Luxury Furniture Market Research Report - Global Forecast till 2027

Global Luxury Furniture Market Research Report: Information by Product Type (RTA and Non-RTA), Material Type (Wood, Melamine, Glass, Steel, Wrapped Panels, Finished Foils, Laminates and Lacquered Panels), Furniture Type (Chairs, Sofas, Tables, Beds, Cabinets and Others), End-Use (Commercial and Household) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/CR/0797-HCR | February 2021 | Region: Global | 115 pages

Please note that the assessment period of report has been updated from 2019-2024 to 2020-2027. Cordially fill Sample form for updated data.

Market Scenario


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.


Segmentation


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.


Key Players


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, 2018Luxury Furniture Market


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



  • RTA

  • Non-RTA


Global Luxury Furniture Market, by Material Type



  • Wood

  • Melamine

  • Glass

  • Steel

  • Wrapped Panels

  • Finished Foils

  • Laminates

  • Lacquered Panels


Global Luxury Furniture Market, by Furniture Type



  • Chairs

  • Sofas

  • Tables

  • Beds

  • Cabinets

  • Others


Global Luxury Furniture Market, by End-Use



  • Household

  • Commercial


Global Luxury Furniture Market, by Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • UK

    • Rest of Europe



  • Asia-Pacific

    • Japan

    • China

    • India

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World (RoW)

    • South America

    • Middle East

    • Africa




 Intended Audience



  • Luxury furniture manufacturers

  • Commercial research and development institutions

  • Hotel and restaurants

  • Raw material suppliers and distributors

  • Retailers, distributors, and wholesalers

  • Traders, exporters, and importers



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.