Luxury furniture market share to robust growth of 5.5% (CAGR) to 2026

quote The luxury furniture market is expected to experience significant growth, due to the increasing demand for residential space and increasing customer demand for premium and luxury furniture. In addition, an increase in customer awareness for the use of eco-friendly luxury furniture is expected to provide lucrative opportunities for the stakeholders. Moreover, the proliferation of aggressive advertising and promotions through social media platforms by manufacturers is playing a vital role in the growth of the market.” quote

According to a new report published by Allied Market Research entitled “Luxury Furniture Market,” the luxury furniture market size was valued at $23,771.90 million in 2020, and is estimated to be $42,159.40 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031. Growth in online sales mode, rapid urbanization and lifestyle changes, driven by higher consumer disposable income, are driving the growth of the luxury furniture market. In addition, the development in Asia-Pacific and LAMEA is expected to create lucrative global market opportunities for luxury furniture.

Major players profiled in the luxury furniture industry include: :-

  • Duresta Upholstery Ltd.
  • Peak Furniture
  • Valderamobili
  • Giovanni Visentin
  • scavolin
  • Laura Ashley Holding Plc
  • Iola Furniture Ltd.
  • In the showcase
  • Henredon Furniture Industries Inc.
  • Turri Srl

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The demand for wooden furniture is the highest in the world market. The glass furniture segment is expected to experience the fastest growth through 2020, catalyzed by growing demand in the corporate and hospitality sector. The plastic furniture segment is expected to grow gradually during the forecast period due to environmental concerns related to plastic degradation and its lack of aesthetic value compared to other materials. The leather furniture segment would grow at a significant pace; however, the growth of this segment would be limited due to limited use in sofas and footstools. In addition, strict government regulations on leather imports largely limit the market growth of this segment. Eco-friendly furniture and multifunctional furniture have become increasingly popular over the years. Growth in environmental awareness and space constraints in urban regions are the main factors driving the adoption of these furniture types in the global luxury furniture market. .

The household sector, rated at 67%, accounts for the largest share of the global luxury furniture market. Furniture used in living rooms and bedrooms has the greatest demand in the household sector. The commercial sector is a relatively smaller market, mainly dominated by the hospitality industry. The growth in the hospitality and tourism sector shows a dynamic market for luxury furniture worldwide. High presence of luxury hotels, commercial infrastructures and thriving hospitality industry, due to an increasing rate of foreign investment in the Middle East, are responsible for the dynamic growth of the luxury furniture market.

The outbreak of the COVID-19 pandemic posed several challenges for exporters in developing and developed countries. The challenges facing exporters of luxury furniture products are likely to persist for the foreseeable future as different states and governments around the world try to tackle COVID-19 with different measures. However, the implementation of lockdown and curfew practices globally impacted both domestic and international luxury furniture production, which in turn stunted the growth of the overall market. For example, the outbreak of COVID-19 had a negative impact on the luxury furniture market in 2020, as company sales have declined and operations have ceased.

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Rising penetration of various online portals in developing regions and increasing number of offers and discounts are attracting consumers to buy luxury furniture products through e-commerce channels. In addition, e-commerce channels expand consumer reach, making them a major source of revenue for many businesses. In addition, the e-commerce market is expected to grow in the future, due to the rapid growth of the online and mobile customer base in emerging markets. Increase in e-commerce sales, improvements in logistics services, convenient payment options and opportunity to enter new international markets for major brands are driving the growth of the luxury furniture market.

kEY STUDY FINDINGS

  • Depending on the material, the luxury furniture market is divided into metal, wood, plastic, glass, leather and others. The wood segment represents an important market share for luxury furniture; however, the glass segment is expected to grow at the highest CAGR during the luxury furniture market forecast period.
  • According to end use it is classified into domestic use and commercial use. The household segment represents a large market share in the market analysis of luxury furniture; however, the commercial use segment is expected to grow at the highest CAGR during the forecast period.
  • It is divided into online and offline by distribution channel. The offline segment represents a large market share and is expected to maintain the luxury furniture market trends during the forecast period. However, the online segment is expected to grow at the highest CAGR during the forecast period.
  • Region-wise, Asia-Pacific accounted for the highest market share in 2020, and is expected to grow at a significant CAGR over the forecast period.

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Reasons to buy this Luxury Furniture Market Report:

> Mergers and acquisitions should be well planned by identifying the best manufacturer.

> Sort new customers or potential partners into the demographics you’re looking for.

> Capable of delivering reliable and high-quality data and analytics to support your internal and external presentations.

> Develop tactical initiatives by better understanding the areas where large companies can intervene.

> To increase and grow business potential and to achieve, develop and plan licensing and licensing strategies by finding potential partners with the most compelling projects.

> Recognize new entrants with potentially strong product portfolios and devise effective counter strategies to gain a competitive advantage.

> To develop effective R&D strategies, gather intelligence, analysis and strategic insight from competitors

Allied Market Research, a market research and consulting firm of Allied Analytics LLP, provides business insights and market research reports for both large and small and medium-sized enterprises. The company helps its clients strategize corporate policies and achieve sustainable growth in their respective market domains.

Allied Market Research offers a total solution, from data collection to investment advice. Allied Market Research’s analysts dig out factors that help clients understand the importance and impact of market dynamics. The company applies customer insight to factors such as strategies, future estimates, growth or decline forecasts, opportunity analysis and consumer surveys. As follows, the company provides consistent business intelligence support to help customers transform into a prominent business enterprise.

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