Market Analysis
The global luxury furniture market is predicted to touch USD 183 billion at a 3.14% CAGR over the forecast period (2019-2024), states the new Market Research Future (MRFR) report. People in the current era want comfort and luxury everywhere, no matter at home or office. Luxury furniture is in high demand these days for a good number of reasons. They are available in different styles, materials, sizes, and finishes, are user-friendly, comes in attractive designs, is lightweight, and most importantly, there is something to suit every taste and budget.
Various factors are propelling the luxury furniture market growth. Some of these factors according to the Market Research Future (MRFR) report, include changing lifestyle, the launch of innovative and new furniture with elegant designs, growing spending power of consumers, higher media penetration, inclination in online retailing, and robust growth in the real estate sector. Additional factors pushing market growth include the increasing impact of globalization, growing demand for eco-friendly luxury furniture, and an increasing trend of the modular kitchen.
On the contrary, the increasing cost of raw materials and scarcity of skilled workers are factors that may restrict the luxury furniture market growth over the forecast period.
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Market Segmentation
The MRFR report provides a complete segmental analysis of the luxury furniture market on the basis of raw material, retail formats, and end use.
Based on raw material, the luxury furniture market is segmented into plastic, metal, wood, and others. Of these, the wood segment will have the largest share in the market over the forecast period.
Based on retail formats, the luxury furniture market is segmented into online retailing, departmental stores, furniture retailers, and others. Of these, online retailing will lead the market over the forecast period.
Based on end use, the luxury furniture market is segmented into commercial and residential. Of these, the residential segment will dominate the market during the forecast period. This is due to the burgeoning demand for multipurpose and multi-functional residential furniture, increasing influence of online retailing, and the growing number of housing schemes.
Regional Analysis
By region, the luxury furniture market report covers the latest trends and growth opportunities across Europe, the Asia Pacific (APAC), North America, and the Rest of the World (RoW). Of these, Europe is predicted to command the market over the forecast period. This is owing to the region’s established hospitality sector and a growing emphasis on interior designing. France and Italy are the key contributors in this region as they are the hub of fashion trends. Moreover, the strong economy in the region is also boosting the market growth.
The luxury furniture market in North America is predicted to have favorable growth over the forecast period. This is owing to the presence of leading luxury brands in the region that are largely emphasizing on personalization in the product.
The luxury furniture market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to product promotion by key market players, expanding real estate industry, and increasing per capita disposable income. Moreover, rising preference for posh ambience such as elegant acoustics and luxurious architecture at vehicles, hotels, restaurants, and homes are also pushing market growth.
The luxury furniture market in the Rest of the World is predicted to have a notable growth during the forecast period. This is due to the burgeoning need for luxury furniture in the hospitality sector.
Key Players
Leading players profiled in the luxury furniture market report include Steinhoff International (South Africa), Turri SRL (Italy), Herman Miller, Inc. (US), Iola Furniture Limited (UK), Heritage Home Group (US), Nella Vetrina (Italy), Muebles Picó (Spain), Scavolini S.p.a. (Italy), Giovanni Visentin S.R.L. (Italy), Valderamobili (S.R.L.) (Italy), and Duresta Upholstery Ltd (UK).
September 2019: Giorgetti, leading Italian luxury furniture brand will soon make an entry into the UK market following the launch of its very first store in London. This London store along with hosting their renowned products which are highly appreciated for its timeless aesthetic and quality will also serve as the window for an excellent selection of technical solutions and materials to cater to their customer's bespoke needs.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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