North America Luxury Furniture Market Overview
North America Luxury Furniture Market is expected to garner CAGR of 3.1% during the forecast period, 2016‐2022. Luxury furniture enhances the aesthetic value of establishments, such as homes, hotels, offices, and other indoor or outdoor areas. The North American luxury furniture market significantly benefits from the economic growth of the countries in this region, which include U.S., Canada, and Mexico.
The increase in spending capacity of the consumers and real estate sector are the key growth facilitators of the luxury furniture market in the region. Consumers in the region are inclined towards eco-friendly furniture owing to the increase in environmental awareness. However, rise in cost of raw materials, such as wood and leather may restrain the market growth. Online retailing and the increase in demand of multifunctional furniture present significant opportunities for the market growth .
The North America luxury furniture market is segmented on the basis of material, end use, and country. Based on materials, the industry is categorized into metal, plastic, wood, glass, leather, and others. The wood furniture segment in the market is likely to remain dominant during the forecast period. This is due to the fact that wooden furniture is the most popular choice owing to its superior aesthetic appeal. The glass material segment is estimated to grow at the fastest rate owing to increase in adoption of modern furniture designs, during the forecast period. The end-user segment comprises of domestic and commercial users. The domestic segment is further sub-segmented into kitchens, living & bedrooms, bathrooms, outdoors, and lighting. The commercial segment is further classified into office, hospitality, and others.
The domestic segment accounted for a higher market size as compared to the commercial segment, because of the extensive use of luxury furniture in homes. The living & bedroom segment accounted for approximately 45% of the market share in the domestic sector, and is expected to be the highest revenue-generating segment throughout the analysis period. In the commercial segment, the hospitality sector contributed the highest market share and is likely to grow at a rapid pace over the forecast period. The North America luxury furniture market is segmented across countries, such as U.S., Canada, and Mexico.
The key players in the North America luxury furniture market include Giovanni Visentin S.r.l., Scavolini S.p.a., Laura Ashley Holding Plc., Nella Vetrina, Henredon Furniture Industries Inc., Brown Jordan, Century Furniture LLC, Kindel Furniture Company, Cococo Home, and Gilani Furniture. Operating players in the industry are putting efforts to develop multifunctional furniture.
North America Luxury Furniture Market Report Key Benefits:
- It provides an in-depth analysis of the industry to elucidate the imminent investment pockets in the market
- It outlines current trends and future scenarios to determine the overall market potential and to single out profitable trends to gain a stronger market foothold
- It provides information regarding the key drivers, restraints, and opportunities with a detailed impact analysis
- It offers quantitative analysis of the current market trends and future estimations to indicate the financial competency of the market, during the period, 2016‐ 2022 is provided to
- It provides illustrations the potency of buyers and suppliers through Porters Five Forces model and a SWOT analysis
- It offers value chain analysis to provide a clear understanding on the roles of stakeholders involved
North America Luxury Furniture Market Key Segments:
By End Use
- Domestic Use
- Living &bedroom
- Commercial Use
- Giovanni Visentin S.r.l.
- Scavolini S.p.a.
- Laura Ashley Holding Plc.
- Nella Vetrina
- Henredon Furniture Industries Inc.
- Brown Jordan
- Century Furniture LLC
- Kindel Furniture Company
- Cococo Home
- Gilani Furniture