Dublin, Sept. 3, 2024 (GLOBE NEWSWIRE) — The “Commercial Luxury Concept Furniture Market by Product (Seating, Storage Units, Tables), Style (Modern, Industrial, Minimalist), Price Band, Material, Application, Distribution Channel, End User – Global Forecast 2024-2030” report has been added to ResearchAndMarkets.com.
The commercial luxury concept furniture market grew from USD 6.09 billion in 2023 to USD 6.45 billion in 2024. It is expected to continue growing at a CAGR of 6.25% to reach USD 9.31 billion by 2030.
Commercial luxury concept furniture is a special segment of the furniture industry dedicated to premium commercial spaces such as luxury hotels, fine restaurants, top corporate offices, high-end retail stores, etc. This category emphasizes the blend of luxury, unique design aesthetics and superior craftsmanship.
Furniture is often meticulously crafted from high-quality materials such as exotic woods, fine metals, premium leathers and rare fabrics, ensuring durability and high aesthetics. By incorporating cutting-edge technology and innovative design principles, commercial luxury concept furniture often features elements customized to suit the client’s specific requirements. Moreover, these luxury furniture pieces are produced in an eco-friendly or sustainable manner, in accordance with the growing demand for environmental responsibility.
As urban areas expand and luxury residential and commercial facilities are developed, the demand for luxury concept furniture is increasing. Furthermore, the increasing preference for sophisticated and beautiful living and working environments is encouraging consumers to invest in luxury furniture. However, disruptions in global supply chains may affect the availability and prices of raw materials, which may impact production schedules and costs.
Moreover, post-COVID-19, the commercial luxury concept furniture market is witnessing significant opportunities driven by changing consumer preferences. Health and wellness have become paramount, accelerating the demand for ergonomically designed, sustainable and high-quality materials that align with eco-conscious values. Moreover, brands are striving to offer customization options and leverage digital platforms for virtual showrooms, while augmented reality caters to the individual needs of more discerning customers, ensuring an immersive and customized shopping experience.
North America, particularly the United States and Canada, is seeing an increase in demand for luxury furniture, particularly in affluent urban areas such as New York, Los Angeles and Toronto. These cities are home to a large number of corporate offices, luxury hotels and luxury residential properties that prioritize high-quality custom furniture. In South America, countries such as Brazil and Argentina are seeing an increase in interest in luxury furniture, but at a slower pace due to economic fluctuations and differences in purchasing power across the region.
Additionally, Europe is a key market for luxury concept furniture, with key countries including Germany, the UK, Sweden and France. These countries boast rich traditions of design and craftsmanship, fostering a market where high-quality furniture is valued. Southern Europe, including Italy and Spain, continues to value craftsmanship and timeless design, cementing its position as a key region for the luxury furniture sector.
In the Middle East, particularly in the Gulf Cooperation Council countries, rapid growth in real estate projects and a surge in tourism are driving demand for premium bespoke furniture in commercial spaces such as hotels and luxury office buildings. Africa is still developing in this area but has great potential, especially in vibrant urban centres where there is growing demand for premium furniture inspired by both local craftsmanship and international design.
Led by economic powerhouses such as China, India and Japan, the Asia-Pacific region is witnessing a booming market, driven by rapid urbanization, rising disposable incomes and a penchant for modern and stylish workspaces. The Singapore and Hong Kong markets shine as luxury hubs, owing to their strong commercial real estate and hospitality sectors. The pandemic has catalyzed positive developments, especially in terms of rising consumer demand and changing lifestyle preferences. Moreover, the global shift towards sustainability and eco-conscious living has encouraged designers and manufacturers to innovate with sustainable materials and methods, capturing the interest of an ever-growing eco-savvy population.
Recent developments
Steelcase has partnered with the Frank Lloyd Wright Foundation to launch the Rockford and Galesburg collections, which blend historic design with the contemporary needs of luxury buyers.
Steelcase has partnered with the Frank Lloyd Wright Foundation to introduce the Rockford and Galesburg furniture collections, which blend historic design with modern needs. Inspired by Wright’s Laurent and Usonian houses, the Rockford collection includes plywood armchairs and tables with contemporary appeal. The Galesburg collection, which references Wright’s built-in banquet seating, includes an armchair and a versatile sofa with a removable ottoman.
Following a successful IPO, Stanley Lifestyle aims to double its business in four years through metro expansion and local partnerships.
Stanley Lifestyle, a leading luxury furniture brand, plans to double its operations over the next four years. After a successful IPO debut at a 34% premium to the NSE, the company is looking to focus on mega cities like Delhi, Mumbai, Hyderabad, Pune and Kolkata due to the huge investment appeal of luxury furniture. The company plans to maintain a steady growth rate of 20% per annum and double the number of stores in these affluent locations. Partnering with European suppliers to source up to 80% of raw materials locally should reduce costs and import dependency.
Bentley Home will launch a luxury home and office furniture collection, featuring sustainable design and top designers, at Milan Design Week 2024.
Bentley Home is expanding into home office furniture, unveiling a new collection at Milan Design Week 2024. The collection includes items such as the Wilton desk and Bollington office armchair, as well as complementary pieces such as the Loftus sofa, Chilton armchair and Langport bed. Bentley has collaborated with designers Carlo Colombo, Federico Pelli and Francesco Forcellini to combine sustainability with advanced manufacturing techniques. The move strengthens Bentley’s brand equity, attracts new customers and meets the growing demand for luxury home office setups.
Key attributes:
Report Attributes DetailsForecast Period2024 – 2030Estimated Market Value in 2024 (USD)$6.45 billionForecasted Market Value to 2030 (USD)$9.31 billionCAGR6.3%Covered RegionGlobal
Market Trends
Market Drivers
Growing preference for sophisticated and beautiful working environments Increasing disposable income and demand for luxury goods
Market Constraints
Variable costs and availability of raw materials required for commercial luxury concept furniture
Market Opportunity
Development of eco-friendly and ethically produced luxury furniture Expansion of online sales of luxury concept furniture and virtual showrooms
Market Challenges
Rapid changes in consumer choices and preferences
Market Segmentation Analysis
Products: Designer armchairs are becoming increasingly popular as they offer elegant aesthetics and comfort.
Major Company Profiles
Arteriors HomeBaker Interiors GroupBoca do LoboDEDON GmbHDurian Industries Ltd.Fogia CollectionHerman Miller, Inc.Interior DefineKartell WorldKettal, SLKinnarps ABLagne RosetMillerKnoll, Inc.Minotti SpAMolteni&C SpAMoroso spaPoltrona Frau SpaRoche BoboisSC Niky Comstil SRLswedese Mobler ABTurri SrlVitrA
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High-end commercial concept furniture market