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Global Luxury Furniture Market to Reach US$ 31 Billion by 2024, Bolstered by Prospering Hospitality & Housing Sectors

According to the latest report by IMARC Group, titled “Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global luxury furniture market size reached US$ 25 Billion in 2018. Luxury furniture comprises movable furniture pieces that are designed and crafted with zero errors, utilizing only premium quality raw materials. They are produced by skilled artisans using wood, glass and metal to cater aesthetic value to households as well as commercial establishments such as hotels, cafés, restaurants and corporate offices. With the changing lifestyles, inflating income levels, improving standards of living and the growing brand-consciousness, consumers around the world are shifting from mass to luxury furniture products.

Market Trends:

With rapid urbanization, burgeoning middle-class population, and the thriving hospitality and housing sectors, manufacturers are formulating strategies to enter emerging economies and widen their overall consumer base. They are also introducing environment-friendly luxury furniture to minimize carbon footprint and reduce the negative impact caused on human health. Further, manufacturers are providing innovative as well as personalized products to end users, which is supported by the constant progressions in technology. Another global luxury furniture market trend is the rise in online retailing of these products. On account of the increasing internet penetration, consumers are now relying on e-commerce platforms to purchase luxury furniture. Looking forward, the market is projected to reach a value of US$ 31 Billion by 2024, expanding at a CAGR of around 3.8% during 2019-2024.

Market Summary:

  • On the basis of the raw material, the market has been segmented into wood, metal, glass, leather, plastic and others. Currently, wood represents the most widely used raw material as it offers durability and aesthetic value.
  • Based on the application, the market has been bifurcated into the domestic and commercial sectors. Presently, the domestic sector exhibits a clear dominance in the market owing to the emerging trend of buying furniture products for home décor purposes. The domestic segment is further segregated into the kitchen, bathroom, outdoor and lighting. On the other hand, the commercial segment is divided into office, hospitality and others.
  • The market has been analyzed on the basis of the distribution channel into departmental stores, online stores, independent furniture retailers, factory outlets and others.
  • Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, Europe is the biggest market, holding the majority of the global share.
  • The competitive landscape of the market has been examined with some of the key players being Giovanni Visentin Srl, Laura Ashley Holdings, Muebles Pico Sa, Scavolini Spa and Hfi Wind Down, Inc.

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