The global Luxury Furniture market is forecast to reach USD 34.52 Billion by 2030, according to a new report by Reports and Data. The market is witnessing a surge in demand due to the rise in disposable incomes, which leads to a rise in the demand for luxury items. The steady expansion of the real estate industry is a driving factor for the demand for luxury furniture since the product finds applications in commercial, as well as residential buildings.
With increasing educational levels, especially in developing countries, there is a shift in the lifestyle of the population. A change in consumer behavior is driving the demand for luxury products, and since consumers believe that these products are a symbol of status, increasing demand for luxury furniture is also being witnessed. Manufacturers, concerned about reducing their carbon footprints, have also started investing in eco-friendly alternatives, and since consumers are becoming more aware of the environmental damage that many industries do, they are opting for the environment-friendly alternatives, which is also leading to an increased demand for the luxury furniture market.
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Market Dynamics:
The global Luxury Furniture market is rapidly gaining traction over the recent years and is expected to register robust revenue growth throughout the forecast period of 2021 and 2028. The consumer goods sector is rapidly growing due to factors such as paradigm shift in consumer preferences, rising demand for convenience and ongoing COVID-19 pandemic. Rapid revenue growth is attributed to factors such as rising disposable income, improvements in standard of living, and increasing preference for organic food and plant based food products. Moreover, rising health conscious population, increasing preference for online shopping and doorstep deliveries and growing inclination of veganism in several countries across the globe and increasing focus on developing novel products to cater to consumer demand are other factors expected to support market growth going ahead.
Competitive Landscape:
The research report offers details about leading companies in the global Luxury Furniture market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
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Major Companies:
- Duresta,
- Muebles Picó S.A.,
- Turri SRL,
- Giovanni Visentin,
- Furniture Lighting Décor,
- Herman Miller, Inc.,
- Iola Furniture Limited,
- Nella Vetrina,
- Laura Ashley,
- Inter IKEA Systems B.V.
Market Segmentation:
The report also sheds light on the market segmentation based on type, application and region:
By Product Type Outlook:
- RTA
- Non-RTA
By Material Type Outlook:
- Wood
- Melamine
- Glass
- Steel
- Wrapped Panels
- Finished Foils
- Laminates
- Lacquered Panels
By Furniture Type Outlook:
- Chairs
- Sofas
- Tables
- Beds
- Cabinets
- Others
- By Distribution Channel Outlook:
- Online
- Offline
- By End-use Outlook:
- Residential
- Commercial
Luxury Furniture Market Segmentation based on Regions:
North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East Africa
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