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Luxury Furniture Market by Material (Metal, Plastic, Wood, Glass, Leather) and End Use (Domestic Use, Commercial Use) - Global Opportunity Analysis and Industry Forecast, 2014 - 2020

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Pages: 101
May 2015 | 17697 Views
 
Author's : Shrikant Chaudhari
Tables: 38
Charts: 18
 

Luxury Furniture Market Overview:

Luxury Furniture Market is expected to garner $27.01 billion by 2020, registering a CAGR of 4.1% during the forecast period 2015-2020. Major factors owing to progress in this sector include rise in disposable income that leads to rise in demand for luxury living thus influencing sector growth.

Luxury furniture, are movable pieces, which showcase the best of an elite quality, and design associated with a certain era. Often crafted out of metal, glass, wood and so on, they add to the aesthetic value of an establishment such as homes, hotels, offices and other indoor or outdoor areas. The luxury furniture division today significantly benefits from the rise in the disposable income, globalization and major population shift to the urban areas worldwide. Furniture companies in the luxury furniture market, concerned about reducing their carbon footprints have now started offering environment friendly alternatives. As technology progresses, furniture designers get more innovative and daring with their designs. Low toxicity is also a priority items on customers list, when shopping for an environment friendly furniture because they want to reduce their negative impact on health.

Lack of skilled workers across the luxury furniture market and increased cost raw materials cost remains a major challenge for the industry. The furniture division, since ages has been a family run business. Turning the tables, customers now prefer buying furniture online. Thus, in this highly unorganized sector online retailing has made selecting and buying furniture with more discounts and wider options.  Out of the total furniture market share, the domestic furniture segment and commercial segment accounts for approximately 70% and 30% respectively.

By Material 

Housing demands worldwide has led to an increased import of luxury furniture. The marvelous antique wooden furniture, has long been appreciated worldwide. Likewise, rich and delicate attributes of design has enabled the wooden furniture business to create a strong foothold in the marketplace. Some common furniture wood types include Teak, Mahogany, Cedar, Fir, Birch, Redwood and so on. Based on its physical structure as well as makeup wood can be classified as a softwood or hardwood. Hardwood is used for making high- quality luxury furniture, on the contrary softwood makes good medium density furniture. 

Fusing good quality wood with extraordinary form, furniture manufacturers now have broken all traditional rules when it comes to making chairs, lighting, tables etc. Wooden furniture are majorly used for their beautiful natural look, resilience and durability, easy to maintain and as a smart investment. Besides this, molten metal over wooden furniture are in vogue these days. Today, more than ever, furniture designers are introducing materials like metal, leather, glass etc. to replace wood. Besides this, glass is also being used in furniture factories, where design is a part of the philosophy. Powder coated, chromed and anodized modern furniture too stand a fair chance in the unexploited marketplace, though they are much expensive. 

By End Use

Furniture including sculptural console lighting, freestanding desks, comfortable chairs and so on form an important part of the luxury office furniture, which has rapidly expanded in recent years. Likewise, rise in the economy worldwide, urban areas changing their course to develop steadily and firms and institutions, government bodies determined to improve working environment and other factors are promoting furniture sales. Similarly, rapid growth of office based sectors particularly software, hospitals, schools etc. is fueling the increasing need for office space. In addition, modular furniture is famous and effective way of optimizing expensive commercial space. 
Besides this, consumers determined to pep up or downsize their apartment are driving sales in the furniture segment. Well designed and ornamental pieces are basically used in bedroom or living, in the kitchen area or at the entry. Today, home furniture serves requirements like customization, where home equipment or office files not in use are concealed. In addition, versatile multi-functional pieces are becoming popular over different office or home luxury furniture. In addition, leather sofas in prototypal styles and new age voguish ones that reek of innovation, are preferred for their chic quality. Their capability to revamp rooms is a forcible one and is used very astutely as well. 

By Geography 

The luxury furniture across different region is expected to get a facelift, majorly for the best. Momentum in the North American housing sector would continue to influence the furniture manufacturing positive, though with certain challenges. The furniture segment as a whole has witnessed major advancements over the past years. Likewise, the region has received new orders and sales have increased significantly due to the rise in consumer disposable income.

Manufacturing companies of semi finished wooden furniture in Europe represent mainly the upstream category of value chain. China has emerged as the biggest and fastest developing furniture market in Asia Pacific, highly driven by the growth in living standards and disposable income. Majority of business in the region is dominated by old hand retailers; nonetheless they are now observing an influence of show rooming concept with increasing popularity of online sales. 

