Luxury furniture enhances the work & living environment and improves the aesthetic value of indoor & outdoor spaces in houses, hotels, and offices. Growth and development in the real estate industry drives the global luxury furniture market. Increase in disposable incomes, globalization, and considerable increase in urban population across developing countries boost the market growth. Eco-friendly luxury furniture is expected to witness higher growth during the forecast period due to the growth in eco-friendly approach of consumers. In addition, growth in online retailing would have a positive impact on the market. However, lack of skilled labor and increase in cost of raw materials are the major challenges for the market. Conversely, improvement in life style and increase in disposable income provide significant opportunities for the market growth.
Rise in penetration of various online portals in developing regions and increase in number of offers & discounts attract consumers to purchase luxury furniture products through e-commerce channels. Moreover, e-commerce channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies. Furthermore, the e-commerce industry is expected to expand in future, owing to rapid growth in mobile users in developing markets. Increase in e-commerce sales, improvement in logistics services, ease in payment options, and facility to enter in new international markets for major brands boost growth of the luxury furniture market. However, recent outbreak of coronavirus has significantly impacted the luxury furniture industry along with all stages of supply chain and value chain. It has affected consumer behavior with regard to purchasing luxury furniture across the globe.
The luxury furniture market is segmented into material, end use, distribution channel, and region. Depending on material, the market is classified into metal, wood, plastic, glass, leather, and others. According to end use, it is divided into domestic use and commercial use. As per the distribution channel, it is classified into online and offline. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The report includes comprehensive analysis of the key players in the luxury furniture market, such Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc., and Turri S.r.l.
Rise in penetration of various online portals in developing regions and increase in number of offers & discounts attract consumers to purchase luxury furniture products through e-commerce channels. Moreover, e-commerce channels have increased consumer reach, owing to which it has evolved as a key source of revenue for many companies. Furthermore, the e-commerce industry is expected to expand in future, owing to rapid growth in mobile users in developing markets. Increase in e-commerce sales, improvement in logistics services, ease in payment options, and facility to enter in new international markets for major brands boost growth of the luxury furniture market. However, recent outbreak of coronavirus has significantly impacted the luxury furniture industry along with all stages of supply chain and value chain. It has affected consumer behavior with regard to purchasing luxury furniture across the globe.
The luxury furniture market is segmented into material, end use, distribution channel, and region. Depending on material, the market is classified into metal, wood, plastic, glass, leather, and others. According to end use, it is divided into domestic use and commercial use. As per the distribution channel, it is classified into online and offline. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The report includes comprehensive analysis of the key players in the luxury furniture market, such Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc., and Turri S.r.l.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury furniture market analysis from 2020 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and luxury furniture market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the luxury furniture market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global luxury furniture market trends, key players, market segments, application areas, and luxury furniture market growth strategies.
Key Market Segments
By Material
- Others
- Metal
- Wood
- Plastic
- Glass
- Leathers
By End Use
- Domestic Use
- Commercial Use
By DISTRIBUTION CHANNEL
- Online
- Offline
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia And New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Turkey
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Duresta Upholstery Ltd.
- Muebles Pico
- Valderamobili
- Giovanni Visentin
- Scavolini
- Laura Ashley Holding Plc
- Iola Furniture Ltd.
- Nella Vetrina
- Henredon Furniture Industries Inc.
- Turri S.r.l.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LUXURY FURNITURE MARKET, BY MATERIAL
CHAPTER 5: LUXURY FURNITURE MARKET, BY END USE
CHAPTER 6: LUXURY FURNITURE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: LUXURY FURNITURE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Luxury Furniture Market,' the luxury furniture market size was valued at $23,771.90 million in 2020, and is estimated to reach $42,159.40 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031. Growth in online mode of sale, rapid urbanization, and change in lifestyle, owing to increased disposable income of the consumers drive the luxury furniture market growth. In addition, development in Asia-Pacific and LAMEA is anticipated to create lucrative global luxury furniture market opportunities.Demand for wood furniture is the highest in the global market. The glass furniture segment is expected to witness the fastest growth through 2020, catalyzed by its growing demand in the corporate and hospitality sector. The plastic furniture segment would grow at the gradual pace during the forecast period due to environmental concerns associated with plastic degradation and its lack of aesthetic value compared to other materials. Leather furniture segment would grow at a considerable pace; however, the growth of this segment would be restricted due to its limited use in sofas and ottomans. Additionally, stringent government regulations on the import of leather largely restrain the market growth of this segment. Eco-friendly furniture and multifunctional furniture have gained popularity over the years. Growth in environmental awareness and space constraints in urban regions are key factors that drive the adoption of these furniture types in the global luxury furniture market..
The domestic sector, evaluated at 67%, accounts for the largest share percentage in the global luxury furniture market. Furniture used in living rooms and bedrooms, hold the highest demand in the domestic sector. The commercial sector is a comparatively smaller market, which is primarily governed by the hospitality sector. Growth in the hospitality and tourism sector globally exhibits a dynamic market for luxury furniture. Large presence of upscale hotels, commercial infrastructures, and booming hospitality industry, arising from an increasing pace of foreign investments in the Middle East, account for the dynamic growth of the luxury furniture market.
The outbreak of the COVID-19 pandemic created several challenges for exporters in developing and developed countries. The challenges witnessed by exporters of luxury furniture products are likely to remain for the foreseeable future, as different states and governments across the globe attempt to tackle COVID-19 with various measures. However, implementation of lockdown and curfew practices globally affected domestic as well as international production of luxury furniture, which, in turn, hampered the growth of the overall market. Thus, the outbreak of COVID-19 negatively impacted the luxury furniture market in 2020, as sales of companies have reduced and operations have been halted.
Rise in penetration of various online portals in developing regions and increase in number of offers & discounts attract consumers to purchase luxury furniture products through e-commerce channels. Moreover, e-commerce channels increases consumer reach, owing to which they have evolved as a key source of revenue for many companies. Furthermore, the e-commerce market is expected to expand in the future, owing to rapid growth in online and mobile user customer bases in emerging markets. Surge in e-commerce sales, improvements in logistics services, ease in payment options, and facility to enter in new international markets for major brands boost the growth of the luxury furniture market.
Key findings of the Study
- Depending on material, the luxury furniture market is categorized into metal, wood, plastic, glass, leather, and others. Wood segment constitute a major luxury furniture market share; however, the glass segment is projected to experience growth at the highest CAGR during the luxury furniture market forecast period.
- According to end use, is classified into domestic use and commercial use. Domestic use segment constitute a major market share in luxury furniture market analysis; however, the commercial use segment is projected to experience growth at the highest CAGR during the forecast period.
- As per distribution channel, it is divided into online and offline. Offline segment constitute a major market share, and is projected to maintain luxury furniture market trends during the forecast period. However, the online segment is projected to experience growth at the highest CAGR during the forecast period.
- Region wise, Asia-Pacific accounted for highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
- Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the Luxury Furniture Industry include Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc., and Turri S.r.l.
Companies Mentioned
- Duresta Upholstery Ltd.
- Muebles Pico
- Valderamobili
- Giovanni Visentin
- Scavolini
- Laura Ashley Holding Plc
- Iola Furniture Ltd.
- Nella Vetrina
- Henredon Furniture Industries Inc.
- Turri S.r.l.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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