Market Research Report
Global Luxury Furniture Market - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708563|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Global Luxury Furniture Market - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 18, 2018||Content info: 110 Pages||
The global luxury furniture market is projected to grow at the rate of 4.7% during the forecast period 2018-2023. Growing demand of luxury furniture made from premium wood such as mahogany and alder driving the demand of luxury furniture market. Moreover, furniture manufacturers are focusing on innovation of luxury furniture designs with the help of leather, glass, metal, in order to attract the consumers which is likely to play major role in luxury furniture market growth in upcoming years. Key players in luxury furniture market are focusing on improvement product design and manufacturing technology along with research on aesthetic-functional solutions and materials selection with the help of acquisition and expansion of several local vendors. For instance, in 2015, Kindel Furniture expanded its luxury furniture line with Councill furniture acquisition which includes purchase of all Councills case goods and the majority of furniture products.
Rise in hospitality and infrastructure industry in developing economies is playing key role to drive the demand of luxury indoor furniture from office and hotel segment. Growing popularity of luxury indoor furniture such as bedroom, bathroom, kitchen, and others is likely to boost the sales of luxury furniture in domestic segment. In developed economies, the domestic luxury furniture segment is expected to hold significant market whereas, wood and metal luxury segment marked substantial share in the developed economies. Growing real estate industry and rising urban population in the developing economies is supporting the global luxury furniture market growth. Additionally, increasing expenditure on domestic luxury furniture products has influenced the demand of luxury furniture products, this is likely to provide opportunity for the growth of global luxury furniture market during the forecast period.
Luxury furniture made from wood and metal are gaining popularity among the consumers due to its high aesthetics value and durability. The wood luxury furniture segment is expected to witness the higher growth rate due to increasing demand from hospitality and corporate sector. On other hand, the luxury furniture market is likely to witness slow growth rate across the globe owning increasing environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials used for luxury furniture manufacturing. Additionally, stringent government regulations on the import of leather and plastic is expected to restrain the global luxury furniture market growth at some extent in upcoming years. Rise in eco-friendly and multifunctional luxury furniture is supporting the market growth in developed economies. Increasing environmental awareness and availability of raw material are expected to change the market dynamics during the forecast period.
In Europe, many key players in luxury furniture market are launching their own online platform and also entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the luxury furniture market growth in the regional. In North America, leading luxury furniture brands are focusing on personalization in product offering which is gaining popularity among the various consumer groups. Growing expansion of luxury furniture manufacturersfrom Europe in developing countries of Asia-Pacific is likely to change the market dynamics in the upcoming years. Moreover, the rise of bulk of international trade of luxury furniture in Germany, Italy, Poland, and China with the Unites States, Germany, the United Kingdom, France, and Canada is expected to play major role during the forecast period.
Major Key Players - Cassina S.p.A., Duresta Upholstery Ltd, Giovanni Visentin srl, Grayson Luxury, Heritage Home Group LLC, iola Furniture Limited, Muebles Pico S.A., Nella Vetrina, Scavolini Spa, Turri S.r.l, Valderamobili s.r.l. and Williams-Sonoma, Inc., among others.
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5. Luxury Furniture Market by Geography