Luxury Furniture Market 2022 | Current and Future Demand, Analysis, Growth and Forecast By 2030
Luxury Furniture Market Overview:
The global luxury furniture market size was valued at $23,771.90 million in 2021, and is projected to reach $42,159.44 million by 2030, growing at a CAGR of 5.7% from 2022 to 2030. states the new Market Research Future (MRFR) report. People in the current era want comfort and luxury everywhere, no matter at home or office. Luxury furniture is in high demand these days for a good number of reasons. They are available in different styles, materials, sizes, and finishes, are user-friendly, comes in attractive designs, is lightweight, and most importantly, there is something to suit every taste and budget.
Various factors are propelling the Luxury Furniture Market growth. Some of these factors according to the Market Research Future (MRFR) report, include changing lifestyle, the launch of innovative and new furniture with elegant designs, growing spending power of consumers, higher media penetration, inclination in online retailing, and robust growth in the real estate sector. Additional factors pushing market growth include the increasing impact of globalization, growing demand for eco-friendly luxury furniture, and an increasing trend of the modular kitchen.
On the contrary, the increasing cost of raw materials and scarcity of skilled workers are factors that may restrict the luxury furniture market growth over the forecast period.
Top Key Players:
Leading players profiled in the luxury furniture market report include Steinhoff International (South Africa), Turri SRL (Italy), Herman Miller, Inc. (US), Iola Furniture Limited (UK), Heritage Home Group (US), Nella Vetrina (Italy), Muebles Picó (Spain), Scavolini S.p.a. (Italy), Giovanni Visentin S.R.L. (Italy), Valderamobili (S.R.L.) (Italy), and Duresta Upholstery Ltd (UK).
Luxury Furniture Market Segmentation:
The MRFR report provides a complete segmental analysis of the luxury furniture market based on material type, product type, furniture type and end use.
By Product Type: RTA and Non-RTA
By Material Type: Wood, Melamine, Glass, Steel, Wrapped Panels, Finished Foils, Laminates and Lacquered Panels
By Furniture Type: Chairs, Sofas, Tables, Beds, Cabinets and Others)
By End-Use; Commercial and Household
By Region: North America, Europe, Asia-Pacific and Rest of the World - Forecast till 2027
Regional Analysis:
By region, the luxury furniture market report covers the latest trends and growth opportunities across Europe, the Asia Pacific (APAC), North America, and the Rest of the World (RoW). Of these, Europe is predicted to command the market over the forecast period. This is owing to the region’s established hospitality sector and a growing emphasis on interior designing. France and Italy are the key contributors in this region as they are the hub of fashion trends. Moreover, the strong economy in the region is also boosting the market growth.
The luxury furniture market in North America is predicted to have favorable growth over the forecast period. This is owing to the presence of leading luxury brands in the region that are largely emphasizing on personalization in the product.
The luxury furniture market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to product promotion by key market players, expanding real estate industry, and increasing per capita disposable income. Moreover, rising preference for posh ambience such as elegant acoustics and luxurious architecture at vehicles, hotels, restaurants, and homes are also pushing market growth.
The Hospital Furniture in the Rest of the World is predicted to have a notable growth during the forecast period. This is due to the burgeoning need for luxury furniture in the hospitality sector.
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