Luxury Furniture Market Size to Reach USD 38.9 billion, at a 5.2% CAGR by 2031 | Transparency Market Research Inc.

The increasing urban population in emerging nations and the booming real estate sector are expected to drive the luxury furniture market during the forecast period.

WILMINGTON, Del., Nov. 27, 2023 /PRNewswire/ -- Global luxury furniture market is projected to flourish at a CAGR of 5.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 38.9 billion is anticipated for the market in 2031. As of 2023, the demand for luxury furniture is expected to close at US$ 25.9 billion.

Rising demand from the real estate industry as well as increasing urban population in various emerging economies around the world are some of the major factors contributing to the growth and advancement of the global luxury furniture market.

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Infrastructure development and growth of the hospitality industry in emerging economies around the world are expected to fuel the demand for luxury furniture. In the near future, an increasing number of commercial spaces, such as restaurants, hotels, and clubs, will likely be key end-users of luxury furniture items as they persistently try to create luxurious customer experiences.

Luxury Furniture Market Report Scope:

Rapid urbanization, increasing disposable income, and rising spending on domestic luxury furnishing products are also projected to create lucrative opportunities for players and manufacturers in the global luxury furniture market over the next few years. The rising popularity of luxury indoor furniture in bedrooms, kitchens, and bathrooms, among others, is fueling the global luxury furniture market.

Expansion in the hospitality sector, including luxury hotels, resorts, and premium real estate developments, drives demand for high-quality, upscale furniture, fueling the growth of the luxury furniture market.

Key Takeaways from the Market Study

• As of 2022, the luxury furniture market was valued at US$ 24.6 billion
• Based on Material, Wooden luxury furniture dominates the market due to its finishing and adaptability.
• Based on distribution channels, online segments dominate the market during the forecast period.

Luxury Furniture Market: Key Trends and Opportunistic Frontiers

• The rise of e-commerce platforms and online retailing has expanded the reach of luxury furniture brands, allowing them to tap into global markets and reach a broader consumer base.
• Increasing demand for customization and personalization in furniture boosts the market growth as customization options in luxury furniture, allowing customers to tailor pieces to their preferences, contribute to market growth.
• Increasing awareness and concern for the environment drive demand for sustainably sourced materials, eco-friendly production processes, and furniture designed with sustainability in mind.
• Integration of technology in furniture design, such as smart furniture with embedded technology (e.g., IoT-enabled furniture), appeals to tech-savvy consumers seeking convenience and innovation.

Luxury Furniture Market – Regional Analysis

• The luxury furniture market in North America emphasizes modern, contemporary designs, often featuring clean lines, minimalism, and a focus on functionality. There is a demand for high-quality materials and customizable options.
• Europe is expected to dominate the luxury furniture market with constant CAGR over the forecast period, owing to rise in urban population, preference of consumers for luxury products, and rapid increase in e-commerce sales of home improvement products in this region.

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Competitive Landscape

The market is highly fragmented. Local and regional players are primarily focused on expansion of their offerings in stores such as hypermarkets and supermarkets. Implementation of strategies, such as new product launches, and mergers & acquisitions in order to ensure superior product visibility, consumer recall, and enhancement of the consumer base & revenue share are projected to significantly propel the market during the forecast period.

• Nella Vetrina
• Muebles Pico
• Scavolini S.p.A.
• Laura Ashley Folding PLC
• Henredon Furniture Industries Inc.
• Cassina S.p.A
• Iola Furniture Ltd
• Turri S.r.l
• Giovanni Visentin srl
• Heritage Home Group LLC.

Key developments in the Luxury Furniture Market

• Roche Bobois renowned for contemporary designs and collaborations with high-profile designers, offering luxurious and unique furniture collections.
• Natuzzi Known for its Italian craftsmanship, Natuzzi specializes in high-end leather sofas and furniture, focusing on comfort and style.
• Herman Miller recognized for iconic designs and innovations in ergonomic and modern furniture, catering to both residential and commercial spaces.
• Poltrona Frau celebrated for its exquisite leather upholstery and craftsmanship, providing timeless, elegant furniture pieces

Luxury Furniture Market – Key Segments

Product Type

• Tables
• Chairs
• Sofas & Lounges
• Beds
• Cabinets
• Others (Accessories, Lighting, etc.)

Material

• Metal
• Plastic
• Wood
• Others (Glass, Leather, etc.)

End-use

• Commercial
  • Office
  • Hospitality
• Residential
  • Kitchen
  • Living Room and Bedroom
  • Bathroom
  • Outdoor

Distribution Channel

• Online
  • Company Owned Websites
  • E-commerce Websites
• Offline
  • Specialty Stores
  • Supermarket/Hypermarket
  • Independent Furniture Retailers

Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

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