0

North America Luxury Furniture Market is Expected to Reach $9.2 Billion, by 2022

 
2022
North America Luxury Furniture Market

Report Code : A01068

quote The domestic sector contributed nearly 2/3rd to the North American luxury furniture market revenue in 2015. The furniture used in living rooms and bedrooms holds the highest share in the domestic sector. The commercial sector is a comparatively smaller market, which is governed by the hospitality sector. Presence of upscale hotels, commercial infrastructures, and a booming hospitality industry account for the growth of this market in the commercial sector. quote

Shrikant Chaudhari

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

North America Luxury Furniture MarketReport, published by Allied Market Research, forecasts that the market is expected to garner $9.2 billion by 2022, registering a CAGR of 3.1% during the period 2016 - 2022.The U.S. is the biggest luxury furniture market in North America, followed by Canada. Improving economic conditions throughout the region, have created favourable conditions for the growth of luxury furniture market. The increasing purchasing power of the consumers across US, Canada and Mexico, coupled with the improving real estate sector, largely supplement the market growth.

The North American luxury furniture market is fragmented, with the presence of several family-run domestic companies. Moreover, players from other regions also operate in this market, thereby further intensifying the competition. Online portals are extensively used as a platform for sales by the companies operating in the market. The strategic tie-ups between the market participants and the interior designers have broadened the scope of this market and help to create product awareness among the end users. Luxury furniture also reflects the social status of individuals, a trend that boosts the growth of this market in North America.

The demand for wood furniture is highest in the North American market because of high aesthetic value associated with it. The glass furniture segment is expected to witness the fastest growth from 2016 to 2022, catalysed by its rising demand in the corporate and hospitality sector. The plastic furniture segment is likely to grow at the slowest pace during the forecast period owing to the environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials. Eco-friendly furniture and multifunctional furniture are gradually gaining popularity. Growing environmental awareness and space constraints in urban regions drive the adoption of these furniture in the North American market.

Currently, the U.S. is the largest market for luxury furniture followed by Canada. Economic growth in the North American countries majorly contributes to the growth of the North American market.

Key Findings of North America Luxury Furniture Market:

  • The wood luxury furniture segment led the market with about 24% market share in 2015, and is estimated to dominate the market throughout the forecast period.
  • The domestic end-user segment is expected to continue to dominate the North American market over the forecast period.
  • The hospitality sector within the commercial user segment is expected to exhibit a steady demand for luxury furniture, with 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, largely focus on manufacturing stylish luxury furniture products with high-quality raw materials. Thus, the companies in this market compete on the two key aspects of material and style. New product launch complemented with innovative design is the key strategy adopted by companies. In addition, the growing preference of e-commerce platforms by customers to purchase furniture products, is likely to help the market players to expand their market presence, which, in turn, is expected to boost the overall market growth.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote North America Luxury Furniture Market by Material (Metal, Plastic, Wood, Glass, and Leather) and End Use (Domestic Use and Commercial Use) - Opportunity Analysis and Industry Forecast, 2015 - 2022 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"North America Luxury Furniture Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers