Luxury Furniture Market Analysis:
Luxury Furniture Market Size is projected to reach USD 42,159.44 million by 2030, growing at a CAGR of 5.7% from 2022 to 2030 as per the recent report by Market Research Future (MRFR). Luxury furniture, simply put, are furniture of elite designs and quality. They are crafted out of different materials such as lacquered panels, laminates, finished foils, wrapped panels, steel, glass, melamine, and wood, which help to add aesthetic value to offices, hotels, homes, or other outdoor/indoor areas.
Various factors are adding to the luxury furniture market growth. According to the new MRFR report, such factors include the booming real estate industry, globalization, movement of people to the urban areas from the rural areas and increasing personal disposable income. Additional factors adding market growth include rising environmental consciousness, growing demand for eco-friendly luxury furniture, increasing penetration of online retailing across the world, and change in lifestyle.
On the contrary, the increased cost of raw materials and scarcity of skilled workers are factors that may limit the Luxury Furniture Market Research growth over the forecast period.
COVID-19 Analysis/COVID-19 Impact on Luxury Furniture Market:
Various coronavirus related factors have resulted in declined revenue and sales of the luxury furniture selling business. Firstly, following the lockdown and social distancing, people are confined at home mandatorily or voluntarily. Owing to the pervading feeling of insecurity regarding their financial future, they have limited their expenses to essential items only such as supplies and food, and purchasing furniture is currently not a priority. Secondly, supplies of furniture from China are either disrupted or delayed for issues related to manufacturing shipment due to the COVID-19 outbreak. China is the largest exporter and manufacturer of furniture in the world. Italy that exports the best luxury furniture is in the severe grip of the novel coronavirus. All these factors have affected the profitability as well as functionality of luxury furniture sellers across the world.
Market Segmentation:
The MRFR report offers an inclusive segmental analysis of the global luxury furniture market report based on end use, furniture type, material type, and product type.
By product type, the global luxury furniture market is segmented into non-RTA and RTA furniture.
By material type, the global luxury furniture market is segmented into lacquered panels, laminates, finished foils, wrapped panels, steel, glass, melamine, and wood. Of these, wood will lead the market over the forecast period.
By furniture type, the global luxury furniture market is segmented into cabinets, beds, tables, sofas, chairs, and others.
By end use, the global luxury furniture market is segmented into household and commercial. Of these, the household segment will have a major share in the market over the forecast period.
Regional Analysis:
Based on the region, the global luxury furniture market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, Europe will dominate the market over the forecast period. The established hospitality sector, increasing focus on interior designing that is influencing the luxury furniture sales, presence of a strong economy, and France Italy being the hub of fashion trends, are adding to the market growth in the region.
The global luxury furniture market in the APAC region is predicted to grow at a fast pace over the forecast period. Product promotion by key players, booming real estate industry, increasing per capita disposable income, the demand for elegant acoustics at vehicles, hotels, restaurants, and home, and preference for posh ambiance such as luxurious architecture are adding to the growth of the market in the region.
The global luxury furniture market in Europe will have notable growth over the forecast period while that in the Rest of the World will have sound growth.
Key Players:
Leading players profiled in the global Luxury Furniture Market Report include Iola Furniture Limited (UK), Steinhoff International (South Africa), Herman Miller, Inc. (US), Turri SRL (Italy), Heritage Home Group (US), Giovanni Visentin S.R.L. (Italy), Nella Vetrina (Italy), Muebles Picรณ (Spain), Valderamobili (S.R.L.) (Italy), Scavolini S.p.a. (Italy), and Duresta Upholstery Ltd (UK).
Related Report:
Global Probiotic Cosmetics Market Research Report: Information by Product Type (Skin Care and Hair Care) Distribution Channel (Store-Based and Non-Store Based), and by Region - Forecast till 2030
Informations sur le marchรฉ des produits prรชts ร boire par type (boissons probiotiques, boissons pour sportifs et boissons รฉnergisantes, jus de fruits et de lรฉgumes, thรฉ et cafรฉ, boissons laitiรจres et non laitiรจres et autres), par emballage (bouteille, tetra pack, sachet, boรฎte de conserve, etc.), canal de distribution (en magasin et hors magasin) et Rรฉgion - Prรฉvisions jusqu'en 2030
Marktinformationen fรผr Aromatherapie; Nach Produkt (รคtherische รle (Blumen-, Zitrus-, Grรผn/Vegetativ-, Krรคuter-/Kampferรถl, Wรผrzig, andere), Trรคgerรถle und Mischรถle), Ausrรผstung (Verneblerdiffusor, Ultraschalldiffusor, Wรคrmediffusor), Anwendung (tropisch, Inhalation, Luftdiffusion); Therapeutische Anwendung (Entspannung und Schlaf, Schmerztherapie, Haut- und Haarpflege, andere Heilmittel) -Prognose bis 2030
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 on the basis of the same.
Our fast-emerging market research firm is armed with an adept research analystsโ 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