Luxury furniture is a moveable item of furniture that trained artisans have expertly crafted from the finest materials with no room for error. It raises the aesthetic value of public and private buildings, including hotels, offices, residences, and other indoor and outdoor spaces. People in urbanized areas are increasingly adopting luxury furnishings due to their evolving lifestyles and constantly rising standards of living.
The market for luxury furniture in 2021 was USD 28.79 billion, and by 2030 it will be worth USD 41.82 billion, growing at a 4.23% CAGR During the forecast period.
The demand for luxury furniture is continuously being impacted by the real estate industry’s tremendous rise in both the residential and commercial sectors. Additionally, the market for luxury furniture is expanding due to the growing population worldwide and the spread of online retailing, particularly in developing countries.
Market Dynamics
Drivers
Increased use of online retailing strategies is the key element driving the expansion of the world market for luxury furnishings. Additionally, the rise in demand for luxurious eco-friendly furniture will benefit market expansion additionally. Industry will rise as urbanization and globalization continue to increase additionally. During this projected period, a shift in lifestyle and a rise in disposable income would fuel market expansion. The demand for luxury furniture will rise as a result of the real estate industry’s significant growth, which will fuel market expansion in the near future.
Restraints
However, the expansion of the worldwide luxury furniture market will be constrained by the shortage of skilled personnel in the industry and the rising cost of raw materials.
Opportunity
Governments all over the world are concentrating heavily on raising funding for the improvement of home furnishings, which will provide a lot of prospects for the industry in the future.
Market Segmentation
On the basis of materials
The wooden sector was the industry leader, with a 40% market share in 2021. Furniture makers have yet to consider all accepted guidelines for producing chairs, lamps, and tables by combining premium wood with unconventional forms. The primary reasons why wooden furniture is utilized are its lovely, organic appearance, flexibility, durability, simplicity of cleaning, and cost-effectiveness. The wooden furniture industry has forged a strong position in the market thanks to its rich and refined design features.
On the basis of end-use
With a 66.15% share, the residential sector controlled the market in 2021. In order to draw customers, builders, and architects are using more opulent furniture in various parts of the home and adopting opulent facilities. Thanks to the presence of a unique consumer, the living room now has a luxurious and aesthetically pleasing feel. Home furniture satisfies specifications, including customization to conceal office paperwork and disused gadgets. Versatile multifunctional elements are becoming more common in a variety of high-end home furnishings, and new-era stylish sofas with creative scents are appreciated for their sophisticated quality over traditional leather sofas in style.
Regional Insights
Europe ruled the entire regional market with 43.5% of the revenue share in 2021. Many prominent players in the European luxury furniture market have started their websites & are partnering with online merchants to expand their distribution networks.
Asia Pacific will expand at a rapid rate of 5% CAGR during the forecast period. China is the largest and fastest-growing furniture market because of increased living standards and disposable income. Old traders control most of the local economy. The idea of showrooming is having a positive impact on the growing popularity of online commerce. Through the forecast period, these variables will fuel market expansion.
Key Players
- Turri S.R.L
- Henredon Furniture Industries Inc.
- Nella Vetrina
- Lola Furniture Ltd.
- Valderamobili
- Laura Ashley Holdings Plc
- Scavolini
- Giovanni Visentin
- Cassina
- Muebles Pico
- Duresta Upholstery Ltd
- Kannustalo Ltd.
The market for luxury furniture in 2021 was USD 28.79 billion. And by 2030 it will be worth USD 41.82 billion growing at a 4.23% CAGR During the forecast period. Factors that drive growth in the global market for luxury furniture over the forecast period are the expansion of infrastructure and hospitality in developing nations. The industry will rise as luxury furniture is increasingly adopted in kitchens, bedrooms, living rooms, workplaces, and corporate settings.
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