Global Luxury Furniture Market Trends, Share, Size, Growth, Demand By Region 2018-2023
Owing to this, it is now being increasingly used across residential and commercial sectors which has further given impetus to the market.
Luxury furniture refers to the premium quality articles like tables, chairs, or beds, which are often made by skilled craftsmen. It is used to enhance the aesthetic value of an institution such as homes, hotels, offices and other indoor or outdoor areas. A new research report by IMARC Group, titled “Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a value of around US$ 24 Billion in 2017. The report further anticipates the market to cross US$ 30 Billion by 2023, at a projected CAGR of 4% during 2018-2023.
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Over the years, the real estate sector has witnessed a significant growth, thereby creating a huge demand for luxury furniture across residential and commercial sectors. This is one of the primary factors facilitating the growth of the global luxury furniture market.
As luxury furniture acts as a status symbol, factors such as surging incomes, increasing urbanisation and industrialisation rates, and rising penetration of online retailing particularly in the developing nations are influencing consumers for purchasing luxury furniture. This, in turn is adding up to the market growth.
Some of the other factors that have been proactive in maintaining the demand for luxury furniture include low operational cost, growing impact of globalisation, increasing environmental concerns, eco-friendly furniture and rising infrastructural investments.
However, the factors that hamper the market growth for luxury furniture include lack of skilled workforce and fluctuating prices of raw materials.
On the basis of application, the market has been segregated into domestic and commercial sectors. Among these, domestic sector currently represents the largest segment, holding the majority of the total market share. It is further segmented as living room and bedroom, kitchen, bathroom, outdoor and lighting. On the other hand, the commercial sector is categorised as office, hospitality and others.
Raw Material Insights:
Wood, metal, glass, leather and plastic are the major raw materials used for the production of luxury furniture. At present, wood is the most popular raw material as it is a natural and renewable resource.
Distribution Channel Insights:
On the basis of distribution channel, departmental stores represent the leading segment as they offer convenience to the consumers. They are followed by independent furniture retailers, factory outlets and others.
On a geographical front, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Europe exhibits a clear dominance in the market with the majority of the share, followed by North America and Asia Pacific.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
Giovanni Visentin Srl
Laura Ashley Holdings
Muebles Pico Sa
Hfi Wind Down, Inc.
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