Luxury furniture market expected to reach $42.2 billion by 2031, Duresta Upholstery Ltd., Muebles Pico Valdermobili
Asia-Pacific accounted for the highest market share in 2020 and is expected to grow at a significant CAGR during the forecast period.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, March 25, 2022 /EINPresswire.com/ — quote Luxury Furniture Market Set to See Significant Growth, Driven by Rising Demand of residential real estate space and increased customer demand for high-end and luxury furniture. Moreover, increased customer awareness of using eco-friendly luxury furniture is expected to provide lucrative opportunities for stakeholders. Additionally, increasing aggressive advertisements and promotions through social media platforms by manufacturers plays a crucial role in the growth of the market”. quote
According to a new report released by Allied Market Research titled “Luxury Furniture Market”, the luxury furniture market size was valued at $23,771.90 million in 2020 and is expected to reach $42,159.40 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031. The growth of online retail mode, rapid urbanization and lifestyle change, due to the increase in disposable income consumers, are driving the growth of the luxury furniture market. Additionally, the development in Asia-Pacific and LAMEA is expected to create lucrative global luxury furniture market opportunities.
The demand for wooden furniture is the highest in the global market. The glass furniture segment is expected to witness the fastest growth through 2020, catalyzed by its growing demand in the corporate and hospitality sector. The plastic furniture segment is expected to grow at a gradual rate over the forecast period due to environmental concerns associated with the degradation of plastic and its lack of aesthetic value compared to other materials. The leather furniture segment would grow at a considerable rate; however, the growth of this segment would be limited due to its limited use in sofas and ottomans. Additionally, strict government regulations on the importation of leather are largely limiting the market growth of this segment. Eco-friendly furniture and multi-functional furniture have grown in popularity over the years. Growing environmental awareness and space constraints in urban regions are key factors driving the adoption of these types of furniture in the global luxury furniture market.
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The domestic sector, valued at 67%, represents the largest percentage of the global luxury furniture market. Furniture used in living rooms and bedrooms is the most demanded in the domestic sector. The commercial sector is a relatively smaller market, which is mainly governed by the hospitality sector. The growth of the hospitality and tourism industry presents a dynamic market for luxury furniture globally. The significant presence of high-end hotels, commercial infrastructure and a booming hotel industry, resulting from an increasing pace of foreign investment in the Middle East, explains the dynamic growth of the luxury furniture market.
The outbreak of the COVID-19 pandemic has created several challenges for exporters in developing and developed countries. The challenges faced by exporters of luxury home furnishings will likely persist for the foreseeable future as different states and governments around the world attempt to combat COVID-19 with various measures. However, the implementation of lockdown and curfew practices has affected the domestic and international production of luxury furniture globally, which in turn has hampered the growth of the overall market. Thus, the COVID-19 outbreak negatively impacted the luxury furniture market in 2020 as business sales declined and operations were halted.
Rising penetration of various online portals in developing regions and increasing number of deals and discounts are attracting consumers to purchase luxury home furnishings products through e-commerce channels. Additionally, e-commerce channels increase consumer reach, through which they have become a key source of revenue for many businesses. In addition, the e-commerce market is expected to grow in the future, due to the rapid growth of online and mobile user bases in emerging markets. Booming online sales, improved logistics services, ease of payment options, and ease of entering new international markets for major brands are driving the growth of the luxury furniture market.
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KEY FINDINGS OF THE STUDY
Based on the material, the luxury furniture market is categorized into metal, wood, plastic, glass, leather, and others. The wood segment constitutes a major share of the luxury furniture market; however, the glass segment is expected to grow at the highest CAGR during the forecast period of the luxury furniture market.
According to the end use, is classified into household use and commercial use. The home use segment constitutes a major market share in the luxury furniture market analysis; however, the commercial-use segment is expected to grow at the highest CAGR during the forecast period.
According to the distribution channel, it is divided into online and offline. The offline segment constitutes a major market share and is expected to maintain the luxury furniture market trends during the forecast period. However, the online segment is expected to grow at the highest CAGR during the forecast period.
Regionally, Asia-Pacific accounted for the highest market share in 2020 and is expected to grow at a significant CAGR during the forecast period.
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Major companies have adopted deal, product launch, expansion and merger strategies to sustain the intense competition in the market. Major players in the luxury furniture industry are Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc., and Turri Srl.
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