Competitive Analysis 

To go global many furniture designers are always on the lookout for international styles. Luxury furniture, consignment scene has also expanded with furniture designers and manufacturers going online. This has helped many furniture labels to focus on the high-end segment, and lure extremely strong clientele in the luxury home and office furniture market. Companies born to serve the made to order requirements are now opening their stores in different geographical locations to provide buyers creative designs that go well with time. Besides this, many furniture manufacturers are partnering up with artists or interior designers to create and offer a luxury range. Time and now furniture manufacturers are seen giving their concepts an update to provide home and office owners fresh choices. 

Luxury Furniture Market and industry analysis by Share, Size, Segmentation

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Key Benefits

  • The study draws insight from extensive analysis and critical facts on global luxury furniture market. The rigorous research technique highlights the current and future trends to elucidate the imminent investment pockets in the market.
  • Detailed assessment of the key market trends is carried out, to help reader identify the overall attractiveness and single out profitable growth factors, in order to gain a stronger foothold in the market.
  • The syndicated furniture market research provides an unrivalled access to key drivers, restraints and opportunities with impact analysis for the specified period.
  • Quantitative analysis of the current market and forecast for the period 2014 - 2020 provided disclose the financial appetency of the market
  • Porters Five Forces draws upon IO (or industrial organization) to analyze the competition level within an enterprise and business plan development. Furthermore, they identify the competitive intensity and illustrates the potency of the buyers & suppliers in the luxury furniture market.
  • Value chain analysis provides a clear understanding on the roles of stakeholders involved in the value chain.

Luxury furniture Key Market Segment and Scope 

By Material

  • Metal
  • Plastic
  • Wood
  • Glass
  • Leather
  • Others

By End Use

  • Domestic Use
    • Kitchen
    • Living and bedroom
    • Bathroom
    • Outdoor
    • Lighting
  • Commercial Use
    • Office
    • Hospitality
    • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Key Players

  • Duresta Upholstery Ltd.
  • Muebles Pico
  • Valderamobili
  • Giovanni Visentin
  • Scavolini
  • Laura Ashley
  • Iola Furniture Ltd.
  • Nella Vetrina
  • Henredon Furniture Industries Inc.
  • Turri S.r.l.
 

Chapter: 1 INTRODUCTION

1.1 Research Description
1.2 Key Benefits
1.3 Key Market Segments
1.4 Research methodology

1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models

Chapter: 2 EXECUTIVE SUMMARY

2.1 CXO perspective
2.2 Executive summary
2.3 Market Beyond: What to expect by 2025

2.3.1 Base case scenario
2.3.2 Optimistic scenario
2.3.3 Critical scenario

Chapter: 3 MARKET OVERVIEW

3.1 Market definition and scope
3.2 Key Findings

3.2.1 Top factors impacting the luxury furniture market
3.2.2 Top Investment Pockets
3.2.3 Top Winning Strategies

3.3 Porter’s five forces analysis

3.3.1 Equal size of competitors leads to high rivalry
3.3.2 Low brand loyalty creates high threat of new entrants
3.3.3 Low feasibility of alternatives leads to low threat of substitute
3.3.4 Low product differentiation lowers the bargaining power of suppliers
3.3.5 Presence of large number of competitors leads to high bargaining power of buyer

3.4 Value Chain Analysis
3.5 Market Dynamics

3.5.1 Drivers

3.5.1.1 Increasing disposable income
3.5.1.2 Rapid urbanization
3.5.1.3 Growth in real estate industry
3.5.1.4 Changing life style and behavior of consumer

3.5.2 Restraints

3.5.2.1 Lack of skilled workforce
3.5.2.2 Increasing cost of raw materials

3.5.3 Opportunity

3.5.3.1 Increasing online retailing
3.5.3.2 Development of multifunctional furniture

Chapter: 4 GLOBAL LUXURY FURNITURE MARKET BY MATERIAL

4.1 Introduction

4.1.1 Market Size and Forecast

4.2 Metal

4.2.1 Key market trends
4.2.2 Competitive scenario
4.2.3 Key growth factors and opportunities
4.2.4 Market size and forecast

4.3 Wood

4.3.1 Key market trends
4.3.2 Competitive scenario
4.3.3 Key growth factors and opportunities
4.3.4 Market size and forecast

4.4 Plastic

4.4.1 Key market trends
4.4.2 Competitive scenario
4.4.3 Key growth factors and opportunities
4.4.4 Market size and forecast

4.5 Glass

4.5.1 Key market trends
4.5.2 Competitive scenario
4.5.3 Key growth factors and opportunities
4.5.4 Market size and forecast

4.6 Leather

4.6.1 Key market trends
4.6.2 Competitive scenario
4.6.3 Key growth factors and opportunities
4.6.4 Market size and forecast

4.7 Others

4.7.1 Key market trends
4.7.2 Competitive scenario
4.7.3 Key growth factors and opportunities
4.7.4 Market size and forecast

Chapter: 5 GLOBAL LUXURY FURNITURE MARKET BY END USE

5.1 Introduction

5.1.1 Market size and forecast

5.2 Domestic Use

5.2.1 Key market trends
5.2.2 Competitive scenario
5.2.3 Key growth factors and opportunities
5.2.4 Market size and forecast

5.2.4.1 Kitchen

5.2.4.1.1 KEY MARKET TRENDS
5.2.4.1.2 COMPETITIVE SCENARIO
5.2.4.1.3 KEY GROWTH FACTORS AND OPPORTUNITIES
5.2.4.1.4 MARKET SIZE AND FORECAST

5.2.4.2 Living and Bedroom

5.2.4.2.1 KEY MARKET TRENDS
5.2.4.2.2 COMPETITIVE SCENARIO
5.2.4.2.3 KEY GROWTH FACTORS AND OPPORTUNITIES
5.2.4.2.4 MARKET SIZE AND FORECAST

5.2.4.3 Bathroom

5.2.4.3.1 KEY MARKET TRENDS
5.2.4.3.2 COMPETITIVE SCENARIO
5.2.4.3.3 KEY GROWTH FACTORS AND OPPORTUNITIES
5.2.4.3.4 MARKET SIZE AND FORECAST

5.2.4.4 Outdoor

5.2.4.4.1 KEY MARKET TRENDS
5.2.4.4.2 COMPETITIVE SCENARIO
5.2.4.4.3 KEY GROWTH FACTORS AND OPPORTUNITIES
5.2.4.4.4 MARKET SIZE AND FORECAST

5.2.4.5 Lighting

5.2.4.5.1 KEY MARKET TRENDS
5.2.4.5.2 COMPETITIVE SCENARIO
5.2.4.5.3 KEY GROWTH FACTORS AND OPPORTUNITIES
5.2.4.5.4 MARKET SIZE AND FORECAST

5.3 Commercial Use

5.3.1 Key Market Trends
5.3.2 Key growth factors and opportunities
5.3.3 Market size and forecast

5.3.3.1 Office

5.3.3.1.1 KEY MARKET TRENDS
5.3.3.1.2 KEY GROWTH FACTORS AND OPPORTUNITIES
5.3.3.1.3 MARKET SIZE AND FORECAST

5.3.3.2 Hospitality

5.3.3.2.1 KEY MARKET TRENDS
5.3.3.2.2 KEY GROWTH FACTORS AND OPPORTUNITIES
5.3.3.2.3 MARKET SIZE AND FORECAST

5.3.3.3 Others

5.3.3.3.1 KEY MARKET TRENDS
5.3.3.3.2 KEY GROWTH FACTORS AND OPPORTUNITIES
5.3.3.3.3 MARKET SIZE AND FORECAST

Chapter: 6 GLOBAL LUXURY FURNITURE MARKET BY GEOGRAPHY

6.1 North America

6.1.1 Key Market Trends
6.1.2 Competitive scenario
6.1.3 Key growth factors and opportunities
6.1.4 Market size and forecast

6.2 Europe

6.2.1 Key Market Trends
6.2.2 Competitive scenario
6.2.3 Key growth factors and opportunities
6.2.4 Market size and forecast

6.3 Asia-Pacific

6.3.1 Key Market Trends
6.3.2 Competitive scenario
6.3.3 Key growth factors and opportunities
6.3.4 Market size and forecast

6.4 LAMEA

6.4.1 Key Market Trends
6.4.2 Competitive scenario
6.4.3 Key growth factors and opportunities
6.4.4 Market size and forecast

