ID: MRFR/CR/0797-HCR | February 2021 | Region: Global | 115 pages
Furnitures cater to a number of functional areas such as seating, sleeping, home decoration, storage, work, and more. They can be used at homes as well as in public places such as restaurants and hotels. Increasing spending power of consumers, changing lifestyle, and launch of new and innovative products with elegant designs are increasing the sales of luxury furniture across the globe. The Global Luxury Furniture Market is projected to grow with a significant growth rate of 3.14% from 2019 to 2024 and reach a market size of USD 183 billion by the end of 2024. Introduction of smart furniture offering different functions controlled via smart phones or sensors and the availability of artisanal furniture are expected to further drive the global luxury furniture market growth during the forecast period.
Global Luxury Furniture Market has been segmented based on product type, material type, furniture type, end-use, and region. Based on product type, market has been classified into RTA Furniture and Non-RTA Furniture. Based on material type, market has been classified into wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels. On the basis of furniture type, the market is bifurcated into chairs, sofas, tables, beds, cabinets, and others. Based on end use, the global market is segmented into commercial and household. The global luxury furniture industry has been analysed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world. The North American market has further been segmented into the US, Canada, and Mexico. The European market has been classified into the UK, Germany, France, Italy, Spain, and the rest of Europe. Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The furniture market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Duresta Upholstery Ltd (UK), Valderamobili (S.R.L.) (Italy), Giovanni Visentin S.R.L. (Italy), Scavolini S.p.a. (Italy), Muebles Picó (Spain), Nella Vetrina (Italy), Heritage Home Group (US), Iola Furniture Limited (UK), Herman Miller, Inc. (US), Turri SRL (Italy), and Steinhoff International (South Africa) are some of the key players in the global luxury furniture market.
Regional Market Summary Global Luxury Furniture Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
Globally, luxury furniture market in Europe is anticipated to be the dominating market with a share of 47.22% in 2018. Established hospitality sector in Europe and high focus on interior designing are also influencing the sales of luxury furniture in the region. Furthermore, Italy and France being a hub of fashion trends followed by strong economy of the region are expected to be the major factors driving the European market growth during the forecast period. Asia-Pacific is expected to grow at the fastest rate in the luxury furniture market due to rising per capita disposable income, growing real estate industry, and product promotion by market players. Increasing preference for a posh ambience including luxurious architecture and elegant acoustics at home, restaurants, hotels, and vehicles is majorly driving the regional market growth.
Global Luxury Furniture Market, by Product Type
Global Luxury Furniture Market, by Material Type
Global Luxury Furniture Market, by Furniture Type
Global Luxury Furniture Market, by End-Use
Global Luxury Furniture Market, by Region
Frequently Asked Questions (FAQ) :
Global luxury furniture market is touted to record a substantial market valuation of USD 183 billion by 2024.
Global luxury furniture market is projected to register a moderate 3.14% CAGR in the forecast period.
The RTA furniture segment is expected to observe substantial demand over the review period.
The commercial segment is slated to expand as the fastest-growing segment.
A few emminent market players operating in the global luxury furniture market are Giovanni Visentin S.R.L. (Italy), Duresta Upholstery Ltd (UK), Valderamobili (S.R.L.) (Italy), Scavolini S.p.a. (Italy), among others.