Leather Chair Market to Grow Rapidly Due to Increasing Furniture Spending
The leather chair market has witnessed significant growth over the past few years owing to the growing popularity of leather chairs in residential and commercial setups. Leather chairs offer premium aesthetic appeal, luxurious feel and are highly durable. The growing consumer demand for furniture with high quality finish has propelled the demand for leather chairs across the world.
The Leather Chair Market Size are available in different designs, shapes and sizes to meet specific requirements in living rooms, libraries, home offices and commercial spaces like corporate offices.
The Global leather chair market is estimated to be valued at US$ 7,373.0 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the leather chair market include Kingsgate Furniture, Sunrise International, Jodhpur Trends, Sree Balaji Modular Furniture, Bharat seating systems, Purewood, Simplex Furniture, Vaibhavi Engineers, Ovion Lifestyle Pvt. Ltd., Vintage Leather Furniture, Mayuri Leather Furniture, Akku Art Exports, SUREN SPACE, LeatherCraft Canada, and Leather Creations.
Key opportunities: The growing commercial sector and rising per capita income are expected to offer significant growth opportunities for leather chair manufacturers. Furthermore, the increasing demand for luxury and premium furniture from developing regions is anticipated to open new avenues for market players over the forecast period.
Global expansion: Key leather chair companies are focusing on expanding their global footprint through strategic partnerships, joint ventures and acquisitions. Manufacturers are investing in new production facilities in Asia and Latin America to take advantage of lower costs and cater to the growing local demand. Many players are also offering customized and tailored leather chairs to meet diverse consumer needs across international markets.
Market Drivers
Rising consumer spending on furniture: The growing consumer spending on home décor and furniture products owing to rise in disposable incomes is a key driver for the leather chair market. Consumers are opting for premium, trendy and high-quality furniture products for their residential and commercial spaces. This increasing demand for luxury furniture is propelling the uptake of leather chairs across regions.
PEST Analysis
Political: The regulations related to import duties, raw material availability, and environmental norms affects the leather chair market.
Economic: Factors like per capita income, economic growth, and employment rates influence consumer spending power and demand for leather chairs.
Social: Changes in lifestyle and preference for premium and luxury furniture drives the demand for leather chairs from high-income groups.
Technological: Advancements in design, material science, and manufacturing technologies allow manufacturers to develop innovative, durable, and aesthetically appealing leather chair designs. Increased automation helps improve production efficiency.
The Europe region accounted for a major share of the global leather chair market value in 2024 owing to high demand for luxury and premium furniture from countries like Italy, Germany, UK, and France. With high per capita incomes and presence of key manufacturers, the regional market is concentrated in value terms.
The Asia Pacific region is projected to witness the fastest growth during the forecast period. This can be attributed to rapidly growing economies, rising living standards, expanding middle-class population, and increasing furniture consumption in countries like China, India, Indonesia, and Vietnam. The regional market is expected to offer lucrative opportunities for leather chair manufacturers over the next few years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
