Luxury Furniture Market Summary
The global Luxury Furniture Market size was estimated at USD 23.7 billion in 2020 and is projected to reach USD 42.1 billion by 2031, growing at a CAGR of 5.5 % from 2022 to 2031. The luxury furniture market is expanding steadily, fueled by rising disposable incomes, a growing affinity for high-end interiors, and increasing investments in premium real estate. Consumers are increasingly seeking furniture that blends craftsmanship, exclusivity, and design innovation, particularly in urban and elite residential spaces. The hospitality sector, including luxury hotels and upscale restaurants, is also a significant driver, demanding bespoke and statement pieces. Additionally, the growing influence of interior designers and the popularity of luxury home décor on digital platforms are shaping consumer preferences. While the market benefits from brand-consciousness and lifestyle upgrades, high price points and limited accessibility in developing regions remain key restraints.
The Luxury Furniture Market in North America held a significant share of over 38% in 2020.
The Luxury Furniture industry in the Canada is expected to grow significantly at a CAGR of 5.5% from 2022 to 2031.
By material, the glass segment is one of the fastest growing segments in the market and accounted for the revenue share of over 9% in 2020.
By end use, the Commercial Use segment is one of the dominant segment in the market in 2020.
Market Size & Forecast
2020 Market Size: USD 23.7 Billion
2031 Projected Market Size: USD 42.1 Billion
CAGR (2022-2031): 5.5%
North America: Largest market in 2020
Asia Pacific: Fastest growing market during 2022-2031
However, there is increase in number of users of various social media sites along with rise in internet penetration. Taking this into consideration, most of the key players in the luxury furniture market strategize on promoting their products and services on these social media platforms. Social media marketing is one of the major strategies adopted by various companies and industries on imparting awareness about their product offerings among target customers on social media channels. Thus, through social media marketing strategy, global luxury furniture market sights critical opportunity in gaining traction and eventually increases its registration among its target segments, which boosts the luxury furniture.
The luxury furniture market is segmented on the basis of material, end use, distribution channel, and region. Depending on material, the market is categorized into metal, wood, plastic, glass, leather, and others. According to end use, it is divided into domestic use and commercial use. As per the distribution channel, it is bifurcated into online and offline. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Depending on material, wood segment constitute a major luxury furniture market share; however, the glass segment is projected to experience growth at the highest CAGR during the forecast period.
By Material
The Wood segment dominates the Global Luxury Furniture Market and is expected to retain its dominance throughout the forecast period.
According to end use,. domestic use segment constitute a major market share; however, the commercial use segment is projected to experience growth at the highest CAGR during the luxury furniture market forecast period.
As per distribution channel, offline segment constitute a major market share; however, the online segment is projected to experience growth at the highest CAGR during the forecast period
Region wise, Asia-Pacific accounted for highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
The report includes comprehensive analysis of the key players in the luxury furniture industry, such as Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc., and Turri S.r.l.
COVID-19 Impact Analysis
- COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
- The global coronavirus pandemic created a number of challenges for exporters in the developing and developed countries. The challenges witnessed by the exporters of luxury furniture products are likely to remain for the foreseeable future as different states and governments across the globe attempt to tackle COVID-19 with various measures.
- Implementation of curfew and the practice of maintaining social distancing globally affected the domestic as well as international production, which, in turn, hampered the growth of the overall market.
- Import & export restrictions on goods and quarantine & lockdown measures imposed by governments are key challenges exporters faced during this pandemic.
- Delays and disruptions at country borders impacted the transportation and delivery of luxury furniture.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury furniture market analysis from 2020 to 2031 to identify the prevailing luxury furniture market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the luxury furniture market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global luxury furniture market trends, key players, market segments, application areas, and luxury furniture market growth strategies.
Luxury Furniture Market Report Highlights
| Aspects | Details |
 By Material |
|
 By End Use |
|
 By DISTRIBUTION CHANNEL |
|
 By Region |
|
 Key Market Players | Giovanni Visentin, Valderamobili, Muebles Pico, Iola Furniture Ltd., Laura Ashley Holding Plc, Duresta Upholstery Ltd., Turri S.r.l., Scavolini, Henredon Furniture Industries Inc., Nella Vetrina |
Analyst Review
Innovation is the key for growth of the luxury furniture market in terms of value sales. Rise in demand for various luxury furniture among customers makes way for manufacturers to come up with new and eco-friendly products along with affordable prices and good quality.
In the current business scenario, there is substantial demand for luxury furniture in the domestic as well as commercial segment. Increasing per capita income is the prime reason behind the significant demand for luxury furniture. Commercial users tend to buy luxury furniture to enhance customer experience. However, selection of luxury furniture differs in accordance to individuals and business establishments. Urbanization is increasing drastically since last few years, and thus urban culture is making favorable environment for luxury furniture market. Furniture made from glass material is popular and is accepted over other material due to its fetching designs. Presently, increase in cost of raw materials is a major challenge for luxury furniture manufacturers. Operating players launch new, stylish, and attractive products in the market. Partnership with interior designer is a prominent market trend to reach wider end-user segment
The global luxury furniture market was valued at $23,771.9 million in 2020, and is projected to reach $42,159.4 million by 2031, registering a CAGR of 5.5% from 2022 to 2031.
The forecast period in the Luxury Furniture Market report is from 2022 to 2031.
2020 is the base year calculated in the Luxury Furniture Market report.
The top companies in the Luxury Furniture Market are Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc., and Turri S.r.l.
The wood segment is the most influencing segment growing in the Luxury Furniture Market report
The wood market holds the maximum market share of the Luxury Furniture Market.
The company profile has been selected on the basis of prominent players in the market.
The market value of the Luxury Furniture Market in 2020 is $23,771.9 million .
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