcase, HNI Corporation, AURORA, Lamex Trading Co. Ltd.S, Guangzhou Shengsheng Guanmei. Research Analyst at AMA estimates that United States and Asian Vendors will contribute to the maximum growth of Global Faux Leather Furniture market throughout the predicted period.
Steelcase (United States), HNI Corporation (United States), AURORA (Australia), Lamex Trading Co. Ltd.S (Hong Kong), Guangzhou Shengsheng Guanmei Furniture Co., Ltd. (China), VICTORY (China), UB Group (United States), Kinwai Furniture Decoration Co.,Ltd (China), CJC FURNITURE (United Kingdom) and Comwell (Australia) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are ONLEAD (United States) and SAOSEN (Italy).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Faux Leather Furniture market by Type , by Application (Commercial and Household) and Region with country level break-up.
On the basis of geography, the market of Faux Leather Furniture has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In October 2023, Yarwood Leather highlighted the leather furniture trends for 2024, which include innovations like their Churchill faux leather range. This range is a high-performance faux leather, meeting Contract level Crib5, and IMO flame retardancy as standard. The faux distressed leather is treated with Sanitized treatment, making it anti-bacterial, anti-fungal, and ideal for use in various settings.
On February 2019, Chesterfields (British sofa brand) has announced of its new launch of a vegan leather line of iconic Chesterfield sofas. The new sofa has designed using faux leather. The main aim of the launch is to a satisfy requirement from the customers. The new launch of the company can create new opportunities for the company in the coming years.
Influencing Trend:
Rising Popularity of Faux Leather Furniture due to its wide Range of Benefits including, does not Crack or Fade in Sunlight, Waterproof Features, and Others
Market Growth Drivers:
Growing Demand due to the Changing Customer Inclination towards Home Decoration and Low Cost of Faux Leather Furniture over Pure Leather Furniture
Challenges:
Presence of Alternative in the Operating Market and Low Demand from the Middle East Region
Restraints:
Fluctuation in the Prices of Raw Material and Intense Competition among Established Players
Opportunities:
Increasing Demand from the Asian Countries due to High Number of Smart City Projects and Rising Demand as Faux Leather Furniture is an Eco-Friendly Product and Prevents Killing of Animals
Key Target Audience
Faux Leather Furniture Manufacturers, Raw Material Suppliers, Suppliers and Distributors, Private Research Organizations, Government Associations and Agencies, Potential Investors and Others