Luxury Furniture Market Scope:
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. 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.
Who are the key participants in the industry for luxury furniture?
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).
Which region is the most profitable in the luxury furniture industry?
Europe is a more profitable region in the luxury furniture sector.
Regional Insights:
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 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.
Luxury Furniture Market Segmental Reviews:
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 2030
What elements will drive the expansion of Europe's luxury furniture industry?
The European luxury furniture business will account for more than 30% of total industry revenue in 2027, thanks to favorable regulatory regulations and considerable export demand.
About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets, and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take based on the same.
Our fast-emerging market research firm is armed with an adept research analysts’ team that focuses on gathering useful data and analytics in terms of economic and technological advances. Our proficient analysts conduct industrial visits in a bid to achieve reliable and accurate information from established market participants. One of our foremost objectives is to keep the client well-versed with all the lucrative opportunities as well as challenges surrounding various global markets. We offer step-by-step guidance to our clients, through consulting and strategic services, enabling them to arrive at a practical and effective decision.
Contact Us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 628 258 0071