The North American luxury furniture market is expected to reach $9.2 billion by 2022
The United States is the largest luxury furniture market in North America, followed by Canada
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, March 22, 2022 /EINPresswire.com/ — The North America Luxury Furniture Market Report, published by Allied Market Research, predicts that the market is expected to gross $9.2 billion by 2022, registering a CAGR of 3.1% during the period 2016 – 2022. The United States is the largest luxury furniture market in North America, followed by from Canada. Improving economic conditions across the region have created favorable conditions for the growth of the luxury furniture market. Rising consumer purchasing power in the United States, Canada and Mexico, coupled with an improving real estate sector, largely complements market growth.
The North American luxury furniture market is fragmented, with the presence of several national family businesses. Moreover, players from other regions are also operating in this market, which further intensifies the competition. Online portals are widely used as a sales platform by companies operating in the market. Strategic alliances between market players and interior designers have broadened the scope of this market and help to raise awareness of the product among end users. Luxury furniture also reflects the social status of individuals, a trend that is driving the growth of this market in North America.
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The demand for wooden furniture is highest in the North American market due to the high aesthetic value associated with it. The glass furniture segment is expected to witness the fastest growth from 2016 to 2022, driven by its growing demand in the corporate and hospitality sector. The plastic furniture segment is expected to grow at the slowest rate over the forecast period owing to environmental concerns associated with the degradation of plastic and its lack of aesthetic value, compared to other materials. Eco-friendly furniture and multi-functional furniture are gradually gaining popularity. Growing environmental awareness and space constraints in urban areas are driving the adoption of this furniture in the North American market.
Currently, the United States is the largest market for luxury furniture, followed by Canada. Economic growth in North American countries is a major contributor to the growth of the North American market.
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Key Findings of the North America Luxury Furniture Market:
The luxury wooden furniture segment dominated the market with around 24% market share in 2015 and is expected to dominate the market throughout the forecast period.
The domestic end-user segment is expected to continue dominating the North American market during the forecast period.
The hospitality sector within the business user segment is expected to show steady demand for luxury furniture, growing at a CAGR of 2.5% during the forecast period.
Domestic manufacturers in the luxury furniture market, such as Brown Jordan, Century Furniture LLC, Kindel Furniture Company, Cococo Home, and Gilani Furniture, mainly focus on manufacturing elegant luxury furniture with high-quality raw materials. Thus, companies in this market compete on the two key aspects of material and style. Launching new products complemented by innovative design is the key strategy adopted by companies. In addition, growing customer preference for e-commerce platforms for purchasing furniture products is likely to help market players to expand their footprint in the market which, in turn, is expected to driving the overall market growth.
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