According to a new report titled “Luxury Furniture Market” published by Allied Market Research, the luxury furniture market size was valued at $23,771.9 million in 2020 and is projected to reach $42,159.4 million in 2031, growing at a CAGR of 5.5% from 2022 to 2031. Changing lifestyles due to increasing online sales formats, rapid urbanization, and rising disposable income of consumers are driving the growth of the luxury furniture market. Furthermore, developments in the Asia-Pacific and LAMEA regions are expected to create opportunities for the global luxury furniture market.
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The demand for wooden furniture is the highest in the global market. The glass furniture segment is expected to grow at the fastest pace through 2020, driven by increasing demand in the corporate and hospitality sectors. The plastic furniture segment is expected to grow at a moderate pace during the forecast period, owing to environmental concerns associated with the degradation of plastic and its poor aesthetic value compared to other materials. The leather furniture segment is expected to grow at a significant pace, but the growth of this segment will be restricted due to its limited use in sofas and ottomans. Moreover, stringent government regulations on the import of leather have significantly restrained the market growth of this segment. Eco-friendly and multi-functional furniture have been gaining popularity over the years. Rising environmental awareness and space constraints in urban areas are the major factors driving the adoption of these furniture types in the global luxury furniture market.
The domestic sector is valued at 67% and holds the largest share of the global luxury furniture market. Furniture used in living rooms and bedrooms has the highest demand in the domestic sector. The commercial sector is a relatively small market and is mainly dominated by the hospitality sector. The global growth of the hospitality and tourism sector indicates a dynamic market for luxury furniture. The booming hospitality industry due to luxury hotels, commercial infrastructure, and increasing foreign investment in the Middle East are factors for the dynamic growth of the luxury furniture market.
The outbreak of the COVID-19 pandemic has posed several challenges for exporters in developing and developed countries. With various states and governments across the world trying to combat COVID-19 with various measures, the challenges faced by exporters of luxury furniture products are likely to remain for the foreseeable future. However, the implementation of global lockdowns and curfews has affected the production of luxury furniture both domestically and abroad, which in turn has hampered the overall market growth. Thus, the COVID-19 outbreak has adversely affected the luxury furniture market in 2020 as companies saw their sales decline and operations halted.
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The rising penetration of various online portals in developing regions and the rise in offers and discounts are driving consumers to purchase luxury furniture products through e-commerce channels. Moreover, e-commerce channels have evolved as a major source of revenue for many businesses as they expand their consumer reach. Moreover, owing to the rapid growth in the customer base of online and mobile users in emerging markets, the e-commerce market is expected to expand in the future. Surging e-commerce sales, improved logistics services, ease of payment options, and ease for major brands to enter new international markets will drive the growth of the luxury furniture market.
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• Based on material, the luxury furniture market is segmented into metal, wood, plastic, glass, leather, etc. While the wood segment holds the major share of the luxury furniture market, the glass segment is projected to grow at the highest CAGR during the forecast period of the luxury furniture market.
• Depending on the end use, it is classified as residential and commercial. While the residential segment holds a major market share in the luxury furniture market analysis, the commercial segment is expected to grow at the highest CAGR during the forecast period.
• By distribution channel, it is divided into online and offline. The offline segment holds a major market share and is projected to maintain the trend of the luxury furniture market during the forecast period. However, the online segment is projected to grow at the highest CAGR during the forecast period.
• Based on region, Asia Pacific accounted for the highest market share in 2020 and is expected to grow at a significant CAGR during the forecast period.
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• Duresta Upholstery
• Muebles Pico, Valdelamobili;
• Giovanni Visentin,
• Scavolini,
• Laura Ashley Holdings
• Iola Furniture Co., Ltd.
• Nella Vetrina
• Henredon Furniture Industries Ltd.
• and Turri Srl
Does 𝐅𝐫𝐞𝐪𝐮𝐞𝐧𝐭𝐥𝐲 refer to 𝐀𝐬𝐤𝐞𝐝 as 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬?
Q1. What is the total market value of the Luxury Furniture market report?
Q2. What is the forecast period for the Luxury Furniture market report?
Q3. What is the base year calculated for the Luxury Furniture market report?
Q4. Which companies hold the top share in the luxury furniture market?
Q5. Which is the most growing and influential segment in the Luxury Furniture market report?
Q6. Which market holds the largest market share in the luxury furniture market?
Q7. How were the company profiles selected?
Q8. What is the market value of the luxury furniture market in 2020?
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𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐑𝐞𝐯𝐢𝐞𝐰
Innovation is key to the growth of the luxury furniture market in terms of value sales. As the demand for a variety of luxury furniture items increases among customers, manufacturers are able to come up with new eco-friendly products that combine affordability with high quality.
The current business scenario has seen an increase in the demand for luxury furniture for home as well as commercial use. Increasing per capita income is the main reason for the surge in the demand for luxury furniture. Commercial users tend to purchase luxury furniture to enhance their customer experience. However, the choice of luxury furniture varies from individual to individual and business establishment. Urbanization has been growing rapidly in the last few years, and hence urban culture has created a favorable environment for the luxury furniture market. Furniture made from glass material is popular and is being accepted more than other materials due to its attractive design. Currently, rising raw material costs are a major challenge for luxury furniture manufacturers. Businesses are introducing new stylish and attractive products in the market. Partnering with interior designers is a prominent market trend to reach a wider end-user segment.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global enterprises and SMEs. AMR has a goal of providing business insights and consulting to enable its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
Pawan Kumar, CEO at Allied Market Research, leads the organization towards delivering quality data and insights. We have professional corporate relations with various companies which helps us dig out market data that helps us compile accurate research data tables and ensures utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials of leading companies in the domain concerned. Our secondary data procurement methodology includes extensive online and offline research and discussions with knowledgeable professionals and analysts in the industry.
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