Market Research Report
Luxury Furniture Market Size, By Type, By Distribution Channel, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1000738|
|Published||Content info||254 Pages
Delivery time: 2-3 business days
|Luxury Furniture Market Size, By Type, By Distribution Channel, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 - 2027|
|Published: April 15, 2021||Content info: 254 Pages||
The luxury furniture market is anticipated to witness robust growth by 2027 attributing to rising inclination towards eco-friendly products and growing demand for customizable options. Today, luxury furniture is considered very different than what it was in earlier times.
Luxury furniture in fact plays an important role in determining the interior design styles of homes. While it is noted that the lifestyle of consumers is changing considerably owing to increasing disposable income levels. Luxurious items are now becoming an essential part of their life, because of which consumers are willing to spend more on such items.
Industry players are taking note of this emerging trend and launching new products with classic or modern designs. This is bringing more diversity in the product landscape and delivering the industry viable means to consolidate its revenue streams.
From a stylistic standpoint, the consumers are categorized into two types, ones that prefer modern designs and ones that prefer the more traditional styles. However, the traditional design catalog is more preferred since it provides a number of options for luxury furniture since the patterned upholstery, highly ornamented wood, as well as serious lines are mostly linked with lavish surroundings.
The luxury furniture market is segmented in terms of type, distribution channel, and regional landscape.
In terms of type, the market for luxury furniture is categorized into beds, interior accessories, lighting, kitchen, sofas & lounges, chairs, tables, and others. Among these, the kitchen furniture segment is poised to grow at a CAGR of 4.1% over the assessment time period.
Luxury modern kitchens usually comprise of unique storage functions that lessen the amount of surface space while creating an enduring sense of luxury with a perfect look. Whether as the centerpiece or at the core of every home, a luxury kitchen furniture could add a great value to a home.
Luxury kitchen cabinets, decorative table legs, backsplash, and kitchen countertops among others are all considered value adding features, bringing the whole kitchen together with elegant design, colors, materials and shapes.
Interior accessories segment gathered a revenue share of over 7% in 2020 and will exhibit robust growth over the coming years.
Meanwhile, the beds segment held an overall volume share of around 2.5% in 2020 and forecast to progress at rapid pace over the analysis time period. Given that the focal-point of any luxury bedroom is the actual bed, most interior designers regard the bed to be the most impactful piece of furniture that completes the look of that room.
The others segment is anticipated to showcase a CAGR of over 3.8% through the forecast period.
From a regional frame of reference, luxury furniture market is likely to witness a decent CAGR of over 3.9% through the forecast time.
In 2020, the Middle East & Africa garnered a volume share of around 12%. Considering that the region is home to some of the most rapidly developing economies, it is likely to register a strong growth trend in the projected timeframe.