Competitive Landscape and Recent Development Analysis of Materials Handling 2030 industry
The global luxury market comprises nine sectors, including personal luxury merchandise, personal cars, luxury hotels, fine dining, luxury cruises, fine wines and spirits, private jet, yachts and luxury furnishings. Among these sectors, luxury furniture has shown enormous market appeal all over the world. Luxury furniture increases the artistic value of hotels, restaurants, offices and homes despite the different indoor and outdoor spaces. In recent years, the remarkable development of the real estate industry has encouraged the expansion of the luxury furniture market. The development of individuals from rural territories to urban territories and the trend of individual disposable income strengthen the development of the global luxury furniture market. Growing ecological awareness of individuals is considered to drive growing interest in eco-friendly luxury furniture all over the world till 2028. Apart from this, the growing infiltration of online retail worldwide is also expected to drive the global luxury furniture market. Transforming the lifestyle along with increasing disposable income would provide remarkable prospects in the global luxury furniture market over the coming years.
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Increased media infiltration, organized retailing, increasing effect of globalization, and vigorous development of the real estate industry are some of the major considerations anticipated to encourage the development of the luxury furniture market. Apart from this, the growing trend of modular kitchen also reinforces the needs of the luxury furniture market and is expected to boost the market.
Among each of the regions, Europe was predicted to gain the most in the global luxury furniture market in 2014. China is expected to be the rapidly developing furniture market in the future that will boost the overall Asian furniture market by luxury. The Latin America market is also expected to experience rapid development over the next two years. The prerequisite of luxury furniture, especially in the hospitality segment in the African region as well as the Middle East region, is expected to drive the market in this region in the future.
Key market players identified across the value chain of the global luxury furniture market include Valderamobili, Muebles Pico, Laura Ashley Folding Plc, Scavolini, Henredon Furniture Industries Inc., Nella Vetrina, among others.. It has been discovered that furniture manufacturers are involved in decreasing the carbon footprint and initiated to contribute to eco-friendly furniture. The global luxury furniture market is fiercely competitive with a large number of market players (large and small) leading the industry. In the next few years, several furniture manufacturers are expected to enter this market.
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The luxury furniture market is likely to predict strong growth in the coming years due to higher customer awareness. The market is experiencing a significant change with the extension of distribution channels. Improved visibility of luxury furniture brands in malls, malls as well as online mediums has also benefited the global market. Additionally, increasing disposable incomes and growing need to coordinate higher lifestyle expectation have also boosted the need for luxury home furnishing products in the global market. The demand for luxury furniture is also expected to rise as economies return to commoditization.
The expansion of the real estate market should also have a positive effect on the general market. The demand for luxury furniture in the hospitality segment, for example, restaurants and hotels, is expected to drive the market. Additionally, the residential renovation and restoration market will also gain market players in the global market a range of new buyers
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