Chapter: 7 COMPANY PROFILE

7.1 Duresta Upholstery Ltd.

7.1.1 Company  overview
7.1.2 Company snapshot
7.1.3 SWOT analysis of Duresta Upholstery Ltd.

7.2 Muebles Pico

7.2.1 Company  overview
7.2.2 Company snapshot
7.2.3 SWOT analysis of Muebles Pico

7.3 Valderamobili

7.3.1 Company  overview
7.3.2 Company snapshot
7.3.3 SWOT analysis of Valderamobili

7.4 Giovanni Visentin

7.4.1 Company  overview
7.4.2 Company snapshot
7.4.3 SWOT analysis of Giovanni Visentin

7.5 Scavolini

7.5.1 Company  overview
7.5.2 Company snapshot
7.5.3 SWOT analysis of Scavolini

7.6 Laura Ashley Holding Plc

7.6.1 Company  overview
7.6.2 Company snapshot
7.6.3 SWOT analysis of Laura Ashley Holding Plc

7.7 Iola Furniture Ltd.

7.7.1 Company  overview
7.7.2 Company snapshot
7.7.3 SWOT analysis of Iola Furniture Ltd.

7.8 Nella Vetrina

7.8.1 Company  overview
7.8.2 Company snapshot
7.8.3 SWOT analysis of Nella Vetrina

7.9 Henredon Furniture Industries Inc.

7.9.1 Company  overview
7.9.2 Company snapshot
7.9.3 SWOT analysis of Henredon Furniture Industries Inc.

7.10 Turri S.r.l.

7.10.1 Company  overview
7.10.2 Company snapshot
7.10.3 SWOT analysis of Turri S.r.l.

LIST OF FIGURES

FIG. 1  TOP IMPACTING FACTORS, BASE CASE (2020-2025)
FIG. 2  TOP IMPACTING FACTORS, OPTIMISTIC CASE (2020-2025)
FIG. 3  TOP IMPACTING FACTORS, CRITICAL CASE (2020-2025)
FIG. 4  TOP IMPACTING FACTORS
FIG. 5  TOP INVESTMENT POCKETS OF LUXURY FURNITURE MARKET
FIG. 6  PORTER’S FIVE FORCES MODEL
FIG. 7  VALUE CHAIN ANALYSIS
FIG. 8  INCREASING PER CAPITA DISPOSABLE INCOME IN EASTERN EUROPE, LATIN AMERICA AND ASIA-PACIFIC (2007 - 2012)
FIG. 9  SWOT ANALYSIS OF DURESTA UPHOLSTERY LTD.
FIG. 10  SWOT ANALYSIS OF MUEBLES PICO
FIG. 11  SWOT ANALYSIS OF VALDERAMOBILI
FIG. 12  SWOT ANALYSIS OF GIOVANNI VISENTIN
FIG. 13  SWOT ANALYSIS OF SCAVOLINI
FIG. 14  SWOT ANALYSIS OF LAURA ASHLEY HOLDING PLC
FIG. 15  SWOT ANALYSIS OF IOLA FURNITURE LTD.
FIG. 16  SWOT ANALYSIS OF NELLA VETRINA
FIG. 17  SWOT ANALYSIS OF HENREDON FURNITURE INDUSTRIES INC.
FIG. 18  SWOT ANALYSIS OF TURRI S.R.L.

