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CO_161319
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Pages: 95
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Mar 2016 | 3044 Views
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Author's :
Shrikant Chaudhari
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Tables: 33
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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 North America luxury furniture market. Consumers 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 North America luxury furniture market growth. Online retailing and the increase in demand of multifunctional furniture present significant opportunities for the North America luxury furniture market growth .
NORTH AMERICA LUXURY FURNITURE MARKET KEY SEGMENTATION
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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:
Key players
The consistently improving North American economy, resulting from the stronger consumer spending and improving condition of the housing sector, has created favorable conditions for the growth of luxury furniture market in the region. The market in the region is expected to witness a moderate growth over the next 5 – 6 years. The demand for luxury furniture is expected to be driven by its increasing usage amongst both the residential users (for home use) as well as commercial user (hotels, offices, movie halls, and other commercial spaces). Hospitality sector including hotels, restaurants, and similar other establishments is the major user of luxury furniture, amongst the different commercial users. However, in the coming years, the demand from domestic market is likely to be the key growth facilitator, owing to the considerable increase in the demand for the furniture used in the kitchen, and living & bedroom.
The trend of online shopping substantially influences the luxury furniture market. Operating players in this market prefer to sell their products through e-commerce platforms for maximizing reach. Tie-ups between furniture manufacturers and interior designers is another trend gaining popularity in the industry and is acting as an emerging sales channel for the manufacturers. Furthermore, eco-friendly luxury furniture is witnessing increased demand due to growing environment awareness among the consumers in the region. Lack of skilled workforce is the main challenge faced by the operating players in this region. Further, the fluctuating cost of materials such as wood and leather also restricts the market growth.
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