According to the latest report by IMARC Group, titled "Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global luxury furniture market size reached US$ 26 Billion in 2019. Luxury furniture refers to a high-end movable article, characterized by elite design, that is made using good quality wood. It can also be manufactured using glass, metal or other materials to enhance the aesthetic appeal of residential spaces and commercial establishments, such as hotels, offices and restaurants. Consequently, it is widely being utilized by a majority of the population for enhancing the style, function and overall appearance of the given space.
Global Luxury Furniture Market Trends:
On account of rapid urbanization, inflating income levels and changing lifestyle patterns, the majority of the urban dwellers are splurging on luxury items that enhance the aesthetics of their residential spaces and act as a status symbol. Apart from this, the expansion of residential and commercial spaces, owing to the rapidly increasing population, is also providing a thrust to the demand for luxury furniture. Moreover, numerous manufacturers operating in the industry are launching organic luxury furniture that is made using biodegradable, sustainable and renewable raw materials. This is further facilitated by an enhanced focus toward sustainable development and the advent of several favorable initiatives by governments of various countries across the globe. Some of the other factors contributing to the market growth include growing e-retail platforms, rising awareness regarding the adverse effects of toxic furniture finishes and the availability of foldable, portable and multi-functional furniture in the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 32.2 Billion by 2025, growing at a CAGR of 3.62% during 2020-2025.
- On the basis of the raw material, the market has been divided into wood, metal, glass, leather, plastic, multiple and others. Wood currently holds the largest market share.
- Based on the application, the market has been bifurcated into the domestic (living room and bedroom, kitchen, bathroom, outdoor, and lighting) and commercial sectors (office, hospitality and others). Amongst these, domestic sector accounts for the majority of the total market share.
- On the basis of the distribution channel, the market has been categorized into conventional furniture stores, specialty stores, online retailers and others.
- Based on the design, the market has been bifurcated into modern and contemporary segments.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, the Netherlands, Switzerland, Sweden and others), Asia Pacific (China, Japan, India, South Korea, Australia and Taiwan), Latin America (Brazil, Mexico and others), and Middle East and Africa (Turkey, Saudi Arabia, the United Arab Emirates and others).
- The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the industry. Some of these players include Duresta Upholstery Limited, Valderamobili s.r.l., Scavolini S.p.A., Giovanni Visentin S.R.L., Nella Vetrina, Muebles Picó S.A., Heritage Home Group LLC, iola Furniture Limited, TURRI srl, Grayson Luxury, Williams-Sonoma, Inc., and Cassina S.P.A.
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