LIST OF TABLES

TABLE 1  GLOBAL LUXURY FURNITURE MARKET REVENUE BY GEOGRAPHY, 2014-2020 ($ MILLION)
TABLE 2  GLOBAL LUXURY FURNITURE BASE CASE SCENARIO MARKET REVENUE BY GEOGRAPHY, 2020-2025 ($ MILLION)
TABLE 3  GLOBAL LUXURY FURNITURE OPTIMISTIC CASE SCENARIO MARKET REVENUE BY GEOGRAPHY, 2020-2025 ($ MILLION)
TABLE 4  GLOBAL LUXURY FURNITURE CRITICAL CASE SCENARIO MARKET REVENUE BY GEOGRAPHY, 2020-2025 ($ MILLION)
TABLE 5  GLOBAL LUXURY FURNITURE MARKET BY MATERIAL, $ MILLION (2014-2020)
TABLE 6  GLOBAL LUXURY FURNITURE METAL MATERIAL MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 7  GLOBAL LUXURY FURNITURE WOOD MATERIAL MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 8  GLOBAL LUXURY FURNITURE PLASTIC MATERIAL MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 9  GLOBAL LUXURY FURNITURE GLASS MATERIAL MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 10  GLOBAL LUXURY FURNITURE LEATHER MATERIAL MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 11  GLOBAL LUXURY FURNITURE OTHER MATERIAL MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 12  GLOBAL LUXURY FURNITURE MARKET BY END USE, $ MILLION (2014-2020)
TABLE 13  GLOBAL LUXURY FURNITURE DOMESTIC-USE MARKET, $ MILLION (2014-2020)
TABLE 14  GLOBAL LUXURY FURNITURE DOMESTIC-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 15  GLOBAL LUXURY FURNITURE KITCHEN-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 16  GLOBAL LUXURY FURNITURE LIVING AND BEDROOM-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 17  GLOBAL LUXURY FURNITURE BATHROOM-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 18  GLOBAL LUXURY FURNITURE OUTDOOR-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 19  GLOBAL LUXURY FURNITURE LIGHTING-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 20  GLOBAL LUXURY FURNITURE COMMERCIAL-USE MARKET, $ MILLION (2014-2020)
TABLE 21  GLOBAL LUXURY FURNITURE COMMERCIAL-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 22  GLOBAL LUXURY FURNITURE OFFICE-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 23  GLOBAL LUXURY FURNITURE HOSPITALITY-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 24  GLOBAL LUXURY FURNITURE OTHERS-USE MARKET BY GEOGRAPHY, $ MILLION (2014-2020)
TABLE 25  NORTH AMERICA LUXURY FURNITURE MARKET BY MATERIAL, $ MILLION (2014-2020)
TABLE 26  EUROPE LUXURY FURNITURE MARKET BY MATERIAL, $ MILLION (2014-2020)
TABLE 27  ASIA PACIFIC LUXURY FURNITURE MARKET BY MATERIAL, $ MILLION (2014-2020)
TABLE 28  LAMEA LUXURY FURNITURE MARKET BY MATERIAL, $ MILLION (2014-2020)
TABLE 29  SNAPSHOT OF DURESTA UPHOLSTERY LTD.
TABLE 30  SNAPSHOT OF MUEBLES PICO
TABLE 31  SNAPSHOT OF VALDERAMOBILI
TABLE 32  SNAPSHOT OF GIOVANNI VISENTIN
TABLE 33  SNAPSHOT OF SCAVOLINI
TABLE 34  SNAPSHOT OF LAURA ASHLEY HOLDING PLC
TABLE 35  SNAPSHOT OF IOLA FURNITURE LTD.
TABLE 36  SNAPSHOT OF NELLA VETRINA
TABLE 37  SNAPSHOT OF HENREDON FURNITURE INDUSTRIES INC.
TABLE 38  SNAPSHOT OF TURRI S.R.L.

 

The global luxury furniture market would witness notable growth during the forecast period of 2015 – 2020. The Luxury furniture market is gaining significant acceptance from domestic as well as commercial users. A rise in disposable incomes supplement the increasing demands in the luxury furniture market. Luxury furniture is largely used in the beautification of kitchen, living & bedrooms, bathrooms, and outdoor spaces. Luxury furniture is extensively installed in commercial places to create a better ambience, which, in turn, enhances the consumer experience, especially in commercial places such as hotels, restaurants and cinema halls. The use of luxury furniture in domestic residences contributes for a major market size by value. Increasing awareness for environment and government regulations lowers the demand for luxury furniture made from wood and leather products.

Product design, high quality of raw material and style are the prime aspects considered by manufacturers in this market. Reputed interior designers and web portals are the two significant sales channels for market players.  Growth in the real estate industry is largely expected to boost the market over the forecast period. Increasing urbanization and changing life styles of individuals would offer stellar opportunities for investors in the luxury furniture market. A major restraint of this market is the high tax levied on the import of luxury furniture in certain countries. However, distribution in domestic region (by the country operating in that region) is unaffected by these government impositions.

With growing hospitality sector, especially in Middle East countries, the demand for high-end furniture is growing by leaps and bounds. As per the “APAC Trade and Investment Report” - 2014 by United Nations, the APAC region would witness growth in trade and investments in coming years and this would consequentially bolster the demand for luxury products in commercial sector. As per National Bureau of Statistics of China, the urban population has increased by nearly 17% from the year 2000 to 2012. As urbanization is a key propellant of the market, China is expected to gain a stronger foothold in the Asian region, ultimately driving the market growth in APAC. India follows suit, with an impressive yearly growth in urbanization, as per the data revealed by the Census of India. Further, growing real estate industry in the Indian market is supplementing the growth of APAC region. The European market would witness a slow growth and the growth of the North American region is expected to remain flat during the forecast period.  

 

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